News & Analysis as of

Fintech: The disruptive force for good

The disruption in the financial services industry caused by technological advances has created fertile ground for financial sponsors who excel at promoting innovation and investing in new, untested...more

Property Assessed Clean Energy (PACE) Legal Update – November 2015

In the past few months, we have seen some decisions regarding Property Assessed Clean Energy Loans (PACE loans) that may open the doors for additional states, counties, and local municipalities to authorize, create, and fund...more

FDIC Updates Guidance on Risk Management Practices in Purchasing Loans and Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 49-2015 (FIL-49-2015), Advisory on Effective Risk Management Practices of Purchased Loans and Purchased Loan...more

Gesetzentwurf sieht Höchstüberlassungsdauer von 18 Monaten für Leiharbeitnehmer vor

Der Gesetzesentwurf, der heute der deutschen Presseagentur präsentiert wurde, ist noch nicht veröffentlicht. Nach übereinstimmenden Pressemeldungen sieht der Entwurf von Bundessozialministerin Andrea Nahles vor, dass für...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Public Consultation on the Origination of Loans by Funds - Within the framework of the implementation of the ELTIF Regulations in France, the Autorité des Marchés Financiers (“AMF”) launched a public consultation on 22...more

Reach of Contractual Jury Trial Waivers Narrowed By Alabama Supreme Court

In Ex Parte Acosta, No. 1140200, — So. 3d —, No. 1140200, 2015 WL 3537476 (Ala. June 5, 2015), the Alabama Supreme Court refused to incorporate a jury trial waiver from a collateral loan document into a Promissory Note. ...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

The renaissance of European multi-loan CMBS

The European CMBS 2.0 market was launched in June 2011 and in the years that have since followed, twenty four public rated deals have so far hit the market. Given that only seven of these deals have featured multiple loans...more

Payday lender Dollar to provide customer redress

FCA has announced that payday lender Dollar Financial UK (Dollar) has agreed with an FCA review to refund over £15.4 million to 147,000 customers. These customers were often lent more than they could afford to repay by...more

The Cape Town Convention in the UK: Effective 1 November 2015

Following accession to the Cape Town Convention1 by the UK on 27 July 2015, the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (the “Regulations”) will enter into force on 1 November...more

Commission reports on covered bonds requirement

The Commission has reported to the EP and Council on the capital requirement for covered bonds under the CRR. The report assesses the appropriateness of preferential risk weights for covered bonds, aircraft loans and...more

Guarantors Can Use Anti-Deficiency Statute in North Carolina

The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a...more

Barclays and Wachovia Settle with NCUA

On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union Administration Board (NCUA), as liquidating...more

China’s Reform on Administration of Foreign Debts – What to Expect

On 14 September 2015, the PRC National Development and Reform Commission (“NDRC”) promulgated the Circular on Promoting Reform on the Administration of Filing and Registration of Foreign Debt Issued by Enterprises. The...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Risk Retention and RMBS

Effective December 24, 2015, all securitizations of residential mortgage loans (RMBS), both public and private, will be subject to the Credit Risk Retention Rule (the “Rule”).[1] The Rule was promulgated on December 24, 2014,...more

New York Appellate Court Allows Repurchase Claims Against Nomura To Proceed

On October 13, 2015, the First Department of the Appellate Division of the Supreme Court for the State of New York decided an appeal in four actions brought by HSBC Bank as Trustee on behalf of four RMBS trusts against Nomura...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 16, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions. The single rulebook Q&As relate to the CRD IV package...more

U.S. Supreme Court Vacates Decision in First Marblehead; Remands to Massachusetts Supreme Judicial Court

On October 13, the United States Supreme Court granted a request for review in the case of First Marblehead Corporation v. Massachusetts Commissioner of Revenue, and summarily vacated the decision issued January 28, 2015, by...more

CFPB Student Loan Ombudsman highlights FFELP loans in fourth annual report

The CFPB released its fourth Annual Report of the Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints. (The...more

IRS Delays Effective Date for New Regulations on Embedded Loans in Swaps

The Treasury and the IRS have delayed implementation of the recently announced rule change that treats certain types of upfront payments on swaps as loans for federal income tax purposes (including for purposes of the...more

CFPB Issues Statement Following Reports of Widespread Student Loan Servicing Failures

The Consumer Financial Protection Bureau (CFPB) recently focused its attention on the student loan industry following alleged widespread servicing failures reported by borrowers and found by the CFPB's examinations and...more

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller...more

GSEs Provide Guidance Regarding TRID Compliance

On October 6, Fannie Mae and Freddie Mac issued guidance stating that both GSEs, under the direction of the FHFA, “will not conduct routine post-purchase loan file reviews for technical compliance with the TRID Rule,”...more

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