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Holland & Knight
August was a busy month for the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
Morrison & Foerster LLP
The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA.
Butler Snow LLP
Rarely does a day go by without news of a data security breach. According to the Identify Theft Resource Center, there have been a total of 447 data breaches to date this year, which represents a 20.5% increase over the same time period last year.
Dickstein Shapiro LLP
Following multiple state and federal investigations, the U.S. Department of Justice settled for $16.65 billion with Bank of America Corporation.
The Final Rule requires Covered Companies to maintain unencumbered high quality liquid assets to meet 100%of their projected cash outflows over a stressed 30-day period.
Foley & Lardner
The CFPB issued a bulletin alerting credit card companies that they may be at risk of breaking the law as a result of the way they market promotional rates.
Bulletin 2014-01 provides updated CFPB guidance and expectations with respect to mortgage servicing transfers.
The New York State Department of Financial Services recently became the first state regulator to propose a regulatory framework for the bitcoin virtual currency industry.