Tax Finance & Banking Consumer Protection

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Insurance Newsletter September 2015

On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Complying with Regulation X §1024.17(k)(5) - Timely Disbursements from Escrow

As part of its 2014 Mortgage Servicing Rules, the Consumer Financial Protection Bureau (CFPB) issued §1024.17(k) of Regulation X, which is devoted to Escrow Accounts and the requirements for disbursements made from those...more

FinCEN Issues Geographic Targeting Order to Combat Stolen Identity Tax Refund Fraud in South Florida

On July 13, FinCEN issued a Geographic Targeting Order (GTO) requiring check cashers in two South Florida counties to strengthen identification requirements for customers cashing certain Federal tax refund checks. According...more

FinCEN Announces Another Geographic Targeting Order

South Florida check cashers will soon be required to obtain additional identifying information about customers cashing federal tax refund checks over $1,000. The Financial Crimes Enforcement Network issued another Geographic...more

State Regulation of Virtual Currency: A Recap

This may be the year of the virtual currency. Virtual currencies have garnered much media, investor, and government attention. But, as venture capital funding continues to pour into the industry—more than $1 billion is...more

Second Circuit Rules FDCPA Does Not Require Disclosure of Settlement’s Tax Consequences

The U.S. Court of Appeals for the Second Circuit has ruled that the Fair Debt Collection Practices Act (FDCPA) does not require a debt collector to disclose the possible tax consequences of a debtor’s acceptance of a...more

CFPB Files Amicus Brief Regarding TILA’s Definition of “Consumer Credit”

In its most recent amicus brief, filed with the Fifth Circuit on April 9, 2015 in Billings v. Propel Financial Services, LLC, the Consumer Financial Protection Bureau (CFPB) argues that entities who lend consumers money to...more

CFPB and Navajo Nation Partner in UDAAP Action Against Companies Involved in Alleged Tax Refund Scheme

On April 14, the CFPB along with the Navajo Nation jointly announced an enforcement action against two companies and their respective owners (Defendants) for running an alleged tax-refund scheme, marking the CFPB’s “first...more

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

Financial Regulatory Developments Focus - April 2015 #3

In this issue: - US Federal Reserve Board Outlines Organizational Structure of the Large Institution Supervision Coordinating Committee - Final EU Regulations on Calculation of Margin Periods of Risk -...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 10, 2015

REAL PROPERTY UPDATE - Foreclosure/Mediation: trial court erred in compelling borrowers to produce financial information at mediation not relevant pre-foreclosure judgment – Morejon v. F&M Real, Inc., No. 2D14-2531...more

Tax Policy Update

NUMBER OF THE WEEK: $900 billion. The amount of additional taxes that would fall on businesses and families under Republicans’ budget plans, according to a “fact check” by the Associated Press in a story with a title made of...more

Continued Disagreement: Use of Federal Debt Collection Laws to Expand Fraudulent Transfer Look-Back Periods

In Ebner v. Kaiser (In re Kaiser), the U.S. Bankruptcy Court for the Northern District of Illinois allowed a bankruptcy trustee to employ the 10-year look-back period, available to the Internal Revenue Service (IRS) under the...more

CFPB Details Complaints About Reverse Mortgages

On February 9, the CFPB released a report detailing complaints associated with reverse mortgages. According to the report, a high volume of complaints concern requests for changes to loan terms, issues related to loan...more

NYDFS Changes to Proposed BitLicense Regulations

The New York State Department of Financial Services (“NYDFS”) released its revised proposed BitLicense regulations on February 4, 2015. Changes from NYDFS’ initial proposed regulations are listed below. Among the more...more

Year in Review: Legislation and Guidance for Financial Institutions in 2014

2014 was a year replete with new legislative and regulatory initiatives impacting federally regulated financial institutions. The key initiatives introduced or implemented in 2014 are outlined in our annual year in review....more

Auto Notes - December 2014

In This Issue: - Retail Vehicle Installment Sale Contracts Now Regulated under PA Consumer Credit Code’s Motor Vehicle Sales Finance Provisions - Arbitration Clauses Referencing American Arbitration...more

Possible Tax Consequences of Debt Settlement

People want to pay their debts. If there is one thing I have learned over the last 11 years of practicing law is that people generally want to pay the debts that they have incurred. People usually hire me when they simply...more

DOD Proposes Expanded Coverage Of Military Lending Act Protections

On September 29, a proposed amendment to the U.S. Department of Defense’s regulation that implements the Military Lending Act (MLA) was published in the Federal Register, with comments due by November 28. Most importantly,...more

CFPB Issues Consumer Advisory on the “Wild West” of the Virtual Currency Economy

The Consumer Financial Protection Bureau (“CFPB”) recently issued a consumer advisory summarizing the purported risks of virtual currencies, and announced that it would begin collecting complaints from the public regarding...more

CFPB to Assume a Larger Role in Virtual Currency Initiatives

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

CFPB sends complaint solicitation as IRS refund check stuffer

As it reportedly did last year, we understand the CFPB is again this year soliciting consumer complaints through the use of a stuffer sent with IRS refund checks mailed to consumers. The stuffer indicates that it is...more

Protection From Creditors for Retirement Plan Assets

• The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 clarified the rights of debtors and creditors to retirement assets in federal bankruptcy proceedings, but state attachment and garnishment of such assets...more

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