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Financial Institutions Kickbacks

ArentFox Schiff

Investigations Newsletter: Court Unseals Charges Alleging Nearly $15 Million in Fraudulent PPP Loans

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Court Unseals Charges Alleging Nearly $15 Million in Fraudulent PPP Loans - Earlier this week, federal prosecutors in the Southern District of New York announced the unsealing of a criminal complaint charging six...more

ArentFox Schiff

Investigations Newsletter: California Man Convicted in $27 Million PPP Fraud Scheme

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California Man Convicted in $27 Million PPP Fraud Scheme - After a trial before a federal jury, a California man was convicted of bank fraud, making false statements to a financial institution, and money laundering for...more

ArentFox Schiff

Investigations Newsletter: Investment Bank To Pay Over $130 Million To Resolve Foreign Corrupt Practices Act and Fraud Allegations

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Deutsche Bank to Pay Over $130 Million to Resolve Foreign Corrupt Practices Act and Fraud Allegations - Deutsche Bank Aktiengesellschaft (Deutsche Bank) has agreed to pay more than $130 million to resolve the government’s...more

Manatt, Phelps & Phillips, LLP

RESPA: CFPB Issues FAQs, Rescinds 2015 Marketing Services Agreements Guidance

In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more

ArentFox Schiff

SBA and Department of Treasury Announce Disclosure of PPP Recipients

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SBA and Department of Treasury Announce Disclosure of PPP Recipients - After weeks of mounting public and congressional pressure, on Friday, June 19, the SBA and Department of Treasury announced that it will make...more

ArentFox Schiff

Business Owner Charged with Fraud Connected to the Paycheck Protection Program

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Business Owner Charged with Fraud Connected to the Paycheck Protection Program - On June 15, 2020, the owner of several information technology companies was charged in a criminal complaint with bank fraud and for making...more

Foley & Lardner LLP

Fourth Circuit Applies Spokeo to Bar RESPA Section 8 Class Action Claim

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On March 13, the Fourth Circuit Court of Appeals rejected plaintiffs’ claim in a class action under Section 8 of the Real Estate Settlement Procedures Act (RESPA), which imposes a broad prohibition against referral fees or...more

Ballard Spahr LLP

Indictment Alleges Former Credit Suisse Bankers Conspired to Circumvent the Bank’s Internal Controls in $2 Billion International...

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Former Bankers Allegedly Concealed “Master of Kickbacks” from Internal Compliance Department - A detailed indictment unsealed on January 3 in the Eastern District of New York alleges that former Credit Suisse bankers, a...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The results are in, and Comcast has bested Fox in the quest for British satellite broadcaster Sky with a final bid of roughly $39 billion in the unusual 3-round auction overseen by the UK’s Takeover Panel. The result must be...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Financial Stability Board—that Swiss-based grand collection of central bankers and regulators from the world’s biggest economies—has upped the systemic importance ranking for three of America’s biggest banks, including...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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On the Hill yesterday, Fed Chair Yellen acknowledged that the recent election would likely mean changes for the economy, but she said it was “too soon” to predict the nature of that economic impact at this time (though that...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations and White Collar Defense - June 2016

Eye on the Supreme Court—Corruption and Fraud Edition - Why it matters: This session, the Supreme Court has undertaken the review of numerous cases that raise thorny issues arising in the white collar context. In our...more

Bilzin Sumberg

A Day of Reckoning for the CFPB?

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Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

Carlton Fields

Court Denies Motion For Interlocutory Appeal In Alleged Insurance Kickback Scheme

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We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

McGuireWoods LLP

The CFPB Strongly Scrutinizes MSAs Under RESPA

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The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending October 16, 2015

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REAL PROPERTY UPDATE - - Foreclosure/Standing: although bank established it had possession of note prior to commencement of action, bank did not demonstrate when blank endorsement was placed on note, nor did it prove it...more

Goodwin

Financial Services Weekly News - October 2015 #2

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Regulatory Developments: FINRA Proposes Rules for Funding Portals - On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more

Locke Lord LLP

CFPB Identifies Substantial Risk and Grave Concerns in Guidance on Marketing Services Agreements

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On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued long overdue guidance (Bulletin 2015-05) regarding marketing services agreements (MSAs) and compliance with the Real Estate Settlement Procedures Act...more

Stinson LLP

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

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On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

BakerHostetler

CFPB Bulletin Cautions That Marketing Services Agreements Often Violate RESPA

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Lenders utilizing “marketing services agreements” (“MSAs”) beware: On October 8, the Consumer Financial Protection Bureau (“CFPB”) issued a new bulletin strongly cautioning that MSAs often violate Real Estate Settlement...more

Ballard Spahr LLP

Be Careful What You Ask For, You May Get It—The CFPB Addresses Marketing Services Agreements Under RESPA

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The residential mortgage settlement service industry has been asking the CFPB for guidance on the legality of marketing service agreements (MSAs) under RESPA. When questioned on the issue last week at a House Financial...more

Ballard Spahr LLP

No deference for CFPB amicus brief from Ninth Circuit

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Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

BakerHostetler

PHH Fine on Hold, Says D.C. Circuit

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On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

Bilzin Sumberg

Wells Fargo Ends Marketing Services Arrangements with Builders

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Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more

Burr & Forman

PHH Wins Stay of $109M CFPB Enforcement Penalty

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On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

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