Fees

News & Analysis as of

Tax Talk -- Volume 7, No. 2 -- July 2014

In This Issue: - As FATCA Begins, IRS Rolls out Withholding Forms, Increases IGA Count - IRS Issues Final Circular 230 Rules Simplifying Written Tax Advice Requirements - Mortgage CCA Raises More...more

Calling BS on scam that piles on huge fees for client medical records

One of my great frustrations in representing injured people is the cost of medical records, a cost which is ultimately passed on to the client.[1] In a recent blog post by attorney Max Kennerly of the Beasley Firm in...more

The Fix on Fixed Fees

One of the biggest problems law firms and corporate clients face is the unpredictable nature of costs associated with e-discovery, since all it takes is for one large and/or unpredictable case for expenses to skyrocket. In...more

HUD OIG - Refederalization of Central Office Cost Center?

On Monday June 30, 2014 the U.S. Department of Housing and Urban Development ("HUD") Office of Inspector General ("OIG") issued a report questioning management and other fees allowed by HUD under Asset Management/Project...more

Mortgage Lending Legal and Regulatory Highlights

In its spring edition of Supervisory Highlights, the CFPB cautions financial institutions of the increased risk of a fair lending violation for failing to maintain adequate policies and procedures to document exceptions to...more

Sixth Circuit Addresses Plan Assets and Limitations Issues in Holding Service Provider’s Fee Assessments Constituted Self-Dealing

The Sixth Circuit held in Hi-Lex Controls, Inc. v. Blue Cross and Blue Shield of Michigan that a service provider was liable as a fiduciary under ERISA for unauthorized fees it assessed against a self-funded health plan. In...more

News from the Health Law Gurus™

Pa. Supreme Court Weighs in on Medical Record Charges — In Wayne M. Chiurazzi Law v. MRO, Chief Justice Ronald D. Castille, writing for the majority of the Pennsylvania Supreme Court, interpreted the Medical Records...more

Recent Victory on Behalf of Medical Supplement Insurers against California Department of Insurance

As a result of the filing of a Writ of Mandate and Declaratory Relief Action by Barger & Wolen LLP Senior Regulatory Counsel Robert W. Hogeboom and Litigation Partner John Holmes, the California Department of Insurance...more

Out-Of-State Bank Fees Permissible Under Federal Law, Eleventh Circuit Rules

Out-of-state bank fees are permitted under federal law, the Eleventh U.S. Circuit Court of Appeals recently concluded. A pair of Florida customers – Derek Pereira and Camila De Freitas – presented checks at a Florida...more

SEC Announces First Investment Adviser ‘Pay-to-Play’ Enforcement Action

The U.S. Securities and Exchange Commission (SEC) announced its first enforcement action under "pay-to-play" rules for investment advisers since those rules were adopted nearly four years ago. TL Ventures Inc., a...more

Rhode Island Usury: Interest By Any Other Name Is Still Interest

In LaBonte v. New England Development R.I., LLC et al., No 12-328, the Rhode Island Supreme Court recently clarified the state’s usury law by holding that a fee could be included in the calculation of interest even though it...more

Not Feeling It: Court Nixes Claim for Feng Shui Fees and Finds No Bad Faith

In Patel v. American Economy Ins. Co., — F. Supp. 2d. —, 2014 WL 1862211 (N.D. Cal. May 8, 2014), the U.S. District Court for the Northern District of California granted the insurer’s motion for partial summary judgment,...more

FHFA Requests Comments On Guarantee Fees

On June 5, the FHFA issued a request for input regarding its proposed increases to guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders. Earlier this year, FHFA Director Mel Watt halted g-fee changes...more

If they made the poor Plan decisions, they may take offense on your criticism

Two years ago, I had the worst call with a prospective client in the 14 years I have been an ERISA attorney. Without divulging any information about this prospective client, this 401(k) plan sponsor was like many...more

Markit to Market - May 2014

In This Issue: - Scammers Still Be...Scamming - Contests – Check Rules Before Offering! - Catalogs as Specimens - gTLD Sunrise Periods Now Open - Excerpt from Scammers Still Be...Scamming: Based...more

Plan Sponsors’ Misconceptions About Retirement Plan Fee Disclosure

To me, there is no greater television show than Seinfeld because it’s timeless and there is something about each episode that reminds you of normal day life. In the reverse chronology episode set in India called “The...more

Fees Associated With Foreclosure Process May Not be Imposed On Servicemembers Protected By The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act ("SCRA") prohibits nonjudicial foreclosure proceedings during, or one year after, a servicemember's military service. In Brewster v. Sun Trust Mortgage Inc., 742 F.3d 876 (9th Cir. 2014),...more

FHFA Seeks Input on Fannie Mae and Freddie Mac Guarantee Fees

On June 5, FHFA announced it is requesting input on the guarantee fees charged by Fannie Mae and Freddie Mac to lenders. The request includes questions about the optimum level of fees and implications for mortgage credit...more

Utah Federal Court Dismisses Putative Class’s “True Lender” Claims Against Online Merchant

On May 23, the U.S. District Court for the District of Utah dismissed a putative class action filed against an ecommerce merchant for allegedly operating a financing program that violated various California laws, including...more

Financial Institutions and Creditors’ Rights: Ninth Circuit Finds SCRA Liability Based on Prior Servicer’s Actions

The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty. The...more

Scammers Still Be Scamming

Based on the volume of scam letters and email sent to us by our clients, trademark and domain name scams continue unabated in 2014. In fact, if anything, these scams have increased in volume and creativity. Remember to look...more

ECB Publishes Draft Consultation on Charging a Supervisory Fee

On May 27, the European Central Bank (ECB) published a consultation paper and accompanying questions and answers on its website concerning its draft regulation on supervisory fees. Under the draft regulation, the ECB would...more

The Debate Continues Over The Fiduciary Status of 401(k) Plan Service Providers

In Golden Star Inc. v. MassMutual Life Ins. Co., 2014 WL 2117511 (D. Mass. May 20, 2014), a district court addressed two issues that have become hotly contested in 401(k) plan fee litigation: (1) whether and when a plan...more

NFA to Impose Fee for Failing to Disclose Disciplinary Matter

The National Futures Association (the “NFA”) issued Notice to Members I-14-11 (the “Notice”) announcing its adoption of new rule amendments that provide for payment of a $1,000 late disclosure fee when an applicant for...more

CFPB Extends Comment Deadline for Proposed Temporary Exemption to Remittance Rule

The CFPB extended the comment period on proposed revisions to its remittance transfer rule that were previously issued in April 2014. The comment period was set to expire on May 27, 2014, and will instead now end on June 6,...more

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