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Republican Senators Reiterate Opposition to CFPB Nomination, Demand Structural Reforms
On February 1, Republican Senators sent a letter to President Obama to reaffirm their position that the CFPB lacks transparency and accountability, and that until structural reforms are implemented, the 43 signatories will continue to block consideration of any nominee for CFPB director...
InfoBytesState Law Update: Virginia Amends Broker Licensing Rule
Recently, the Virginia State Corporation Commission adopted regulations proposed by the Bureau of Financial Institutions to clarify that individuals engaged in the business of a loan processor or underwriter, who do not otherwise engage in mortgage broker activities, are not mortgage brokers...
InfoBytesVirginia Federal Court Applies Continuing Violation Theory to Extend FHA Statute of Limitations
On January 29, the U.S. District Court for the Western District of Virginia invoked the continuing violation theory in refusing to bar an otherwise untimely Fair Housing Act discrimination claim. Nat’l Fair Hous. Alliance, Inc. v. HHHunt Corp. , No. 11-131, 2013 WL 335877 (W.D. Va. Jan. 29, 2013)...
InfoBytesNACHA Finalizes Guidelines for Use of Quick Response Codes for Consumer Bill Pay
Recently, NACHA – The Electronic Payments Association’s Council for Electronic Billing and Payment, released final guidelines to facilitate the use of Quick Response (QR) codes for a variety of consumer bill payment functions, including viewing bills, making payments, enrolling for eBills, and...
InfoBytesFannie Mae Updates Servicer Selection Form and Process, Publishes First Issue of New Quarterly Compliance Newsletter
On February 1, Fannie Mae issued a Servicing Notice requiring servicers to submit a Servicer Selection Form (Form 200) to Fannie Mae for each law firm the servicer will retain for default-related services. If a law firm practices in multiple jurisdictions, Fannie Mae requires a servicer to submit a...
InfoBytesJudge Finds Personal Jurisdiction over Magyar Telekom Executives
On February 8, 2013, a federal judge denied the motion to dismiss of several Magyar Telekom executives facing civil FCPA allegations, holding that the SEC had adequately alleged personal jurisdiction because the defendants' alleged conduct was “designed to violate” U.S. securities laws and thus was...
FCPA ScorecardSpecial Alert: HUD Issues Final Disparate Impact Rule
Today, the U.S. Department of Housing and Urban Development (HUD) issued a final rule authorizing so-called "disparate impact" or "effects test" claims under the Fair Housing Act. The rule provides support for private or governmental plaintiffs challenging housing or mortgage lending practices that...
ArticlesCalifornia Supreme Court Holds Online Download Purchase Transactions Not Covered By Song-Beverly Credit Card Act
On February 4, the California Supreme Court held , in a 4-3 split ruling, that the personal privacy protections afforded consumers by the Song-Beverly Credit Card Act do not apply when the item purchased is downloaded via the Internet. Apple Inc. v. Sup. Ct. Los Angeles Cty. , No. S199384, 2013 WL...
InfoBytesSpecial Alert: Detailed Analysis of CFPB's Mortgage Servicing Rules
On January 17, the CFPB issued final rules amending Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing standards set forth by the Dodd-Frank Act and to address other issues identified by the CFPB. The rule amending Regulation Z includes changes to (i) periodic...
InfoBytesAndrew Schilling Quoted in Wall Street Journal Article, "Back from the Dead: A Law Called FIRREA"
Andrew Schilling was quoted in Joe Palazzolo's Wall Street Journal article, " Back from the Dead: A Law Called FIRREA," on February 5, 2013. The Financial Institutions Reform Recovery and Enforcement Act, a 1989 law passed in the wake of the savings-and-loan crisis, is fashionable among Justice...
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