Devika Singh

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CFTC Warns of Fraudsters Capitalizing on Investors’ COVID-19 Concerns and Promises Aggressive Enforcement Action

On March 18, the Commodity Futures Trading Commission (“CFTC”) issued a Customer Advisory cautioning the public to be on alert for increased fraudulent activity amidst the COVID-19 pandemic. The agency’s alert followed a series of similar warnings published by other agencies. The CFTC advised that fraudsters may be attempting to profit by taking advantage of … Continue Reading

FDIC Warns of Increase in Fraudulent Activity Amidst COVID-19 Anxiety

On March 18, the Federal Deposit Insurance Corporation (FDIC) warned that amidst the fear and confusion surrounding COVID-19, there has been increased fraudulent activity by imposters pretending to be FDIC representatives in order to access personal account information. The scams may involve a range of communication channels including emails, phone calls, letters, text messages, faxes, … Continue Reading

Settlement Agreement Reached in California Reinvestment Coalition et al. v. Kraninger et al.

On February 26, 2020, a settlement agreement was filed in California Reinvestment Coalition et al. v. Kraninger et al., a lawsuit initiated by the California Reinvestment Coalition regarding the Consumer Financial Protection Bureau’s (the “Bureau”) failure to issue small-business data collection regulations under Section 1071 of the Dodd-Frank Act.  Under Section 1071 of the Dodd-Frank … Continue Reading

House of Representatives Passes 8-K Trading Gap Act

On January 13, 2020, the House of Representatives in a vote of 384 to 7 passed a bill titled the 8-K Trading Gap Act. The bill would require companies to promulgate policies and procedures that prohibit corporate executives from trading company stock during the time period between the occurrence of a major corporate event and … Continue Reading

Federal Agencies Issue Joint Statement on Alternative Data in Credit Underwriting

On December 3, 2019, the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration (collectively, “the agencies”), released a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The agencies defined alternative data … Continue Reading
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