BuckleySandler LLP

FinCEN Issues Final Rule Imposing Special Measure Five Against FBME Bank Ltd.

On July 23, FinCEN issued a final rule pursuant to Section 311 of the USA PATRIOT Act to impose “special measure five” against FBME Bank Ltd. (“FBME”), formerly known as the Federal Bank of the Middle East. Special measure five…more
| Finance & Banking, International Law & Trade

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
| Consumer Protection, Finance & Banking, Real Estate - Residential

BuckleySandler Secures Second Circuit Victory in Lender-Placed Insurance Rate Case

On July 22, BuckleySandler secured a substantial victory before the United States Court of Appeals for the Second Circuit. Representing a global insurance company in a nationwide lender-placed insurance (“LPI”) class action…more
| Commercial Law & Contracts, Finance & Banking, Insurance, Real Estate - Residential

Comptroller Talks Interest Rate, Compliance, and Cybersecurity Risks Facing Financial Institutions

On July 24, OCC Comptroller Curry delivered remarks before the New England Council in Boston, MA regarding the risks that financial institutions face today. Rising interest rates and regulatory compliance were two of the three…more
| Finance & Banking, Privacy, Science, Computers, & Technology

NMLS Updates Resource Center: Encourages Public to Submit Comments on Proposed Changes; Responds to Public Comments

On July 21, the Nationwide Mortgage Licensing System (NMLS) updated its resource center to encourage the public to submit further comments – via the Conference of State Bank Supervisors – on certain proposed changes to the…more
| Finance & Banking, Real Estate - Residential

FDIC and California Department of Business Oversight Levy $140 Million Penalty Against California Bank for Ongoing BSA/AML Deficiencies

On July 22, the FDIC, along with the Commissioner of the California Department of Business Oversight (“DBO”), announced the assessment of a $140 million civil money penalty against a California state-chartered bank to resolve…more
| Finance & Banking

Federal Reserve Orders Chinese Bank to Overhaul its BSA/AML Compliance Program

On July 21, a leading China-based bank agreed to address deficiencies in connection with the BSA/AML risk management and compliance program of its New York branch office. The Agreement, entered into with the Federal Reserve Bank…more
| Finance & Banking, International Law & Trade

CFPB Settles with Bank and its Two Affiliates for $18.5 Million over Alleged Faulty Student Loan Servicing Practices

On July 22, the CFPB announced that a major bank and its two affiliates agreed to pay $18.5 million to resolve allegations that the entities engaged in inadequate private student loan servicing practices. According to the…more
| Consumer Protection, Education, Finance & Banking

SEC Opens FIFA-Related Investigations

Although not yet confirmed by the SEC, media reports suggest that the SEC has opened several investigations of publicly traded companies who contracted with FIFA. Indictments in the FIFA cases have alleged that certain companies…more
| Art, Entertainment, & Sports Law, Commercial Law & Contracts, Finance & Banking, International Law & Trade, Securities Law

U.S. Senators Introduce Automobile-Focused Cybersecurity Legislation

On July 21, Senators Blumenthal (D-CT) and Markey (D-MA) introduced legislation, the Security and Privacy in Your Car Act (“SPY Car”Act), that would protect drivers’ privacy while allowing them to remain connected to the growing…more
| Antitrust & Trade Regulation, Consumer Protection, Privacy, Science, Computers, & Technology, Transportation

DOJ Announces Charges Against Two Florida Men for Operating Underground Bitcoin Exchange

On July 21, U.S. Attorney for the Southern District of New York Preet Bharara, along with the Assistant Director-in-Charge of the New York Field Office of the FBI and the Special Agent-in-Charge of the New York Field Office of…more
| Criminal Law, Finance & Banking, Science, Computers, & Technology

District Court Applies Supreme Court’s Inclusive Communities Decision in Rejecting Disparate Impact Claim

On July 17, the U.S. District Court for the Central District of California granted summary judgment for Wells Fargo in a Fair Housing Act (FHA) case brought by the City of Los Angeles. City of Los Angeles v. Wells Fargo & Co.,…more
| Civil Procedure, Civil Rights, Finance & Banking, Real Estate - Residential

Federal Reserve Announces Members of Faster Payments and Secure Payments Task Force

On July 21, the Federal Reserve Board of Governors announced the members of the Faster Payments and Secure Payments Task Force as described in the Strategies for Improving the U.S. Payment System white paper released earlier…more
| Finance & Banking

FinCEN Issues Advisory on FATF’s List of Jurisdictions with AML/CFT Deficiencies

On July 20, FinCEN issued an advisory to financial institutions with updates to the Financial Action Task Force’s (FATF) list of jurisdictions containing strategic anti-money laundering/counter-terrorist financing (AML/CFT)…more
| Finance & Banking, International Law & Trade

CFPB and DOJ Reach $24 Million Settlement with Indirect Auto Lender to Resolve Discriminatory Pricing Allegations

On July 14, the CFPB and DOJ announced a $24 million settlement with an indirect auto lender to resolve allegations that the lender offered higher interest rates to minority borrowers compared to white borrowers with a similar…more
| Commercial Law & Contracts, Consumer Protection, Finance & Banking
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1250 24th Street, NW Suite 700
Washington, D.C. 20037, United States

Contact: Ezra Crawford

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