BuckleySandler LLP

Fannie Mae Updates Modification Policies

On March 28, Fannie Mae issued Servicing Guide Announcement SVC-2014-05, which provides, as recently promised, updated guidance regarding standard and streamlined modification programs. The announcement informs servicers that,…more

| Finance & Banking, Real Estate - Residential

Utah Amends Mortgage Licensing Act

On April 1, Utah enacted SB 332, which amends the Utah Residential Mortgage Practices and Licensing Act, the Real Estate Licensing and Practices Act, and the Real Estate Appraiser Licensing and Certification Act to establish a…more

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

The British (Financial Regulatory Principles) Are Coming!

Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The U.K…more

| Commercial Law & Contracts, Communications & Media Law, Finance &...

SDNY Certifies Interlocutory Appeal In Lender-Placed Insurance Dispute

On April 3, the U.S. District Court for the Southern District of New York certified an interlocutory appeal of an order denying a motion to dismiss filed by a group of insurers facing class allegations of unlawful lender-placed…more

| Civil Procedure, Finance & Banking, Business Torts, Insurance, Real...

Fannie Mae To Begin Assessing Fees For Late, Inaccurate Reporting

On March 28, Fannie Mae notified servicers that, effective May 1, 2014, it will begin issuing warning letters and assessing compensatory fees to servicers that fail to submit Fannie Mae investor reporting system reports on a…more

| Finance & Banking, Real Estate - Residential

Idaho Bill Regulates Payday Loan Terms

On March 26, Idaho enacted SB 1314, which, among other things, prohibits payday lenders from making a loan that exceeds 25% of the borrower’s gross monthly income at the time the loan is made…more

| Finance & Banking, Consumer Protection

Debt Settlement Firm Pleads Guilty In CFPB’s First Criminal Referral

On April 8 the U.S. Attorney for the Southern District of New York announced that a debt settlement company and its owner pled guilty to fraud charges, resolving the first criminal case referred to the DOJ by the CFPB. The DOJ…more

| Criminal Law, Finance & Banking, Consumer Protection

South Dakota Adopts Uniform Real Property Electronic Reporting Act

On March 31, South Dakota enacted SB 68, becoming the 30th jurisdiction to adopt the Uniform Real Property Electronic Recording Act (URPERA) with the enactment. URPERA, promulgated by the Uniform Law Commission in 2004, gives…more

| Real Estate - Commercial, Real Estate - Residential

Ninth Circuit Holds National Bank Is Resident Only Where Headquartered

On March 27, the U.S. Court of Appeals for the Ninth Circuit reversed the district court’s remand for lack of diversity, holding that a national bank is a citizen only of the state where it is headquartered. Rouse v. Wachovia…more

| Civil Procedure, Commercial Law & Contracts, Finance & Banking

CFPB To Hold Forum On Mortgage Closing Process

The CFPB announced today that it will hold a forum on the mortgage closing process. The event will take place at the CFPB’s headquarters in Washington, DC at 1:30 p.m. on April 23, 2014. It will be open to members of the public…more

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

CFPB Issues Annual Consumer Complaint Report

On March 31 the CFPB published its Consumer Response Annual Report, providing a review of the CFPB’s complaint process and a description of complaints received during January 1 through December 31, 2013. According to the report…more

| Finance & Banking, Consumer Protection

Comptroller Curry Calls On Banks To Offer Payday Loan Alternatives

On April 1, Comptroller Thomas Curry delivered remarks in which he urged banks to offer alternatives to “high cost payday loans.” The Comptroller defended his agency’s guidance on deposit advance products and stated that…more

| Finance & Banking, Consumer Protection

Texas Issues Licensing Guidance For Virtual Currency Firms

On April 3, the Texas Department of Banking issued a supervisory memorandum on the regulatory treatment of virtual currencies under the Texas Money Services Act. The memorandum states that money transmission licensing…more

| Finance & Banking, Science, Computers, & Technology

FFIEC Advises Banks On Website, ATM Cyber Attacks

On April 2, the FFIEC advised financial institutions that distributed denial-of-service (DDoS) attacks on a financial institution’s public websites present operational and reputation risks. If coupled with attempted fraud, a…more

| Finance & Banking, Privacy, Science, Computers, & Technology

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