Ginnie Mae updates cybersecurity incident disclosure requirements
The new requirement mandates that all approved issuers notify Ginnie Mae of any significant cybersecurity incident within 48 hours of detection.
Department of Energy discontinues crypto mining survey following a settlement agreement
According to the settlement, the plaintiff claimed the DOE survey did not comply with various statutory and regulatory requirements for the emergency collection of information.
CFPB blog post tackles mortgage closing costs, seeks consumer feedback
The article posited that closing costs significantly impact a borrower’s financial commitment and identified a “noticeable increase” in closing costs.
FDIC orders bank to plan termination of relationships with “significant” fintech partners
The Tennessee bank must also engage an independent firm for completion of a comprehensive Banking-as-a-Service Risk Assessment Report.
VA addresses loan holder fees on assuming a VA-guaranteed loan
The guidance addresses assumption fees, specifically permitting a loan holder to charge an additional assumption-related fee based on the location of the relevant property when the assumption of a VA-guaranteed loan closes.
Minnesota AG settles with tribal company over high interest rates
Under the terms of the settlement, the entity and its subsidiaries can no longer lend to Minnesota residents nor advertise or market those loans.
U.S. Attorney General taps professor to lead new technology-focused roles
Jonathan Mayer will head the DOJ’s first Chief Science and Technology Advisory and Chief Artificial Intelligence Officer roles.
FSB addresses financial topics for upcoming G20 meeting
Topics include financial system vulnerabilities, nonbank financial intermediation, digitalization of finance, climate change effects, and cross-border payment efficiency.
White House orders DOJ and CFPB to better protect citizens’ sensitive personal data
The executive order was preceded by a fact sheet which included provisions to protect data on genomic and biometric information, personal health, geolocation, and finances, among others.
CFPB claims special, risk-based oversight over lender
This is the first time the CFPB has used its authority under the CFPA to designate a company for supervision based on a determination that the company’s conduct poses “risk to consumers” after a contested proceeding.
CFPB revises its supervisory appeals process
Among other things, the new rule expands the pool of potential members for the appeals committee within the CFPB and introduces a new option for resolving appeals.
District Court addresses plain meaning of “pattern or practice of noncompliance” under RESPA
The court found that the statute does not require identical violations from the same subsection of RESPA to state a “pattern or practice” claim.
FTC, DFPI win MSJ against a fraudulent mortgage relief operation
The court ordered the defendants to pay approximately $16 million in restitution and $3 million in civil penalties.
Fed finds bank CEO engaged in crypto “pig butchering” scam
The Federal Reserve issued an evaluation report concluding that the bank failed due to the alleged fraudulent activity by its CEO.
Broker-dealer settles AML allegations with FINRA
FINRA claimed that the Florida-based company did not adequately equip its analysts to review and address trading alerts related to suspicious activities by customers
New York Fed analyzes BNPL usage
The study evaluated different households’ use of buy now pay later products and revealed distinct patterns between the financially fragile and the financially stable.
New York wins $77 million judgment against short-term lenders
New York State AG Letitia James announced the judgment against three merchant cash advance companies for usury and fraud based on allegations the lenders used short-term loans to charge illegally high-interest and undisclosed fees.
California DFPI proposes new regulations under the Debt Collection Licensing Act
The proposed rule defines key terms in the DCLA and requires debt collector licensees to file an annual report with the DFPI.
SEC charges alleged hedge fund with defrauding $1.2M from investors
The company allegedly raised the funds through an offer and sale of fraudulent securities for a hedge fund purported to invest in crypto-assets.
SEC, DFPI charge unregistered crypto platform
The company agreed to pay a $1.5M penalty to the DFPI on behalf of 51 U.S. jurisdictions, mirroring a similar settlement with the SEC.