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Africa Update - July 2014 #3

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from...more

Housing options for veterans

With Independence Day right around the corner and with several bond financings benefitting homeless veterans recently in the news (see Proposition 41 Bond Measure and Apartments for Homeless Veterans), it seemed fitting to...more

Africa Update - June 2014

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from...more

Senator Hagan Introduces the Servicemember Higher Education Protection Act

New legislation, titled the Servicemember Higher Education Protection Act (the “Bill”), was introduced recently by Senator Kay Hagan (D-NC). The Bill includes several provisions that expand protections under the...more

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Fees Associated With Foreclosure Process May Not be Imposed On Servicemembers Protected By The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act ("SCRA") prohibits nonjudicial foreclosure proceedings during, or one year after, a servicemember's military service. In Brewster v. Sun Trust Mortgage Inc., 742 F.3d 876 (9th Cir. 2014),...more

Financial Institutions and Creditors’ Rights: Ninth Circuit Finds SCRA Liability Based on Prior Servicer’s Actions

The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty. The...more

VA Issues ‘Qualified Mortgage’ Definition for VA Guaranteed or Insured Loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Court Approves USERRA Class Action Settlement Over Pension Contributions

A federal district court in Colorado recently approved a settlement agreement resolving class action claims brought under the Uniformed Services Employment and Reemployment Rights Act (USERRA). The documents filed in support...more

Fannie Mae Announces Servicemember Policy Changes, Other Servicing Policy Updates

On May 21, Fannie Mae issued Servicing Guide Announcement SVC-2014-08, which announced that the extended stay of foreclosure and other legal proceedings that is set to expire at the end of this year will continue indefinitely...more

Africa Update - May 2014

In This Issue: - Leading the News - United States – Africa Relations - North Africa - East Africa - West Africa - Sub-Saharan Africa - General Africa News - Excerpt from Leading the...more

Senator Durbin Presses Student Loan Servicers On SCRA; Consumer Group Wants More Student Borrower Information

On May 14, Senator Dick Durbin (D-IL) sent a letter to student loan servicers calling on them to voluntarily establish a liaison for servicemembers with student loan accounts to assist those servicemember with obtaining SCRA...more

Infobytes Special Alert: VA Adopts Its QM Rule

On May 9, 2014, the Department of Veterans Affairs (the “VA”) issued an interim final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of the loans it guarantees, insures, or originates. The VA stated...more

DOD Report Previews Expansion Of Military Lending Act Regulations

Recently, the Department of Defense (DOD) published a report on the Military Lending Act (MLA), as requested in the House report that accompanied the fiscal year 2013 National Defense Authorization Act (FY 2013 NDAA)....more

Has the SCRA been amended for everyone?

Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for...more

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Potential Flash Points for New Sanctions on Russia

Today, the Donetsk and Luhansk regions in eastern Ukraine held referundums on whether to declare independence from the rest of the country. The U.S. and EU view the referendums as heavily influenced by Russia and contrary to...more

Unsettled Questions Remain Under The SCRA

The Servicemembers Civil Relief Act (SCRA) protects active duty members of the military in civil actions, including foreclosures and collections. Section 533 of the Act applies to persons entering the military after incurring...more

What’s in Store on the Floor: This Week in Appropriations

The House and Senate are back from recess and the appropriations season is moving forward in full swing. The House passed the Military Construction and Veterans Affairs Appropriations bill and the Legislative Branch bill with...more

Washington Amends State SCRA Statute To Provide State Remedy For Violation Of Federal SCRA

On March 27, Washington Governor Jay Inslee signed SB 2171, which amends the Washington Service Member’s Civil Relief Act (WSCRA) to provide that a violation of the federal Servicemembers Civil Relief Act is a violation of...more

Dewonkify – Overseas Contingency Operations

Term: Overseas Contingency Operations (OCO) Definition: OCO funding is money set aside in the federal budget for expenses connected to overseas operations such as: crisis response, infrastructure and coalition support...more

CFPB Releases Report on Servicemember Complaints

The CFPB released a report summarizing the recent complaints of servicemembers, veterans, and their families regarding various financial products and services. The report, which is the CFPB’s second such report, covered...more

CFPB issues second report on servicemember complaints

Earlier this month, the CFPB issued a press release describing its second snapshot report of complaints from military consumers. The report details complaints the CFPB has received from servicemembers, veterans, and their...more

Newsletters - Feb 28, 2014: The Elevator Speech Overview

The U.S. House and Senate were both in session this past week, returning from a week long work period in district. The National Governors Association (NGA) met in Washington DC for their annual winter meeting, discussing...more

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