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Expect Focus - Catching The Next Wave, Regulatory and Litigation Developments - Volume II, Spring 2014

In This Issue: - IN THE SPOTLIGHT ..Private Equity: The Next Wave of SEC Enforcement Actions? - LIFE INSURANCE ..How to Fight a STOLI Scheme: Court Rulings Offer Clues ..STOA Schemes Face...more

HUD Seeks Comments On Limits Of Insurability Of Fixed Interest HECM Products, Announces Other HECM Program Changes

On July 10, HUD published a request for comment on its recent amendments to the Home Equity Conversion Mortgage (HECM) reverse mortgage program to limit the insurability of fixed interest rate reverse mortgages....more

Latest CFPB RESPA Enforcement Action Targets Employee Referrals

Last week, the CFPB announced its latest RESPA enforcement action, adding to one of the CFPB’s most active areas of enforcement. In this case, the CFPB required a New Jersey title company to pay $30,000 for allegedly paying...more

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

HUD Solicits Comments on Proposed Housing Counseling Pilot, HAWK for New Homebuyers

HUD recently issued a notice in the Federal Register soliciting public comment on a proposed four-year, two-phase housing counseling pilot, HAWK for New Homebuyers. HAWK (Homeowners Armed With Knowledge) is linked to HUD’s...more

New York State To Require Title Agents To Be Licensed

With the passage of the New York 2014-15 budget, New York becomes one of the last states in the country to license title agents. The budget includes measures that authorize the Department of Financial Services (DFS) to...more

CFPB Initiates Administrative Proceeding Against Mortgage Lender

Subsequent to its denial of a mortgage lender’s petition to set aside a civil investigative demand in 2012, the CFPB publicly announced that it had served Notice of Charges, initiating an administrative proceeding against the...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

Prudential Regulators Clarify Supervisory Approach Relative to CFPB Mortgage Regulation

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Prudential Regulators”) have...more

CFPB Settles with Mortgage Insurance Company for Violations of RESPA

The CFPB announced it had entered into a consent order with a mortgage insurance company following the CFPB’s filing of a complaint in the United States District Court for the Southern District of Florida against the company...more

CFPB Settles With Mortgage Insurer Over Alleged RESPA Violations

On November 15, the CFPB announced a settlement with a mortgage insurer accused of paying illegal kickbacks to mortgage lenders in exchange for insurance referrals in violation of Section 8 of RESPA. The settlement resolves...more

Fannie Mae, Freddie Mac To Restrict Lender-Placed Insurance Practices

On November 5, the FHFA announced that it had directed Fannie Mae and Freddie Mac to implement new restrictions on lender-placed insurance practices. In March, the FHFA sought comments on certain potential lender-placed...more

Financial Services Law -- Nov 08, 2013

FDIC Cautions Financial Institutions About D&O Insurance - Noting a rise in the use of exclusions in insurance policies for executives at financial institutions, the Federal Deposit Insurance Corporation urged banks to...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending September 27, 2013

I. FLORIDA STATE CASES - ILAN NIEUCHOWICZ - Foreclosure/Standing: certifying to Florida Supreme Court as question of great public importance whether a plaintiff in a foreclosure action may cure inability to prove...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 16, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PAYMENTS - INSURANCE - E-COMMERCE - Excerpt from...more

Regulations Affect Health Insurance Exchange Navigators, Mortgage Servicers

At both the federal and state levels, 2013 is proving to be a year of significant activity and regulatory changes for the insurance industry. Originally Published in TortSource - Summer 2013....more

New Mortgage Servicing Rules Affecting Community Banks

The Consumer Financial Protection Bureau (CFPB) issued new Mortgage Servicing Rules that will take effect on January 10, 2014. These rules apply to any “closed-end consumer credit transaction secured by a dwelling.” The new...more

CFPB’s proposed changes to prohibition on financing credit insurance premiums fall short

The CFPB’s proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) fall short of industry expectations that the CFPB would clarify that level and levelized premiums are...more

Uncertainty Remains Under CFPB's Proposed Changes to Prohibition on Financing Credit Insurance Premiums

The CFPB has proposed changes to the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)) as part of several new proposed amendments to the mortgage rules it adopted in January 2013....more

Breaking News! Insurers sue HUD regarding disparate impact

We just heard that a lawsuit was filed in Federal District Court in DC challenging HUD’s final rule stating that the disparate impact theory will apply in assessing whether a company has complied with the Fair Housing Act....more

New York Assembly Presents Insurance Reform Overhaul in Wake of Superstorm Sandy

We previously reported on the New Jersey Legislature’s attempts to enact a bill that would allow policyholders to sue an insurer for bad faith in the wake of Superstorm Sandy. New Jersey Assembly Bill A3710 is still...more

Homeowner’s Insurance Anti-Concurrent Causation Clause – Prohibited

On June 1, 2013 House Bill 695 will take effect in Maryland. The bill, although the title seems harsh, does not eliminate or prohibit the inclusion of the Anti-Concurrent Causation Clause in the homeowner’s insurance...more

CFPB delays effective date of Reg Z prohibition on financing credit insurance premiums

The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s...more

CFPB settles RESPA enforcement action involving affiliated business arrangements

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...more

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