Finance & Banking Insurance

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California Court Dismisses Tolling Subclass Claims With Prejudice, Finding Issues Barred By Law Of The Case Doctrine

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

UK Financial Institutions Strengthen Accountability

UK regulators extend the new regulatory framework that governs individual accountability to banking and insurance. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published their...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 10, 17 & 24, 2015

REAL PROPERTY UPDATE - Eviction/Summary Judgment: Error to grant summary judgment where plaintiff failed to refute multiple affirmative defenses including an assertion that the eviction would cause an inequitable...more

Rules Against Title Insurer on Date of Loss Issue

In the recent decision in First American Title Insurance Co. v. Johnson Bank, 1 CA-CV 14-0190, 2015 WL 3965740 filed June 30, 2015, the Arizona Court of Appeals held that the date for calculating a loss under a lender’s title...more

Obtaining Title Insurance on Construction Loans: Avoiding Pitfalls Regarding Title Insurance Underwriting for Construction Loans

Avoiding Pitfalls in Construction Mortgages: Top 5 Tips for Title Insurance Underwriting - Construction mortgages pose significant risks for title insurers and require specific underwriting analysis. Avoid the...more

Uniform Law Commission Completes First Reading of the Revised Uniform Unclaimed Property Act

On Tuesday, July 14, 2015, at their Annual Meeting the Uniform Law Commission (ULC) completed their first reading of the Revised Uniform Unclaimed Property Act (RUUPA or the Act). While over half of the sections comprising...more

Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

Flood Insurance Regulation Update: Joint Final Rule Issued

The often challenging area of flood insurance requirements, including lender-placed insurance, has become a bit clearer for lenders and loan servicers. Five of the federal banking regulatory agencies (Federal Deposit...more

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Standing in the Shoes or Freeing Evil Zombies? The Public Policy of Applying the In Pari Delicto Defense to Actions Brought by a...

In pari delicto is an equitable defense asserted when a defendant claims that a plaintiff is equally at fault for the wrong that has befallen him. The doctrine is “rooted in the common-law notion that a plaintiff’s recovery...more

HUD Proposes to Establish Deadline for FHA-Approved Lenders to File Insurance Claims

On July 6, HUD’s Federal Housing Administration (FHA) proposed a rule to establish a maximum time period for FHA-approved lenders to file insurance claims for benefits following the foreclosure of FHA-insured mortgages....more

UK Summer Budget 2015

On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more

CFPB Enforces RESPA in its First Appellate Decision of the Director

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

Nevada’s 78th Legislative Session Closes with Important Reforms for Business

On June 1, 2015, Nevada’s 78th Legislative Session came to a final close with critical reforms for Nevada’s businesses. Brownstein Hyatt Farber Schreck’s Nevada Government Affairs team, Josh Hicks, Alisa Nave-Worth, Kandis...more

[Webinar] Find Out How Your Approach to Compliance Training Compares To Hundreds of Your Peers - July 22, 10:00am PT/ 1:00pm ET

Join us for this free webinar as we reveal the results of our 2015 Ethics & Compliance Training Benchmark Report. Find out how your program compares to the 600+ training professionals who weighed in this year. You’ll find...more

Practical Guidance on Writing an Outsourcing Policy

Regulatory Requirements - For businesses that operate within the financially regulated sector, there are invariably detailed and often prescriptive rules that apply to outsourcing arrangements. These rules aim to ensure...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 26 & July 3, 2015

REAL PROPERTY UPDATE - Standing: parent entity has no right to enforce note and mortgage owned by subsidiary entity absent evidence that parent entity acquired such right – Wright v. JPMorgan Chase Bank, N.A., Case No....more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Federal Banking Agencies Issue Final Flood Insurance Rule

On June 22, the federal banking agencies issued a joint final rule that modifies the mandatory purchase of flood insurance regulations to implement some provisions of the Biggert-Waters and Homeowner Flood Insurance...more

Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance

Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment...more

Seventh Circuit Limits Construction Lender’s Use of Title Insurance Policy to Cover Construction Liens Created by Lender’s Cutoff...

In a recent decision written by Judge Sykes, affirming a decision from the Western District of Wisconsin, in an issue governed by Wisconsin law, the Seventh Circuit ruled that a title insurer has no duty to indemnify a...more

Bank Bond Covers Third-Party Losses Arising out of Bank Employee’s Fraud, Eighth Circuit Holds

Fidelity bonds are purchased primarily to protect against loss to the policyholder’s own assets, from things like employee theft or embezzlement. In Avon State Bank v. BancInsure, Inc., however, the Eighth Circuit interpreted...more

How to Protect Your Company’s Bottom Line Against Data Breach Losses Through Insurance

In the wake of what seems to be daily announcements of new data security breaches and increased regulatory oversight over company information security and privacy practices, companies are looking for ways to minimize risks...more

Special Focus: What The Insurance Industry Should Know About The IRS’s Campaign Against “Abusive” Micro Captives

Though in the midst of a stifling budget and personnel reduction, the United States Internal Revenue Service (“IRS”) recently announced an increased effort to curb what it sees as widespread abusive applications of so-called...more

Ninth Circuit Again Wrestles with Fifth Third v. Dudenhoeffer, and Again Reverses Dismissal of Stock Drop Case

Factual Background - As described in greater detail in the December 18, 2014 edition of the ELU, this case involves claims for breach of fiduciary duty when two 401(k) plans remained invested in the employer stock at a...more

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