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FDIC Director Suits: Lessons Learned
The American Association of Bank Directors has undertaken a review of the FDIC's civil suits against directors of failed banks and savings institutions to find out what directors of open banks can learn from the 34 complaints (involving more than 250 directors) filed from July 2010 through October...
ArticlesYour Institution's Public HMDA Data and What to Do with It
After reviewing the HMDA data, Waren Traiger has highlighted some of the key fair lending-related findings and provided recommendations lenders should to better understand what their data shows. In an annual rite of autumn, on September 18 the Federal Financial Institutions Examination Council...
ArticlesEthical Issues in the Digital Age: Navigating E-Discovery Challenges
Elizabeth McGinn and Kristopher Knabe wrote, "Ethical Issues in the Digital Age: Navigating E-Discovery Challenges," which appeared in the American Bar Association's Consumer Litigation Fall Newsletter. Today’s technological changes have fueled an explosive growth of electronically stored...
Articles'You Can't Handle the Truth!' Fact, Fiction and the Servicemembers Civil Relief Act
Over the past year and a half, several federal agencies, including the Department of Justice, Office of the Comptroller of the Currency and Federal Reserve Board, have turned their attention to promoting compliance with the Servicemembers Civil Relief Act, 50 U.S.C. app. §§ 501. Because military...
ArticlesLiabilities for Servicers: Localities Jump in the Game
Jeff Naimon wrote, "Liabilities for Servicers: Localities Jump in the Game," which appears in the October issue of Mortgage Servicing News . As if the federal-state settlement with the largest mortgage servicers didn’t give the servicing industry enough to do, localities, including cities, towns...
ArticlesRising Tide of Operational Risk Demands Due Diligence in Vendor Selection
Considering the potential liability associated with outsourcing by the mortgage banking and mortgage servicing industries, as witnessed by widely publicized high-dollar settlements in government enforcement actions, recent comments of federal financial regulators, and guidance by the Consumer...
ArticlesDOJ Increasingly Pursuing Monetary and Non-Monetary Relief in Civil Enforcement Actions
In a significant but largely overlooked development, the Department of Justice recently signaled that it would increasingly pursue “innovative, non-monetary measures” when settling civil fraud cases. In addressing the American Bar Association June 7, Stuart F. Delery, acting assistant attorney...
ArticlesFCPA: Were the Sting Trials Doomed From the Start?
When the jury in the second Foreign Corrupt Practices Act (FCPA) Sting case trial came back with two acquittals, and hung on three other defendants, the impact of the Department of Justice's (DOJ) ambitious FCPA enforcement efforts was apparent. United States v. Goncalves et al. , No. 09-335 (D.D.C...
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