Mortgages, RESPA, Banking Sector

Nutter Bank Report: April 2023

Nutter McClennen & Fish LLP on 4/28/2023

FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks. The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more

United States Supreme Court Asked to Resolve Circuit Split Over Whether Federally Chartered Banks Must Comply With State Laws...

Saiber LLC on 3/16/2023

In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more

Nutter Bank Report: February 2023

Nutter McClennen & Fish LLP on 2/28/2023

Federal Guidance Warns of Liquidity Risks Arising from Crypto-Asset-Related Deposits - The federal banking agencies have issued joint guidance to banking organizations highlighting potentially heightened liquidity risks...more

Nutter Bank Report, January 2019

Nutter McClennen & Fish LLP on 1/31/2019

New Data Breach Law Requires Free Credit Monitoring for Massachusetts Consumers - Recent amendments to the Massachusetts data security breach law will require any person – including, in relevant part, any bank or any bank...more

U.S. Fifth Circuit Rejects “Vicarious Liability” Theory under RESPA

Bradley Arant Boult Cummings LLP on 1/8/2019

The Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2605, regulates loan servicers and makes servicers liable for violations of and consumer-protection regulations promulgated under the act. In many cases,...more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

Ballard Spahr LLP on 2/16/2018

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline

Dorsey & Whitney LLP on 2/14/2018

On January 31, the U.S. Court of Appeals for the D.C. Circuit issued a plurality opinion en banc that confirmed the constitutionality of the Consumer Financial Protection Bureau’s (“CFPB”) governance by a sole Director, while...more

D.C. Circuit Rules CFPB’s View of RESPA Was Wrong But its Structure is Constitutional

Ballard Spahr LLP on 2/2/2018

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we’ve discussed at length. It held, 7 to 3, that the CFPB’s single-director-removable-only-for-cause structure is...more

PHH’s hidden gem

Bricker Graydon LLP on 2/2/2018

The long-awaited en banc decision in PHH Corp., v. CFPB has finally been issued. The Court of Appeals for the D.C. Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and reversed a prior...more

Real Property, Financial Services, & Title Insurance Update: Week Ending January 12, 2018

Carlton Fields on 1/25/2018

REAL PROPERTY UPDATE - Standing/Foreclosure: pursuant to Florida Rule of Procedure 1.260, the assignee of a note during pendency of a foreclosure acquires standing of original plaintiff lender - Spicer v Ocwen Loan...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 17 & 24, 2017

Carlton Fields on 12/1/2017

REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 3 & 10, 2017

Carlton Fields on 11/15/2017

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE TITLE INSURANCE UPDATE - Misrepresentation: developer entitled to directed verdict on claims of fraudulent and negligent misrepresentation asserted by condominium association...more

Illinois Revises Residential Mortgage License Act Provisions

Ballard Spahr LLP on 10/17/2017

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

Carlton Fields on 10/9/2017

REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

CFPB Enters Into RESPA Settlement With Title Agent

Ballard Spahr LLP on 10/2/2017

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order with Meridian Title Corporation (Meridian) under the Real Estate Settlement Procedures Act (RESPA). ...more

Congressional hearing regarding proposed financial regulation scheduled for September 7

Ballard Spahr LLP on 9/6/2017

Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more

Real Property & Title Insurance Update: Week Ending August 18 & 25, 2017

Carlton Fields on 9/1/2017

Foreclosure: general reservation of jurisdiction in a foreclosure judgment is very limited, and certainly does not give trial court jurisdiction to eliminate a lien more than three years after Final Judgment of Foreclosure...more

Real Property & Title Insurance Update: Week Ending July 14 & 21, 2017

Carlton Fields on 7/26/2017

REAL PROPERTY UPDATE - Foreclosure/Standing: note owner had constructive possession of promissory note in original servicer’s physically possession of blank-endorsed note when it filed the complaint, and had standing to...more

Pennsylvania Federal Court Finds Continuing Violations Doctrine Applicable To RESPA Claims

Carlton Fields on 6/22/2017

A Pennsylvania federal court applied the continuing violations theory to RESPA’s one-year statute of limitations, and allowed Plaintiffs leave to amend their complaint to modify their RESPA claim....more

District Court Rebuffs CFPB’s RESPA “Continuing Violations” Theory

Foley & Lardner LLP on 6/20/2017

On June 6, 2017, a federal district court in Menichino v. CitiBank rejected an interpretation of the RESPA Section 8 statute of limitations espoused by the CFPB in captive reinsurance cases, instead concluding that RESPA’s...more

Kerfuffle on statute of limitations issue in PHH case

Ballard Spahr LLP on 6/16/2017

On June 7, the CFPB submitted a Rule 28(j) letter to the D.C. Circuit in the PHH case. In the letter, the CFPB embraced the fact that the Supreme Court’s recent Kokesh v. SEC decision makes the five-year statute of...more

D.C. Circuit Publishes Transcript of PHH v. CFPB Oral Arguments

Ballard Spahr LLP on 6/9/2017

On June 6, 2017, the D.C. Circuit published the 85-page transcript of the May 24, 2017 oral arguments in the PHH v CFPB case...more

D.C. Circuit poised to decide constitutionality of CFPB structure in PHH case

Ballard Spahr LLP on 5/30/2017

On May 24, 2017, the US Court of Appeals for the D.C. Circuit (D.C. Circuit) held oral argument in the PHH case, which we have blogged about extensively. The constitutionality of the CFPB’s structure was the central issue at...more

CFPB investigating Zillow for RESPA compliance

Ballard Spahr LLP on 5/12/2017

For years many industry participants wondered if allowing their real estate agents or loan officers to engage in co-marketing on Zillow Group applications and websites posed a risk to their companies under RESPA. The...more

CFPB seeks comments on its plan to assess the RESPA mortgage servicing rule

Ballard Spahr LLP on 5/9/2017

On May 4, the CFPB announced that as part of its impending 5-year review of mortgage rules, it was proposing a plan to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. ...more

Mortgages › Real Estate Settlement Procedures Act › Banking Sector

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