Joseph D. Simon

Joseph D. Simon

Cullen and Dykman LLP

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Latest Publications


FinCEN Issues Advisory and FAQs Regarding Reporting Cyber-Events

The Financial Crimes Enforcement Network (“FinCEN”) has issued an advisory (“Advisory”) and Frequently Asked Questions (“FAQs”) to assist financial institutions in reporting cyber-events, cyber-enabled crime, and...more

10/28/2016 - Anti-Money Laundering Bank Secrecy Act Banking Sector BSA/AML Cyber Attacks Cyber Crimes Cybersecurity Data Protection Data-Sharing Financial Institutions FinCEN Patriot Act Risk Management Suspicious Activity Reports (SARs)

CFPB Approves Revised Uniform Residential Loan Application

The Consumer Financial Protection Bureau (“CFPB”) has issued an official notice that the new Fannie Mae/Freddie Mac Uniform Residential Loan Application (“URLA”) has been approved as being in compliance with the Equal Credit...more

10/6/2016 - Banking Sector CFPB Data Collection ECOA Ethnicity Fannie Mae Financial Institutions Freddie Mac HMDA Mortgages Regulation B Regulation C Reporting Requirements

Proposed Regulation Issued Under New York State’s “Zombie Properties” Law: Law Firm, Attorneys, New York

The New York State Department of Financial Services (“DFS”) has proposed a new regulation (the “Proposed Regulation”) that will require mortgage lenders and servicers to report vacant and abandoned properties in accordance...more

9/28/2016 - Abandoned Property Banking Sector Foreclosure Mortgages NYDFS Proposed Regulation Public Comment Real Estate Market Reporting Requirements Zombie Title

New York State Proposes New Cybersecurity Regulation

The New York State Department of Financial Services (“DFS”) has proposed a new regulation imposing significant new cybersecurity requirements on banks, insurance companies, and other financial services institutions regulated...more

9/16/2016 - Banking Sector Banks CISO Comment Period Covered Entities Data Security Financial Institutions Gramm-Leach-Blilely Act Incident Response Plans Insurance Industry NYDFS Popular Proposed Regulation Risk Assessment Risk Management

Federal Court Finds Depository Bank Not Liable to Third Party for Mobile Remote Deposit Capture Fraud

A recent federal court case in Illinois has addressed whether a depository bank can be held liable for negligence when its customer deposits a check by mobile remote deposit capture, and the bank fails to prevent the customer...more

9/14/2016 - Banking Sector Banks Checking Accounts Currency Exchange Depository Institutions FFIEC Fraud Hospitality Industry Hotels JPMorgan Chase Mobile Banking National Bank Act Negligence Popular Preemption Putative Class Actions Wage and Hour

CFPB Is Urged to Change How Title Insurance Premiums Are Disclosed Under the TRID Rule

While lenders continue to struggle with various aspects of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”) that became effective last year, one of the more troublesome issues has been the disclosure of title insurance...more

6/17/2016 - CFPB Closing Documents Disclosure Requirements Insurance Industry Mortgage Lenders Mortgages NPRM Popular Premiums TILA-RESPA Integrated Disclosure Rule (TRID) Title Insurance

Federal Appeals Court Finds Mortgage Servicer Potentially Liable to Borrower Under New Mortgage Servicing Rules

A federal appeals court has issued one of the first opinions under new mortgage servicing rules that took effect in 2014, finding that a mortgage servicer may be liable for not properly responding to a borrower’s notice of...more

6/1/2016 - CFPB Dodd-Frank Mortgage Lenders Mortgage Servicers Mortgages Regulation X RESPA

Interagency Guidance Issued Regarding Deposit Reconciliation Practices

Federal banking agencies have advised financial institutions to adopt deposit reconciliation policies and practices for customer accounts, and to effectively manage the institution’s deposit reconciliation practices to comply...more

5/27/2016 - Banking Sector CFPB Depository Institutions Dodd-Frank Expedited Funds Availability Act (EFAA) FDIC Financial Institutions FTC Act OCC Reconciliation Section 1031 Section 5 Unfair or Deceptive Trade Practices

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)

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