Finance & Banking

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

by BuckleySandler LLP on 5/21/2013

On May 14, the Ohio Supreme Court held in response to two certified questions from a federal district court that the Ohio Consumer Sales Practices Act (CSPA) generally does not apply to mortgage servicers and servicing....more

Solicitor General files brief opposing certiorari in Mt. Holly

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/21/2013

Last week, the Solicitor General finally filed his brief expressing the views of the United States on whether the U.S. Supreme Court should grant the petition for certiorari pending in Township of Mount Holly v. Mt. Holly...more

Mississippi District Court Defers to New York Court in Bond Action

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States District Court for the Northern District of Mississippi denied the motion of defendant ACA Financial Guaranty Corporation (ACA) to dismiss a class action complaint, finding that the issues were previously...more

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

by Stephen M. Quinlivan | Leonard, Street and Deinard - Employee... on 5/21/2013

The CFPB has ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company....more

DOL Releases Fiduciary Tips for Selecting Target Date Funds

by Thomas Hoeker, Kevin J. Hogan | Snell & Wilmer L.L.P. on 5/21/2013

In recent years, target date funds (TDFs) have become a popular investment option for many 401(k) plan participants. By investing in a mix of stocks, bonds and other investments, often through investments in other mutual...more

The AIFMD Developments

by Orrick - Structured Finance Group on 5/21/2013

HM Treasury Responds to Consultation on Transposing AIFM Directive - On May 13, HM Treasury published its response to its January 2013 consultation on transposing the Alternative Investment Fund Managers Directive...more

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

by Douglas L. Waldorf, Jr. | Rogers Towers on 5/21/2013

In my April 18th post, I discussed the recent trend of municipalities enacting ordinances designed to give their code enforcement liens “superpriority” over prior-recorded mortgages. Basically, the municipalities have sought...more

CFPB and Justice Department Team Up on Enforcement

by Allyson Baker | Venable LLP on 5/21/2013

On May 7, 2013, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) and the United States Attorney’s Office for the Southern District of New York announced a joint law enforcement effort in U.S. District Court for...more

Capital Thinking Updates - May 16, 2013

by Amy Davenport, Tanya DeRivi, Alexis Early, Eugenia Edwards, Jared Fleisher, Norma Krayem, Karen Kudelko, Matthew Kulkin, Jessica Monahan, Amy Budner Smith, Stacy Swanson, Joseph Urso, more +Sarah Vilms, Kristin Wells, Pam Welsh | Patton Boggs LLP on 5/21/2013

In This Issue: - General Legislative - Agriculture and Food - Budget and Appropriations - Cybersecurity - Defense - Education - Energy - Environment - Financial Services - Health...more

UK Prospectus Regulations 2013

by Orrick - Structured Finance Group on 5/21/2013

On May 14, the UK Prospectus Regulations 2013 and an accompanying explanatory memorandum were published. These regulations amend sections of the Financial Services and Markets Act 2000 (FSMA) as part of the implementation of...more

CFTC Adopts Final Rules for Execution Facilities and Other Matters

by Blake Brockway, Kevin M. Foley | Katten Muchin Rosenman LLP on 5/21/2013

During an open meeting on May 16, the Commodity Futures Trading Commission adopted a final rule establishing core principles and other requirements for swap execution facilities, which will become effective 60 days after...more

Florida Complex Litigation Update: Raymond James Financial Services, Inc. v. Phillips: Florida Supreme Court rules that statute...

by Fuerst Ittleman David & Joseph, PL on 5/21/2013

Resolving a matter of first impression in Florida, the Florida Supreme Court recently issued its decision in Raymond James Financial Services, Inc. v. Phillips, Case No. SC11-2513 (Fla. May 16, 2013), concluding that...more

Innovations and Opportunities in Energy Efficiency Finance

by Kendall Bodden, Josh Bushinsky, Charlotte Kim, Randy Lewis, Wendra Liang, Robert O’Connor, Sheridan Pauker, Scott Zimmermann | Wilson Sonsini Goodrich & Rosati on 5/21/2013

In this white paper: - Introduction - Energy Efficiency Finance Structures, New and Familiar, and Negotiating Key Agreements - Energy Savings Performance Contracts (ESPCs) and Applying REITs to Energy...more

CFPB Targets Service Provider in Real Estate Kickback Enforcement Action

by Jonathan L. Pompan | Venable LLP on 5/21/2013

The CFPB continues to use its enforcement power on service providers, including companies involved in advertising and marketing and lead generation The Consumer Financial Protection Bureau (the "CFPB") announced it...more

CIS Legal Update - May 2013: London Stock Exchange to Introduce New High-Growth Segment to the Main Market

by Richard O'Brien | Dechert LLP on 5/21/2013

The London Stock Exchange (the ‘LSE’) recently launched a new segment of the Main Market of the LSE for high growth businesses (to be called the ‘High Growth Segment’), which is a new route available for Russian businesses...more

FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs

by Peter J. Shea | Katten Muchin Rosenman LLP on 5/21/2013

On April 22, the Financial Industry Regulatory Authority, Inc. issued to ALPS Distributors, Inc. interpretive guidance with respect to FINRA Rule 2210(d) and the use of hypothetical back tested index performance information,...more

Applicable Federal Rates – June 2013

by Charles (Chuck) Rubin on 5/21/2013

Applicable Federal Rates – June 2013. See charts below for more information....more

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

by BuckleySandler LLP on 5/21/2013

Recently, Kansas enacted SB 129, which repealed a provision in the mortgage interest rate law that set a floating cap on the interest rate charged for first real estate mortgage loans and contracts for deeds....more

An Inspired Choice – Ethical Leadership Under Difficult Circumstances

by Thomas Fox on 5/21/2013

I am attending Compliance Week 2013 through Wednesday. As usual Matt Kelly and the Compliance Week team have put together a first rate program for the event....more

Jobs Want to Go Where the Railroads Are

by Jaya Velamakanni | Nossaman LLP on 5/21/2013

On April 24, 2013, Norfolk Southern (“NS”) CEO Wick Moorman spoke before the US House of Representatives Transportation Infrastructure Committee’s Special Panel on 21st Century Freight Transportation about the need to focus...more

The Shadow Banking Market: The Shadow Knows

by Rick Jones | Dechert LLP on 5/21/2013

There’s a lot of talk these days about the growth of a shadow banking market. Shadow is right! The growth of the commercial lending market outside of the universe of insured depository institutions and life insurance...more

Ever Wonder What Money Is? California Has Some Answers And I Have Some Questions

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/21/2013

Yesterday’s post discussed virtual currencies (e.g., Bitcoin) and the General Corporation’s law prohibition on issuing or putting into circulation money. But what exactly is money? The General Corporation Law has no answer....more

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

by Delmar G. Williams | Best Best & Krieger LLP on 5/21/2013

A California Appellate Court recently determined that a lender taking a security interest in both California real property and an easement benefiting such real property by recording a deed of trust does not lose its security...more

More on CFPB employee vote to unionize

by Mark J. Furletti | Ballard Spahr LLP on 5/20/2013

As we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against....more

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