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Trust and Transparency in the Era of 'Bring Your Own Device'
Information, including proprietary business information and personally identifiable information, is one of a financial institution’s most precious assets, and protecting this asset is necessary to establishing and maintaining long-standing relationships between a financial institution and its...
ArticlesThe Superlien Dilemma
Who pays delinquent dues when it comes to shared-interest communities governed by homeowner associations? This is a growing problem that is nowhere close to being solved. Lenders stand to lose big unless the issue is addressed. Originally published in Mortgage Banking Magazine; reprinted with...
ArticlesLook Before You LEAP - This Year's FHA Annual Recertification Process
It’s that time of year again. No, not spring break; the Federal Housing Administration’s ("FHA") annual recertification deadline is upon us (or, more specifically, FHA program participants). The good news is that, this year, mortgagees with a December 31st fiscal year end will have some extra time...
ArticlesHighway to the Danger Zone: Automotive Lending and the Servicemembers Civil Relief Act
Over the past few years, federal regulators — led by the Department of Justice — have sharply increased their focus on SCRA compliance. Although most recent headlines related to SCRA enforcement have arisen in the area of home mortgages, several major enforcement actions and multi-million dollar...
ArticlesSEC Cooperation is Still More Art Than Science
The quest for individual cooperation credit from the U.S. Securities and Exchange Commission is more of an art than a science, involving outcomes based largely on subjective judgments and a process that resists definition and standardization. Indeed, those who seek cooperation credit necessarily...
ArticlesCFPB's New "Responsible Conduct" Guidelines: Will They Incentivize Greater Self-Reporting and Self-Regulation by Consumer Finance Firms?
On June 25, 2013, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued CFPB Bulletin 2013-6, titled ‘‘Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation, and Cooperation.’’ The CFPB issued the guidance to provide entities with a set of ‘‘activities’’ that they...
ArticlesLenity, Chevron Deference, and Consumer Protection Laws
Several federal statutes, including the Real Estate Settlement Procedures Act (“RESPA”), the Truth in Lending Act (“TILA”) and the Servicemembers Civil Relief Act (“SCRA”) permit the government to seek either civil or criminal penalties for the same conduct. While the executive branch has used its...
ArticlesThe Future of Social Media Use by Financial Institutions
Social media is revolutionizing financial institutions’ relations with consumers, but the laws governing these interactions are not keeping up. Regulations created before the social media era have not been updated to address newly arising issues and concerns. As a first step, the Federal Financial...
ArticlesConsumer Financial Services Answer Book 2014
The “Consumer Financial Protection Act of 2010” (CFPA), Title X of the Dodd-Frank Act, made major changes in how consumer financial services are regulated, and many of these important changes are now in effect. The Consumer Financial Services Answer Book 2014 describes in concise detail the new...
ArticlesBitcoin, Banks & Billions: Regulatory and Compliance Implications of Bitcoin-Based Consumer Banking
With virtual currencies becoming a fixture of the global economy, it is critical that financial institutions understand these 21st century monetary tools. And, of all the virtual currencies emerging in the dynamic area of e-commerce, none more perfectly demonstrates the technical, regulatory and...
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