Consumers have a larger platform to submit complaints against vehicle and consumer finance companies directly to regulators. The CFPB has set up an online database that allows the CFPB to receive consumers’ complaints against…more
On May 15, the cities of New York and Los Angeles adopted ordinances that will require banks doing business with those cities to report certain information about their banking and lending activities. In New York, the City…more
On May 14, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued guidance on stress tests for banks with more than $10 billion in total consolidated…more
On May 16, the U.S. District Court for the Southern District of Florida certified a nationwide class of plaintiffs alleging breach of contract, breach of the duty of good faith and fair dealing, unconscionability, unjust…more
Recently, the United Kingdom’s Upper Tribunal overturned a decision of the Financial Services Authority (FSA) that held a top bank executive liable for failure to take reasonable steps to adequately address certain regulatory…more
On May 14, the Federal Housing Finance Agency released for public comment a draft strategic plan for fiscal years 2013-2017. The draft plan updates FHFA’s existing strategic plan document to incorporate a proposal sent to…more
On May 15, the CFPB published a notice and request for comment regarding its collection of information concerning the costs expected to be incurred by institutions required to comply with CFPB rules. The notice identifies…more
On May 15, Fannie Mae issued Selling Guide Announcement SEL-2012-04, which includes numerous changes to various Selling Guide topics. To address questions from lenders, the Announcement enhances and clarifies certain DU Refi…more
Alabama Enacts Residential Mortgage Satisfaction Act. On May 3, Alabama enacted Senate Bill 347, which establishes procedures by which a borrower can obtain a payoff statement for a residential mortgage, including the form of…more
On May 1, the U.S. Court of Appeals for the Eleventh Circuit reversed and remanded a lower court’s dismissal of an FDCPA claim, finding that the contents of a “dunning” notice from the lender’s foreclosing law firm constitutes…more
The federal government is increasing scrutiny of financial services companies’ practices affecting active military members, veterans and their families. Earlier this year, the CFPB along with the FTC, the Department of Defense…more
Topics In This Issue:
Federal Issues - State Issues - Courts - Miscellany - Firm News - Mortgages - Banking - Consumer Finance - E-Commerce
Excerpt from Federal Issues:
Federal Prudential Regulators Issue Final…more
Topics In This Issue
Federal Issues - State Issues - Courts - Miscellany - Firm News - Mortgages - Banking – Consumer Finance - Securities - E-Commerce
Excerpt from Federal Issues:
CFPB Announces Director of…more
On May 9, Fannie Mae announced new requirements for document custodians with respect to compliance audits and certification practices. In Servicing Guide Announcement SVC-2012-08, Fannie Mae states that document custodians must…more
On April 30, the Tennessee Court of Appeals ruled that affidavits submitted as evidence of a debt were inadmissible under the business records exception to the hearsay rule and judgment against the debtor was thus reversed…more
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