InfoBytes, July 1, 2011 - A Weekly In-depth review of news & developments in the financial services industry

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Topics in this issue: Federal Issues; State Issues; Courts; Firm News; Miscellany; Mortgages; Banking; Consumer Finance; Securities; Litigation; E-Financial Services; and Privacy/Data Security.

Excerpt from "Federal Issues"

Federal Issues

HUD Issues Final Rule Implementing SAFE Act. On June 30, the United States Department of Housing and Urban Development (HUD) published in the Federal Register its "Final Rule" implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). Among other things, the Final Rule clarifies: (i) the minimum standards that states must meet in licensing mortgage loan originators, (ii) HUD’s oversight responsibilities under the SAFE Act, and (iii) ambiguous or undefined terms appearing in the SAFE Act.

HUD published its proposed rule in the Federal Register on December 15, 2009. During the notice and comment period that followed, HUD received more than 5,000 comments on the proposed rule. The preamble to the Final Rule provides responses to many of these comments that should be helpful in applying the rule to various business models.

The following are highlights from the text of the Final Rule, as well as the supplemental information to the Final Rule...

Please see full newsletter below for more information.

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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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