On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more
The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more
Chasing down documents, recovering escrow funds, and worrying about fraud are examples of things in the real estate world that create stress. Wouldn’t it be nice to know that your contract will be executed and carried out...more
On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A., a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether...more
The Supreme Court has asked the solicitor general to weigh in on an issue that could affect lenders and borrowers alike: whether the National Bank Act (NBA) trumps state laws that require lenders to pay interest on mortgage...more
Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies - The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more
Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more
Twitter will pay the Federal Trade Commission up to $250 million to “resolve new charges . . . that the social media giant breached a 2011 consent decree by using data provided for security purposes to target users with...more
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
We’ve been keeping tabs on the high-profile CEOs who have withdrawn from Saudi Arabia’s coming investment conference over the past few weeks. But pulling out the conference is very different from severing ties with the...more
US regulators are asking Qualcomm to delay its annual shareholder meeting in order to give them more time to investigate whether Singapore-based Broadcom’s takeover bid would threaten US national security....more
Nancy Jackson Spinks, better known as Nancy Carroll, an attorney and former owner of Millennium Closing Services, LLC (“Millennium Title”) in the Dallas area, was sentenced on Wednesday, January 3rd, to 10 years in prison and...more
In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more
As the seller of real property, you might have heard: “Don’t worry, that warranty won’t survive the closing.” Or, you may have assumed that because the purchase agreement stated that certain representations and warranties did...more
The effective date for implementation of the “TILA-RESPA Integrated Disclosure” rule, or “TRID” for short, is just around the corner – October 3rd. Originally the effective date was August 1st but that date was extended by...more
Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more
After months of searching, you have finally found the house of your dreams, and much to your delight the Seller has accepted your offer of $500,000. You deposit your $15,000 “earnest money” with the escrow company, and an...more
Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more
CONNECTICUT - Own Risk and Solvency Assessment Report: The Connecticut Department of Insurance issued Bulletin FS-29 which discusses Public Act No.14-107 (the “Act”; effective January 1, 2015). ...more
The Central District of California denied certification of a putative nationwide class of mortgagors, holding that numerous individualized issues precludeda finding of predominance, superiority, or ascertainability. In...more
The U.S. House of Representatives and Senate recently passed, and the President is expected to sign into law, amendments to the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). The legislation seeks to address...more
In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more
On October 11, five agencies issued a joint notice of proposed rulemaking to amend regulations related to loans secured by property located in flood hazard areas. The proposed rule would implement portions of the...more
The CFPB has released a final list of “rural” or “underserved” counties for use in 2014. The CFPB has indicated that creditors may rely on this list as a safe harbor to determine whether a county is “rural” or “underserved”...more
In This Issue: CFPB's Escrows Final Rule; Rating Agency Developments; District Court Vacates Dismissal, Remands RMBS Suit Against J.P. Morgan to State Court; SunTrust Avoids FINRA Arbitration Concerning The Sale of RMBS;...more