News & Analysis as of

FFIEC Social Media Guidance Addresses "Reputational Risks" from Social Media

Financial Institutions Should Develop Policies and Practices to Address and Monitor Reputational and Operational Risks - On December 10, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued its...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Banking & Financial Services E-Note - September 30, 2013

In This Issue: - NCUA Drafts Rule Subjecting Big Credit Unions to Stress Tests Report Finds FDIC Has Filed as Least 32 D&O Lawsuits This Year - CFPB Cracks Down on "Furnishers" Giving Credit Report Information -...more

Tenth Circuit Rules that “Extender Statutes” Permit NCUA to Bring Otherwise Time-Barred RMBS Suits

The Tenth Circuit has held that provisions of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) that extend the time period for a government regulator to bring “any action” on behalf of a...more

NCUA Announces Pre-Litigation MBS Settlement

On April 2, the NCUA announced that a financial institution agreed to settle allegations related to mortgage-backed securities issued to certain corporate credit unions. The NCUA has alleged on behalf of failed corporate...more

Bank of America Reaches Pre-Litigation Settlement with NCUA for RMBS Losses

On April 2, the National Credit Union Administration (NCUA), an independent federal agency that supervises and charters federal credit unions, reached a $165 million settlement with Bank of America, stemming from BofA’s sale...more

NCUA Issues Fair Lending Guide, Plans Fair Lending Webinar

On March 19, the NCUA released a letter to credit unions to introduce its new fair lending guide and announce other fair lending tools. The fair lending guide includes (i) an overview of fair lending law and regulations, (ii)...more

The Impact Of The CFPB’s Appraisal Rule

On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Appraisal Rule) implementing an amendment to the Equal Credit Opportunity Act (ECOA) that revises Regulation B’s provisions...more

NCUA Eases Regulatory Requirements For Certain Small Credit Unions; Finalizes Rule Regarding Troubled State Credit Unions

On January 18, the NCUA published a final rule to amend the definition of “small entities” from those with less than $10 million in assets to those with less than $50 million in assets. The change will allow more credit...more

NCUA Files Another Major MBS Suit

On January 4, the NCUA announced another major mortgage-backed securities lawsuit. Similar to prior suits, the NCUA alleges on behalf of three insolvent corporate credit unions that a mortgage securitizer violated federal and...more

National Credit Union Administration Sues Bear Stearns for $3.6 Billion in RMBS

On December 17, 2012, the National Credit Union Administration Board, acting in its capacity as liquidating agent for four failed credit unions, sued several Bear Stearns affiliates in federal court in Kansas in connection...more

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