A&B Abstract: On April 21, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) issued for public comment (1) a proposed analytic framework setting forth FSOC’s approach to identifying,...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more
2/28/2023
/ Appraisal ,
Asset Management ,
Banking Sector ,
Bias ,
Blockchain ,
Commercial Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Digital Assets ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Foreclosure ,
Libor ,
Non-Bank Lenders ,
Proposed Rules ,
Secured Overnight Funding Rate (SOFR)
A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more
2/27/2023
/ CARES Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
FHFA ,
Financial Services Industry ,
Forbearance Agreements ,
HUD ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Popular
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....more
A&B ABstract: A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and...more
Directors and officers (D&O) insurance liability coverage terms continue to evolve in ways that can be important to directors and officers when lawsuits or investigations against them arise. In his 2022 speech “Reining in...more
A&B ABstract: On January 11, 2023, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced a proposed rule to establish a public registry and require nonbanks supervised by the agency to register their...more
A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or...more
A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s....more
A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has moved to clarify its regulatory authority at a time when the economic climate is ripe for a resurgence in HELOC lending. In an amicus brief...more
On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help prepare for state cybersecurity exams and, ultimately, improve...more
Enhancing data security programs to protect personal information is a critical area companies cannot ignore. Our Privacy, Cyber & Data Strategy and Financial Services & Products groups unpack the latest moves by the Consumer...more
A&B Abstract: On August 10, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will require mortgage servicers to obtain and maintain fair lending data on their loans,...more
A&B Abstract: The Nationwide Multistate Licensing System & Registry (NMLS) Policy Committee is inviting comments on the NMLS Disclosure Questions Proposal. The comment period is now open and runs until August 22. Among other...more
A&B Abstract: On May 2, 2022, Georgia Governor Brian Kemp signed HB 891 and SB 470 into law. HB 891, effective July 1, 2022, updates various laws enforced by the Georgia Department of Banking and Finance (the “Department”)...more
A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar...more
A&B Abstract: On May 12, 2022, the Maryland Office of the Commissioner of Financial Regulation (the “OCFR”) issued an Industry Advisory (the “Advisory”) “put[ting] [the] industry on notice” of the recent decision issued by...more
The Consumer Financial Protection Bureau has sought comments on how it can best crack down on what it calls “junk fees.” Our Financial Services & Products Group examines how mortgage servicing is singled out and why mortgage...more
As part of the Biden Administration’s stated focus on narrowing the racial gap in wealth and homeownership, federal agencies launched an Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), with the goal...more
3/17/2022
/ Appraisal ,
Biden Administration ,
Congressional Committees ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
Freddie Mac ,
HUD ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Regulation Z ,
Residential Real Estate Market ,
Veterans Administration
This program will discuss the key components of a fair servicing compliance program, and practical considerations for implementation. In particular, the discussion will focus on the fair and consistent treatment of borrowers...more
Please join Alston & Bird's consumer finance attorneys and an economist from Charles River Associates as they discuss new legal and practical approaches to fair lending, fair valuations, and fair servicing. This program will...more
1/21/2022
/ Appraisal ,
Appraisal Management Companies ,
Best Practices ,
Bias ,
Continuing Legal Education ,
Fair Lending ,
Fair Valuation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Real Estate Transactions ,
Risk Mitigation ,
Webinars
Third time’s the charm? Our Financial Services Litigation and Financial Services & Products Groups take stock of the Eleventh Circuit’s surprise decision to rehear Hunstein en banc, throwing hundreds of Fair Debt Collection...more
Our Financial Services Litigation and Financial Services & Products Groups examine the trials and tribulations facing the debt collection industry following a pair of Eleventh Circuit decisions on what “communication” really...more
A&B Abstract: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). ...more
A&B Abstract: The U.S. Court of Appeals for the Eleventh Circuit, covering Alabama, Florida, and Georgia, recently decided in Hunstein v. Preferred Collection and Management, Inc., that a debt collector’s communication with...more