New York Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris announced today that Nordea Bank Abp (“Nordea” or the “Bank”) has agreed to pay $35 million in penalties as part of a Consent Order entered into with the New York State Department of Financial Services (the “Department”) for significant compliance failures with respect to Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements and the Bank’s failure to conduct proper due diligence of its correspondent bank partners.
In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative Procedure Act (APA) challenges to the rule. However, the court did not issue a final judgment, as it still has to rule on the motion of certain intervenors to amend their complaint to add a claim focused on the legality of the CFPB being funded by the Federal Reserve Board, when since September, 2022, the combined earnings of the Federal Reserve System has been negative. That is contrary to the language of the Dodd-Frank Act.
The Federal Trade Commission announced today an update to the fees telemarketers must pay to access phone numbers on the National Do Not Call (DNC) Registry in FY 2025, which starts on October 1, 2024.
The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under the Equal Credit Opportunity Act (ECOA) and landlords as “creditors” for two purposes. One is for purposes of the adverse action notice requirement in the ECOA, and the other is for purposes of the ban against inclusion of medical debt on consumer reports in proposed § 1022.38 of Regulation V, which implements portions of the Fair Credit Reporting Act (FCRA).
In an era where flawless transactions are critical for customer loyalty, merchants are adopting payment vaulting not just for security, but as a strategic tool to enhance retention, reduce costs and personalize service. A PYMNTS Intelligence report, “Into the Vault: Optimizing Payments,” created in collaboration with Spreedly, shows how businesses can maximize the value of vaulted data to drive growth and deepen customer connections.
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