InfoBytes, August 6, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• Courts

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Insurance

• Litigation

• Credit Cards

Excerpt from "Federal Issues"

FHFA Proposes Rules of Procedure, Practice for Civil Enforcement Proceedings; Proposes Establishing Office of Ombudsman. On August 4, the Federal Housing Finance Agency (FHFA) announced a proposed rule implementing provisions of the Housing and Economic Recovery Act 2008 (HERA) relating to FHFA’s civil enforcement powers and the Rules of Practice and Procedure for enforcement proceedings. The proposed rule would consolidate in FHFA the civil enforcement authority of the Office of Federal Housing Enterprise Oversight (OFHEO), formerly responsible for regulating the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and the Federal Housing Finance Board (Finance Board), formerly responsible for regulating the Federal Home Loan Banks. The proposed rule would replace procedures and related rules for administrative enforcement proceedings previously used by OFHEO and the Finance Board. The proposed rule would also implement stronger cease and desist and civil money penalty provisions contained in HERA. Finally, the proposed rule would delineate the process for the removal or suspension of individuals associated with regulated entities for specified grounds or for those who are charged with or convicted of a felony. Comments on the proposed rule are due 60 days following publication in the Federal Register.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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