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NY AG Files Another Lawsuit in Cryptocurrency Crackdown, Alleging Illegal Ponzi Scheme

New York AG Letitia James has filed a lawsuit against cryptocurrency companies Nova Tech, Ltd and AWS Mining Pty Ltd., along with their founders and promoters, alleging that the companies operated illegal pyramid and Ponzi schemes that defrauded investors of over a billion dollars in cryptocurrency in violation of the Martin Act and New York…

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CFPB Finalizes Rule for Recognizing Open Banking Standard Setters

The CFPB finalized a rule establishing a process for recognizing open banking standards and outlined qualifications for entities to become recognized standard-setting bodies (Final Rule). Under the Final Rule, standard-setting organizations can issue standards that companies can use to comply with the CFPB’s upcoming Personal Financial Data Rights Rule (Data Rights Rule). This rule aims…

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CFPB Launches Inquiry into Fees Imposed as Part of Mortgage Transactions

The CFPB has launched an inquiry into so-called “junk fees” charged by mortgage providers and related settlement services, to better understand why closing costs continue to rise and the impact of such fees on borrowers and the mortgage market. The Request for Information Regarding Fees Imposed in Residential Mortgage Transactions seeks input from the general public…

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CFPB Registry to Track Nonbank Financial Offenders

The CFPB has finalized a rule establishing a registry of nonbank financial firms that are subject to enforcement orders for violating consumer protection laws. The agency expects the registry to be a valuable resource for state AGs and other consumer protection enforcers, as well as for investors, creditors, and others engaged in due diligence or similar…

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