BuckleySandler LLP

6 Record Search Lessons From $43M Clydesdale Bank Penalty

Clydesdale Bank PLC was recently hit with a more-than-$43 million fine, largely because it failed to search for documents that should have been subject to its destruction policy, and for misleading consumers and its regulators…more

Banks, Corporate Fines, Document Destruction, Document Management, Document Retention Policies

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SEC Cooperation Is Still More Art Than Science

The quest for individual cooperation credit from the U.S. Securities and Exchange Commission is more of an art than a science, involving outcomes based largely on subjective judgments and a process that resists definition and…more

Compliance, Corporate Counsel, Enforcement Actions, Investigations, Mary Jo White

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How to Handle a Government Investigation: 13 Things You Should You Do Immediately If the Government Comes Knocking

Actions you take, or don’t take, in the early hours of a government investigation can have costly and far-reaching consequences for a company. At the root of this is the importance of having a plan in place should your company…more

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The SAFE Act's Unlevel Playing Field, NonDepository Mortgage Lenders Face Much Steeper Compliance Costs Under the SAFE Act's Licensing Provisions

Since Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the SAFE Act), mortgage loan originators and non-depository mortgage companies have learned that the promised uniformity of regulation…more

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Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that…more

Automotive Loans, CFPB, Debt Collection, ECOA, Federal Register

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Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

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Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

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CFPB’s New ‘‘Responsible Conduct’’ Guidelines: Will They Incentivize Greater Self-Reporting And Self-Regulation By Consumer Finance Firms?

On June 25, 2013, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued CFPB Bulletin 2013-6, titled ‘‘Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation, and Cooperation.’’ The CFPB issued…more

CFPB, Compliance, Enforcement, Self-Regulatory Organizations, Self-Reporting

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Special Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends

On June 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly,…more

Banking Sector, Banks, CFPB, Consumer Complaint System, Financial Institutions

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Starter Interrupters Expose Lenders To SCRA Risks

Individuals often take great care to make a good impression on a first date, but sometimes that’s just not possible. Oscar Fabela Jr. was walking his date back to his car after a movie when he found that his car would not start…more

Automotive Industry, Automotive Loans, DOJ, Financial Institutions, GPS

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Petitions to Modify or Set Aside CFPB Civil Investigative Demands (CIDs): Analysis of Recent Decisions

The Consumer Financial Protection Bureau (CFPB) has been using Civil Investigative Demands (CIDs) to investigate whether financial institutions are engaging in conduct that violates consumer financial laws. Two recent decisions…more

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Fair Lending Principles Must Underpin Loss Mit

The Obama Administration and Congress have searched for foreclosure alternatives to address the increasing number of defaulting residential mortgage loans, which rose to 9.47% in the fourth quarter of 2009. Some of these…more

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US v. Heinz May Bolster Expansive FIRREA Interpretation

The U.S. Department of Justice’s aggressive use of the Financial Institutions Reform, Recovery, and Enforcement Act to sue banks for fraud just received an unexpected boost, and from an unlikely source: In a criminal case…more

DOJ, Financial Institutions, FIRREA, Fraud, Municipal Bonds

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The New "Independent Ability to Pay" Requirement for Open-End Credit Under the Federal Reserve Board's Reg Z

The March 18, 2011 Regulation Z amendments adopted by the Federal Reserve Board clarify aspects of the open-end credit card rules adopted to implement changes to the Truth in Lending Act, under the Credit Card Accountability,…more

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Tips for Fantasy Sports Cos. As State AGs Target Industy

Selecting the roster of your fantasy football team can be a maddening exercise. You could spend hours analyzing running backs’ carries per game, yards-per-carry averages, and weighing your pass protection concerns against injury…more

Cease and Desist Orders, FanDuel, Fantasy Sports, Online Gaming, Popular

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What Companies Can Expect After Campbell-Ewald

May defendants moot a putative class action by merely offering complete relief to the putative class representative? The U.S. Supreme Court says no, and the decision may have profound implications on class actions for years to…more

Campbell Ewald v Gomez, Class Action, Class Representatives, Mootness, Rule 68

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Digital Insights & Trends: Clearing and Settlement Platforms to Watch in 2016

2015 was the year that blockchain technology, initially used as the public ledger for tracking bitcoin, began to mature and expand beyond payments. While regulators focused on the risks associated with virtual currency,…more

Block Chain, CFTC, Digital Assets, Financial Institutions, Financial Sector

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Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that…more

Automotive Loans, CFPB, Debt Collection, ECOA, Federal Register

See All Updates »

Special Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends

On June 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly,…more

Banking Sector, Banks, CFPB, Consumer Complaint System, Financial Institutions

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Class Action Settlement Considerations: Ten Tips for a Successful Settlement (The Case Law)

The following article discusses recent, significant decisions on federal class action settlements. While not all inclusive, these cases may help practitioners avoid common (and some not-so-common) pitfalls when trying to reach a…more

CAFA, Class Action, Cy Pres Funds, Experian, FDCPA

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Vendor Management in 2015 and Beyond

With evolving regulatory expectations and increased enforcement exposure, financial institutions are under more scrutiny than ever. Nowhere is this more evident than in the management and oversight of service providers. When…more

CFPB, Financial Institutions, Risk Management, Third-Party Service Provider, Vendors

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Revisiting 2015's New Flood Regulations, Part 2

ESCROW PROVISIONS - The Final Flood Rule also imposes new requirements related to the escrow of flood insurance premiums and fees. Previously, flood insurance premiums and fees were required to be escrowed if (1) any taxes,…more

Biggert-Waters Flood Insurance Reform Act, Escrow Instructions, Flood Insurance, Flood Zones, Mortgage Lenders

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Special Alert: CFPB Reports On The Findings From Its "Know Before You Owe" eClosing Pilot Project

In 2014, the Consumer Financial Protection Bureau (“CFPB”) initiated an eClosing pilot program. The eClosing pilot was intended to assist the CFPB in evaluating the use of electronic records and signatures in the residential…more

Banking Sector, Banks, Borrowers, CFPB, Closing Documents

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Digital Insights & Trends: Embracing EMV Technology for Fraud Reduction and Loss Prevention

October 2015 represents a significant milepost in the migration of U.S. payments products to EMV chip technology. It also serves as a useful evaluation point as to what the technology achieves and where it falls short. By now,…more

American Express, Credit Cards, Debit and Credit Card Transactions, Debit Cards, Discovery

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Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline…more

Banking Sector, Banks, CFPB, Compliance, Consumer Lenders

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Congress Could Be Coming For Dietary Supplements Soon

The next chapter in the saga of New York State Attorney General Eric T. Schneiderman's investigation of the dietary supplements industry may take place on Capitol Hill. On April 2, Schneiderman and the state attorneys general of…more

Attorney Generals, Dietary Supplements, FDA, Government Investigations

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Why Getting FHA’s Loan Servicing Rules 'Right' Matters

In recent years, servicing U.S. Federal Housing Administration- insured loans has become risky business. The U.S. Department of Housing and Urban Development has heightened its monitoring and enforcement, with servicers…more

CFPB, Compliance, DOJ, Fair Housing Act (FHA), Fannie Mae

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AML Trends Signal Changing Times For Regional Banks

Recent activity involving state and federal bank regulators reflects an upswing in enforcement actions against regional and super-regional banks for Bank Secrecy Act/anti-money laundering compliance failures. Bank of Mingo, Bank…more

Anti-Money Laundering, Bank Secrecy Act, Banking Sector, Banks, BSA/AML

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Revisiting 2015's New Flood Regulations, Part 2

ESCROW PROVISIONS - The Final Flood Rule also imposes new requirements related to the escrow of flood insurance premiums and fees. Previously, flood insurance premiums and fees were required to be escrowed if (1) any taxes,…more

Biggert-Waters Flood Insurance Reform Act, Escrow Instructions, Flood Insurance, Flood Zones, Mortgage Lenders

See All Updates »

Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that…more

Automotive Loans, CFPB, Debt Collection, ECOA, Federal Register

See All Updates »

Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

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Special Alert: CFPB Issues Guidance Regarding Marketing Services Agreements

On October 8, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a compliance bulletin providing guidance to mortgage industry participants regarding the permissibility of marketing services agreements (“MSAs”)…more

CFPB, Compliance, Debt Settlement Services, Financial Institutions, Kickbacks

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FCPA: Were the Sting Trials Doomed From the Start?

The authors had front row seats to the challenges facing the government in the Foreign Corrupt Practices Act (FCPA) Sting trials, having represented a client who obtained a mistrial when the jury failed to reach a unanimous…more

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Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

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SAFE or Out? Who's In, Who's Not Under the SAFE Act?

Since the Secure and Fair Enforcement for Mortgage Licensing Act was signed into law in 2008, the states have adopted licensing laws compliant with the new federal standard, but questions remain about who is covered by the SAFE…more

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Vendor Management in 2015 and Beyond

With evolving regulatory expectations and increased enforcement exposure, financial institutions are under more scrutiny than ever. Nowhere is this more evident than in the management and oversight of service providers. When…more

CFPB, Financial Institutions, Risk Management, Third-Party Service Provider, Vendors

See All Updates »

What Companies Can Expect After Campbell-Ewald

May defendants moot a putative class action by merely offering complete relief to the putative class representative? The U.S. Supreme Court says no, and the decision may have profound implications on class actions for years to…more

Campbell Ewald v Gomez, Class Action, Class Representatives, Mootness, Rule 68

See All Updates »

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,…more

CFPB, Class Action, Fannie Mae, FHFA, Freddie Mac

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Citizen, Soldier, Small-Business Owner? Commercial Lending and The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act, 50 U.S.C.A. § 3901, provides certain protections to military service members regarding their financial obligations. The act applies to virtually every type of debt that a service member may…more

Banking Sector, Consumer Lenders, Financial Institutions, SCRA

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Revisiting 2015's New Flood Regulations, Part 2

ESCROW PROVISIONS - The Final Flood Rule also imposes new requirements related to the escrow of flood insurance premiums and fees. Previously, flood insurance premiums and fees were required to be escrowed if (1) any taxes,…more

Biggert-Waters Flood Insurance Reform Act, Escrow Instructions, Flood Insurance, Flood Zones, Mortgage Lenders

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Blocking CAFA Remand: Lessons From A Prevailing Defendant

The Class Action Fairness Act[1] was designed, at least in part, to allow defendants to remove to federal court class actions strategically filed by plaintiffs in sympathetic state court jurisdictions. This newfound ability for…more

CAFA, Federal Jurisdiction, Home State Exception, Jurisdiction, Remand

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Special Alert: CFPB Releases Outline Of Proposed Rule For Payday, Vehicle Title, And Similar Loans

On March 26, the CFPB announced that it is considering proposing a rule to “end payday debt traps” and released several related documents, including a fact sheet and an outline of the proposal that will be presented to a panel…more

CFPB, Consumer Lenders, Payday Loans, Proposed Regulation, SBREFA

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Debt Collection and Beyond in 2015

In 2015, the CFPB further expanded its reach into debt collection through a number of enforcement actions. The CFPB also continues to conduct research on a potential rulemaking regarding debt collection activities, which may…more

CFPB, Debt Buyers, Debt Collection, Enforcement Actions, FCC

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FCPA: Recent Enforcement Activity Sounds Warning for Financial Services Industry

"When Cheryl J. Scarboro, Chief of the U.S. Securities and Exchange Comission's (SEC) Foreign Corrupt Practices Act (FCPA) enforcement unit, remarked in November 2010 that her unit "will continue to focus on industry-wide sweeps…more

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Special Alert: Cross-Border Data Transfers Significantly Impacted by EU Court Decision Invalidating Adequacy of U.S.-EU Data Protection Safe Harbor Framework

On October 6, 2015, the Court of Justice of the European Union (CJEU) in Schrems v. Data Protection Commissioner (“Schrems”) declared “invalid” a decision of the European Commission that the United States-European Union Safe…more

Binding Corporate Rules, Cybersecurity, Data Protection Authority, Edward Snowden, EU Data Protection Laws

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Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a series…more

CFPB, Mortgage Servicers, Mortgage Servicing Rules, Mortgages, Real Estate Transfers

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Tips for Fantasy Sports Cos. As State AGs Target Industy

Selecting the roster of your fantasy football team can be a maddening exercise. You could spend hours analyzing running backs’ carries per game, yards-per-carry averages, and weighing your pass protection concerns against injury…more

Cease and Desist Orders, FanDuel, Fantasy Sports, Online Gaming, Popular

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Redlining Cases In 2015 And A New Discrimination Standard

Limited access to mortgage credit for credit-impaired and low- and moderate-income (and, therefore, disproportionately minority) borrowers has become a significant public policy challenge in the post-financial crisis era. There…more

Banking Sector, DOJ, Fair Housing Act (FHA), Fair Lending, HMDA

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DOJ's Pursuit Of Admissions — And The Risks Of Settling

On March 19, 2015, the U.S. Attorney’s Office for the Southern District of New York announced a proposed settlement of a civil fraud lawsuit against a large financial institution (bank). As with many of the U.S. Department of…more

Bank Fraud, Banks, Corporate Officers, DOJ, Enforcement Actions

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Redlining Cases In 2015 And A New Discrimination Standard

Limited access to mortgage credit for credit-impaired and low- and moderate-income (and, therefore, disproportionately minority) borrowers has become a significant public policy challenge in the post-financial crisis era. There…more

Banking Sector, DOJ, Fair Housing Act (FHA), Fair Lending, HMDA

See All Updates »

TRID Liability Will Be A Dominant Issue In 2016

Oct. 3, 2015, was a watershed moment for the mortgage origination industry and the Consumer Financial Protection Bureau. On that date, the CFPB’s long-awaited Know Before You Owe: TILA-RESPA Integrated Disclosure (TRID) rule…more

CFPB, Disclosure Requirements, Mortgage Lenders, Mortgages, TILA-RESPA Integrated Disclosure Rule (TRID)

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InfoBytes Special Alert: Lessons Learned From Arab Bank’s U.S. Anti-Terrorism Act Verdict

On September 22, 2014, following a two-month trial, a federal jury in the Eastern District of New York ruled in favor of a group of 297 individual plaintiffs in a civil suit accusing Arab Bank PLC, headquartered in Amman,…more

Anti-Terrorism Act, Foreign Banks, Terrorism Funding

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Rising Tide of Operational Risk Demands Due Diligence in Vendor Selection

Considering the potential liability associated with outsourcing by the mortgage banking and mortgage servicing industries, as witnessed by widely publicized high-dollar settlements in government enforcement actions, recent…more

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Special Alert: CFPB Finalizes Rule to Oversee Nonbank Auto Lenders

On June 10, the CFPB issued its final rule to oversee “larger participant” nonbank auto finance companies. Although the CFPB received significant feedback during the comment period, the final rule is nearly identical to that…more

Automotive Loans, CFPB, Debt Collection, ECOA, Federal Register

See All Updates »

DOJ's Pursuit Of Admissions — And The Risks Of Settling

On March 19, 2015, the U.S. Attorney’s Office for the Southern District of New York announced a proposed settlement of a civil fraud lawsuit against a large financial institution (bank). As with many of the U.S. Department of…more

Bank Fraud, Banks, Corporate Officers, DOJ, Enforcement Actions

See All Updates »

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,…more

CFPB, Class Action, Fannie Mae, FHFA, Freddie Mac

See All Updates »

InfoBytes Special Alert: Lessons Learned From Arab Bank’s U.S. Anti-Terrorism Act Verdict

On September 22, 2014, following a two-month trial, a federal jury in the Eastern District of New York ruled in favor of a group of 297 individual plaintiffs in a civil suit accusing Arab Bank PLC, headquartered in Amman,…more

Anti-Terrorism Act, Foreign Banks, Terrorism Funding

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Year in Review: Auto Finance and the CFPB in 2015

The auto finance industry gained a new regulator in 2015 with the publication of the CFPB’s larger participant rule, which, for the first time, allows the Bureau to supervise larger non-bank auto finance companies. In this new…more

Automotive Loans, Banking Sector, CFPB, Fair Lending, Non-Bank Lenders

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Expanded Criminal Enforcement in the Financial Services Industry

Since the economic meltdown began in 2008, the media have waged a relentless attack on the financial industry as the greedy culprit. "So where are all the prosecutions that we were promised?" the white-collar bar has wondered…more

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Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

See All Updates »

Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

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The CFPB’s Mortgage Originations Agenda in 2016

Now more than ever, financial services firms need to proactively focus on issues of concern identified by the CFPB and ensure that they are engaged in industry best practices that are clearly identified and carefully monitored…more

Best Practices, CFPB, Financial Services Industry, Mortgage Loan Originators, TILA-RESPA Integrated Disclosure Rule (TRID)

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Landlords, Leases And The Servicemembers Civil Relief Act

As President Obama slows the drawdown of troops overseas — and as the nation expands its fight against ISIS — a growing number of service members will seek the benefits and protections of a nearly century-old law that protects…more

Eviction, Landlords, Lease Termination, Residential Leases, SCRA

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Special Alert: USDA-RHS Proposes Its Own QM Rule

On March 5, 2015, the USDA-RHS released a proposed rule to amend the regulations for the Single Family Housing Guaranteed Loan Program (SFHGLP) to provide that a loan guaranteed by USDA-RHS is a QM if it meets certain…more

Mortgage Lenders, Mortgage Loan Originators, Mortgages, Single Family Housing

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Redlining Cases In 2015 And A New Discrimination Standard

Limited access to mortgage credit for credit-impaired and low- and moderate-income (and, therefore, disproportionately minority) borrowers has become a significant public policy challenge in the post-financial crisis era. There…more

Banking Sector, DOJ, Fair Housing Act (FHA), Fair Lending, HMDA

See All Updates »

US v. Heinz May Bolster Expansive FIRREA Interpretation

The U.S. Department of Justice’s aggressive use of the Financial Institutions Reform, Recovery, and Enforcement Act to sue banks for fraud just received an unexpected boost, and from an unlikely source: In a criminal case…more

DOJ, Financial Institutions, FIRREA, Fraud, Municipal Bonds

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Spotlight on Vendor Management: “Brother’s Keeper” Enforcement Pattern Becoming the Norm

Two regulatory enforcement matters announced in April offer a view into the current mindset of regulators in the ever-evolving world of vendor management. First, the Federal Communications Commission (FCC) announced a $25…more

CFPB, Debt Collection, Enforcement Actions, FCC, Personally Identifiable Information

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Special Alert: Cross-Border Data Transfers Significantly Impacted by EU Court Decision Invalidating Adequacy of U.S.-EU Data Protection Safe Harbor Framework

On October 6, 2015, the Court of Justice of the European Union (CJEU) in Schrems v. Data Protection Commissioner (“Schrems”) declared “invalid” a decision of the European Commission that the United States-European Union Safe…more

Binding Corporate Rules, Cybersecurity, Data Protection Authority, Edward Snowden, EU Data Protection Laws

See All Updates »

Special Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends

On June 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly,…more

Banking Sector, Banks, CFPB, Consumer Complaint System, Financial Institutions

See All Updates »

Infobytes Special Alert: FinCEN Publishes Long - Awaited Proposed Customer Due Diligence Requirements

On August 4, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a Notice of Proposed Rulemaking ("NPRM") that would amend existing Bank Secrecy Act (“BSA”) regulations intended…more

Bank Secrecy Act, Beneficial Owner, CDD, Covered Financial Institutions, FinCEN

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Inclusive Communities And Disparate Impact Under The Fair Housing Act

In its recent Inclusive Communities decision the Supreme Court held (5-4) that disparate impact claims are cognizable under the Fair Housing Act. The authors discuss disparate impact prior to the case, HUD’s disparate impact…more

Affordable Housing, Burden-Shifting, Disparate Impact, Fair Housing Act (FHA), HUD

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Special Alert: CFPB Issues Guidance Regarding Preauthorized Debit Transactions Under the Electronic Fund Transfer Act and Regulation E

On November 23, 2015, the Consumer Financial Protection Bureau (“CFPB”) released Compliance Bulletin 2015-06 (“Bulletin”), which provides industry guidance on the Electronic Fund Transfer Act (“EFTA”) and Regulation E…more

CFPB, Compliance, EFTA, Electronic Fund Transfer Act, Prior Authorization

See All Updates »

Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline…more

Banking Sector, Banks, CFPB, Compliance, Consumer Lenders

See All Updates »

Special Alert: CFPB Launches First Monthly Complaint Report Providing Snapshot of Consumer Trends

On June 16, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) launched the first in a new series of monthly complaint reports highlighting key trends from consumer complaints submitted to the CFPB. Importantly,…more

Banking Sector, Banks, CFPB, Consumer Complaint System, Financial Institutions

See All Updates »

Special Alert: CFPB Director Opines on TRID Liability

On December 29, 2015, CFPB Director Richard Cordray issued a letter in response to concerns raised by the Mortgage Bankers Association regarding violations of the CFPB’s new TILA-RESPA Integrated Disclosure (“TRID”) rule, also…more

CFPB, Disclosure Requirements, Policy Violations, TILA-RESPA Integrated Disclosure Rule (TRID)

See All Updates »

Special Alert: CFPB Issues Guidance Regarding Preauthorized Debit Transactions Under the Electronic Fund Transfer Act and Regulation E

On November 23, 2015, the Consumer Financial Protection Bureau (“CFPB”) released Compliance Bulletin 2015-06 (“Bulletin”), which provides industry guidance on the Electronic Fund Transfer Act (“EFTA”) and Regulation E…more

CFPB, Compliance, EFTA, Electronic Fund Transfer Act, Prior Authorization

See All Updates »

A New Defense Against Municipal Disparate Impact Claims

Banks and non-bank lenders face a variety of fair lending disparate impact claims, which allege unintentional and unfavorable disparate impacts of otherwise neutral policies or practices on minority borrowers. Regulators,…more

ADEA, Age Discrimination, Disparate Impact, Fair Housing Act (FHA), Municipalities

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Credit Cards 2016: Consumer Protection in Focus

The past year has seen heightened CFPB interest in the following areas: (i) deferred interest and rewards, (ii) limited English proficiency consumers, and (iii) the recent revisions to the Military Lending Act (MLA). Pursuing…more

CFPB, Deferred Interest Products, Financial Sector, Military Lending Act, Native Language

See All Updates »

Vendor Management in 2015 and Beyond

With evolving regulatory expectations and increased enforcement exposure, financial institutions are under more scrutiny than ever. Nowhere is this more evident than in the management and oversight of service providers. When…more

CFPB, Financial Institutions, Risk Management, Third-Party Service Provider, Vendors

See All Updates »

Treading Beyond the Iota of Fear: eDiscovery of the Internet of Things

First came the Industrial Revolution. Then the Internet Revolution. And today we have made a firm step into the dawn of a third revolution called the ‘‘Internet of Things’’ or ‘‘IoT.’’ Or at least this is how IoT’s arrival was…more

Discovery, Federal Rules of Civil Procedure, Internet of Things, Popular, Technology

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Debt Collection and Beyond in 2015

In 2015, the CFPB further expanded its reach into debt collection through a number of enforcement actions. The CFPB also continues to conduct research on a potential rulemaking regarding debt collection activities, which may…more

CFPB, Debt Buyers, Debt Collection, Enforcement Actions, FCC

See All Updates »

AML Trends Signal Changing Times For Regional Banks

Recent activity involving state and federal bank regulators reflects an upswing in enforcement actions against regional and super-regional banks for Bank Secrecy Act/anti-money laundering compliance failures. Bank of Mingo, Bank…more

Anti-Money Laundering, Bank Secrecy Act, Banking Sector, Banks, BSA/AML

See All Updates »

Contact

1250 24th Street, NW Suite 700
Washington, D.C. 20037, United States

Contact: Cyndy McCollough

  • 202•349•8000
  • 202•349•8080

Areas of Practice
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Other U.S. Locations
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Number of Attorneys

100+ Attorneys

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