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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

The New France-Luxembourg Double Tax Treaty: First Comments Relating to Investment in French Real Estate

by King & Spalding on

On 20 March 2018, the Governments of France and Luxembourg signed a new French- Luxembourg treaty (the “New Treaty”), which will have an impact for certain investments in French real estate. Several changes were...more

CFPB Publishes Updated List of Rural, Underserved Counties for 2018

by Weiner Brodsky Kider PC on

The CFPB has updated and published its list of rural and underserved counties for 2018 for lenders to use in determining whether certain TILA requirements apply....more

Alabama Limits Foreclosure Redemption Period for Homestead Property

by Weiner Brodsky Kider PC on

Alabama recently amended its real estate redemption law to limit the time period within which a borrower can redeem homestead property following foreclosure. The amendments took effect on February 22, 2018....more

CFPB Issues Final Rule to Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

On March 8, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced a final rule designed to aid mortgage servicers in assisting borrowers dealing with bankruptcy issues while complying with the Truth in Lending...more

Is a Foreclosure Crisis Looming in Our Nation’s Capital?

The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

VA Issues Policy Reminder re Lender’s Payment or Credit of Veteran’s Costs in Home Loans

by Weiner Brodsky Kider PC on

The VA recently issued Circular 26-18-4 to clarify policy guidance regarding the use of credits or interest rates to pay borrower costs in VA loans. Pursuant to VA regulations, lenders may charge and a Veteran may pay a flat...more

Texas Finance and Credit Union Commissions Adopt Interpretation Amendments to Implement Changes to Home Equity Loan Provisions

by Weiner Brodsky Kider PC on

The Finance Commission of Texas and the Texas Credit Union Commission recently adopted amended regulations to implement changes to the home equity loan provisions of the Texas Constitution. As we previously reported, the...more

Lehman RMBS Settlement Likely to Spur Additional Claims

by Bilzin Sumberg on

On March 8, the Bankruptcy Court for the Southern District of New York concluded a lengthy “claims estimation” trial to determine the appropriate final settlement price for a resolution of lawsuits filed on behalf of...more

Opportunity Zones Could Spur Private Investment in Low Income Areas

by Harris Beach PLLC on

The latest tax reform passed in the Tax Cuts and Jobs Act (TCJA) created a new incentive which will impact real estate development in low-income communities by creating “Qualified Opportunity Zones.” The impact of these...more

Virginia Amends Provisions Relating to Foreclosure, Notices of Sale for Deceased Owners, and Disposition of Sale Surplus

by Weiner Brodsky Kider PC on

The state of Virginia recently enacted House Bill 755 that amends provisions of Virginia statutes relating to foreclosure, notices of sale when an owner is deceased, and disposition of surplus from sale, effective July 1,...more

Regulatory Relief: It’s About Time

by Vedder Price on

In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Ohio Residential Mortgage Lending Act Takes Effect Next Week

by Ballard Spahr LLP on

The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more

Senate passes banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

RBS Settles New York AG RMBS Claims for $500M

On March 6, 2018, New York Attorney General Eric T. Schneiderman announced that the State of New York has reached a settlement with RBS Financial Products Inc. f/k/a Greenwich Capital Financial Products, Inc. (“RBS“) to...more

Less Form, More Substance: The SEC Staff’s Recent Functional Approach to Section 3(c)(5)(C)

by K&L Gates LLP on

The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more

Court Denies Dismissal of RMBS Trustee’s Claim for Failure to Notify

On March 7, 2018, New York Supreme Court Justice Marcy S. Friedman denied a motion by Morgan Stanley ABS Capital I Inc. (“Morgan Stanley”) to dismiss a claim by RMBS Trustee Deutsche Bank National Trust Company (the...more

Florida Sets 120-Day Deadline on Tax Deed Sale Surplus Claims

by Baker Donelson on

Earlier this month, House Bill 1383, which amends Florida's tax deed statutes, was passed in both houses of the Florida legislature and now awaits the Governor's signature. While the amendments generally provide more guidance...more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

PA Treasurer Opens Inquiry into Lending Disparities at Financial Institutions

by Weiner Brodsky Kider PC on

Pennsylvania Treasurer, Joe Torsella, recently announced that his office has opened an official inquiry into three financial institutions regarding alleged racial and ethnic disparities in home mortgage approval rates and...more

NMLS 2.0 Delayed Until 2019

by Weiner Brodsky Kider PC on

The Conference of State Bank Supervisors (CSBS) has postponed the release of its major NMLS redesign, NMLS 2.0, from the originally projected September 2018 launch date until the second quarter of 2019. ...more

FDIC Penalizes Two Banks for Flood Insurance Violations

by Weiner Brodsky Kider PC on

The FDIC recently assessed civil money penalties against a Michigan-based and a Wisconsin-based bank for allegedly violating the Flood Disaster Protection Act and the National Flood Insurance Act. Specifically, the FDIC...more

CFPB finalizes amendments to timing requirements for bankruptcy periodic statements

by Ballard Spahr LLP on

The CFPB recently issued its final rule amending the timing requirements for transitioning between unmodified periodic statements and modified statements for consumers in bankruptcy. ...more

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