Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

Contact  |  View Bio  |  RSS

Latest Publications

Share:

CFPB Expands the Eligibility Requirements for Small Creditors in Rural or Underserved Areas

The Consumer Financial Protection Bureau (“CFPB”) has issued an interim final rule (“Interim Rule”) to expand the eligibility of creditors to issue balloon-payment Qualified Mortgages (“QMs”) and high-cost mortgages with a...more

4/1/2016 - Banking Sector CFPB Interim Rule Mortgages Qualified Mortgage Rule Residential Real Estate Market Rural Areas Truth in Lending Act (TILA)

Overview of Financial Protections for Military Service Members, Including the New Military Lending Act

The U.S. Department of Defense (“DOD”) has put into effect the newly amended Military Lending Act (“MLA”) rule, which applies the protections of the MLA’s strict lending restrictions to consumer credit card issuers and...more

3/29/2016 - Consumer Lenders Credit Cards Department of Defense (DOD) Military Lending Act Military Service Members Mortgages Preemption Regulation Z SCRA Truth in Lending Act (TILA)

FDIC Addresses Risk Management Practices for Discontinued Foreclosure Proceedings

The Federal Deposit Insurance Corporation (“FDIC”) has issued guidance to banks on how to handle discontinued foreclosures, with the goal of minimizing the impact that such discontinued proceedings will have on properties and...more

3/9/2016 - Abandoned Property FDIC Financial Institutions Foreclosure Housing Market NYDFS Vacant Properties

Bank Customers Who Did Not Report Unauthorized ElectronicTransfers for Two and a Half Years Denied Recovery

It is a common scenario faced by financial institutions on a regular basis: a customer alleges that electronic transfers from his account were unauthorized and demands that the institution re-credit the amount to his account....more

2/19/2016 - Bank of America Banks EFTA EFTs Financial Institutions NY Supreme Court Regulation E Reporting Requirements

CFPB Issues Major Changes to HMDA Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule with major changes to Regulation C, which implements the Home Mortgage Disclosure Act (“HMDA”). Among other things, the new HMDA rule (“HMDA Rule” or...more

1/5/2016 - CFPB Disclosure Requirements Financial Institutions HMDA Popular Regulation C Reporting Requirements

Banking Agencies Issue Advisory on CRE Lending

Federal banking agencies have advised banks to review their policies related to commercial real estate (“CRE”) lending in light of what the agencies believe to be an easing of CRE underwriting standards. The Board of...more

12/29/2015 - Banking Sector Commercial Real Estate Market Regulatory Standards Risk Management Underwriting

New Law Eliminates the Requirement for Financial Institutions to Mail Annual Privacy Notice if Certain Conditions are Met

A new law signed by President Obama on December 4, 2015 eliminates the need for financial institutions to send consumers an annual privacy notice if certain conditions are met....more

12/16/2015 - Banking Sector Financial Institutions Fixing America’s Surface Transportation Act (FAST Act) Gramm-Leach-Blilely Act Privacy Notice Rule

Wage Exemption Amount for Restraining Notices and Levies under New York State Law to Increase to $2,160 as of December 31, 2015

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

12/8/2015 - Deposit Accounts EIPA Exemptions Minimum Wage Wage and Hour Wage Garnishment

FDIC Issues Advisory on Loan Purchases and Participations

The Federal Deposit Insurance Corporation (“FDIC”) has issued an advisory on effective risk management practices for purchased loans and purchased loan participations (the “Advisory”). The Advisory addresses the importance of...more

11/11/2015 - Consumer Financial Products FDIC Purchase Money Loans Risk Management Underwriting

CFPB Updates Regulation Z Thresholds

The Consumer Financial Protection Bureau (“CFPB”) has updated the inflation-adjusted loan amounts applicable to the points and fees calculations under the CFPB’s Ability-to-Repay/Qualified Mortgage rule (“ATR/QM Rule”) and...more

9/25/2015 - Ability-to-Repay Banking Sector Banks Bureau of Labor Statistics CFPB Consumer Financial Products Consumer Lenders Consumer Price Index Dodd-Frank Financial Institutions Mortgage Lenders Mortgage Servicers Mortgages Qualified Mortgage Rule Regulation Z

New Cases Shed Light on the Requirement of Lenders to Record Mortgage Satisfactions

Two important cases this summer have addressed the requirement that lenders record mortgage satisfactions within the required 30-day time period under New York law. One case addresses the “triggering event” for the 30-day...more

9/14/2015 - Banking Sector Banks Class Action Financial Institutions Mortgage Lenders Mortgage Rules Mortgage Servicers Mortgage Servicing Rules Mortgages Residential Real Estate Market

Appellate Court Provides Guidance for Determining Whether a Credit Transaction is Subject to TILA

The Truth-In-Lending Act (“TILA” or the “Act”) governs consumer credit transactions, which are defined as transactions in which (1) credit is offered or extended to a natural person, and (2) the money, property, or services...more

8/24/2015 - Banking Sector Banks Consumer Lenders Financial Institutions Secured Debt Truth in Lending Act (TILA)

OCC Issues Consent Order against Citizens Bank for Deposit Reconciliation Practices

The Office of the Comptroller of the Currency (“OCC”) has entered into a consent order with Citizens Bank, National Association (the “Bank”), finding that the Bank’s deposit reconciliation practices constituted unfair and...more

8/24/2015 - Bank Deposits Banking Sector Banks Civil Monetary Penalty Consent Order Financial Institutions FTC OCC Reconciliation Unfair or Deceptive Trade Practices

CFPB Updates Guidance on Housing Counselor Requirements

The Consumer Financial Protection Bureau (“CFPB”) has issued a final interpretive rule (“2015 Rule”) on the requirement to provide mortgage applicants with a list of local homeownership counseling organizations. The 2015 Rule...more

4/22/2015 - Banking Sector CFPB Interpretive Rule Mortgage Lenders Mortgages

Exemption Amount under New York State Law for Statutorily Exempt Payments in Deposit Accounts Increases to $2,750

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for statutorily exempt payments made...more

4/8/2015 - Consumer Price Index Deposit Accounts EIPA Exemptions Levies Restraining Orders

Supreme Court to Hear Case Deciding the Rights of Spousal Loan Guarantors under the Equal Credit Opportunity Act

The United States Supreme Court will soon hear a case that will determine the rights of spousal guarantors under the Equal Credit Opportunity Act (“ECOA”), and ultimately whether creditors may require spousal guarantors on...more

3/26/2015 - Commercial Loans ECOA Guarantors Real Estate Development Regulation B RL BB Acquisition v Bridgemill Commons SCOTUS Spouses

New Record Retention Requirements under the TILA-RESPA Integrated Disclosure Rule

As the August 1,2015 effective date for the new TILA-RESPA Integrated Disclosure Rule approaches, we would like to alert you to an important aspect of the new rule that has not received much attention: record retention....more

3/23/2015 - Integrated Disclosures Record Retention RESPA Truth in Lending Act (TILA)

Federal Agencies Issue Guidance on Youth Savings Programs

Federal banking agencies have issued guidance encouraging financial institutions to develop and implement programs to expand the financial capability of youth and build opportunities for financial inclusion for more families....more

3/3/2015 - Banking Sector Financial Education Initiatives Financial Institutions New Guidance Savings Accounts

Federal Law Changed to Allow Financial Institutions to Offer Savings Promotion Giveaways

Recent federal legislation paves the way for financial institutions in New York State to start offering promotions on savings accounts beginning September 23, 2015....more

1/22/2015 - Banking Sector Banks Contests & Promotions Financial Institutions IRS New Legislation Savings Accounts

FDIC Issues Guidance Taking a Very Broad View of What Are Considered “Brokered Deposits”

The Federal Deposit Insurance Corporation ("FDIC") has issued guidance in the form of "Frequently Asked Questions" for identifying, accepting, and reporting brokered deposits (the "Guidance"). While the Guidance is not...more

1/13/2015 - Banks Brokered Deposits FDIC New Guidance Reporting Requirements

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

12/30/2014 - CFPB Mortgage Servicing Rules Proposed Amendments RESPA Truth in Lending Act (TILA)

New York State Department of Financial Services Issues Expanded Cyber Security Examination Procedures

As part of an ongoing effort to combat cyber attacks on financial institutions and promote enhanced cyber security, the New York State Department of Financial Services (“DFS”) has issued expanded examination procedures...more

12/15/2014 - Banking Sector Cyber Attacks Cybersecurity Examination Procedures Financial Institutions Popular

Wage Exemption Amount for Restraining Notices and Levies under New York State Law to Increase to $2,100 as of December 31, 2014

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with...more

12/12/2014 - Exemptions Minimum Wage Wage Garnishment Wages

The New York State Department of Financial Services Issues Regulations against Abusive, Deceptive and Unfair Debt Collection...

The New York State Department of Financial Service has issued new regulations against abusive, deceptive, and unfair debt collection practices. These new regulations, which are effective on March 3, 2015, will provide new...more

12/11/2014 - Debt Collection Debt Collectors New Regulations

Amendments Proposed to Flood Insurance Regulations

Federal banking agencies have proposed amendments to flood insurance regulations that will (1) change the requirements for escrowing flood insurance premiums, and (2) incorporate a statutory provision that exempts certain...more

11/10/2014 - FDIC Federal Reserve Flood Insurance

51 Results
|
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×