Virginia Financial Institutions: At A Glance: Virginia - Fall 2012, Vol 2. No. 1


In this issue:

- Virginia Notarization Law Goes Online

- CFPB Proposes Loan Originator Rules

- $2+ Billion and Counting…What OFAC Penalties Mean for Community and Regional Financial Institutions

- New Mortgage Appraisal Rules Proposed

- Third Circuit Rules Against Bank in Cyber Fraud Case Based on Bank’s Deficient Security Procedures

- Alert: Bank ADA ATM Litigation

- Recent Happenings and Highlights

- Fortification of Frontline Financial Services Capabilities in Washington D.C.

- FDIC Advises on Underwriting Standards for Loan Participations


Two proposals to implement new appraisal standards under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) were released by federal financial agencies on August 15. The first would establish new appraisal requirements for higher-risk mortgage loans. The second would increase consumer access to appraisal and valuation reports in all first-lien mortgage transactions. Both proposals are subject to a 60-day comment period, and are expected to be finalized by early next year.

Please see full newsletter below for more information.

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Published In: Administrative Agency Updates, General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

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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