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Buckley Sandler Files Amicus Brief on Behalf of Industry Groups in Tenth Circuit TILA Case
On May 3, Buckley Sandler filed an amicus brief on behalf of three industry trade groups in a Tenth Circuit case addressing the right to rescind a mortgage under the Truth in Lending Act. The CFPB previously filed an amicus brief in Rosenfield v. HSBC Bank , No. 10-1442 (10th Cir.), in which it...
ArticlesCFPB Begins Study of Arbitration Clauses, Extends Comment Period for Overdraft Inquiry
On April 24, the CFPB released a request for information to inform its study of the use and impact of arbitration clauses in consumer financial services agreements. Through June 23, 2012, the CFPB is seeking information from the public regarding (i) the prevalence of use of these arbitration...
InfoBytesFannie Mae Alters Policies for Preforeclosure Sale Process, Delinquency Management, Default Prevention
On April 25, Fannie Mae issued Servicing Guide Announcement SVC-2012-06 , which sets new policies and clarifies several delinquency management and default prevention requirements related to (i) electronic submission of borrower response package documents, (ii) income documentation for employed...
InfoBytesSeventh Circuit Dismisses FACTA Truncation Class Action
On April 18, the U.S. Court of Appeals for the Seventh Circuit dismissed a class action seeking damages against Shell under the Fair and Accurate Credit Transactions Act (FACTA) for displaying four digits of customers’ credit card numbers on receipts printed at Shell gas stations. Van Straaten v...
InfoBytesFinCEN Reports Increased Mortgage Fraud SARs
On April 23, the Financial Crimes Enforcement Network (FinCEN) released an update on mortgage loan fraud suspicious activity reports (SARs) for 2011. The report indicates that mortgage fraud SARs increased 31 percent in 2011 compared to 2010, a spike that FinCEN states is directly attributable to...
InfoBytesFreddie Mac Adjusts Residential Loan Mitigation Options
On April 23, Freddie Mac issued Servicer Guide Bulletin 2012-10 , which expands and adjusts certain loss mitigation options to offer additional assistance to struggling borrowers. With regard to state housing finance agency borrower assistance programs, the Bulletin provides requirements for...
InfoBytesBanking Regulators Clarify Volcker Rule Compliance Timeline, Senators Push for Final Rule
Recently, the Federal Reserve Board approved a statement clarifying that an entity covered by the Volcker Rule, section 619 of the Dodd-Frank Act, has until July 21, 2014 to comply unless the Board extends the conformance period. The clarified compliance date reflects the full two-year period...
InfoBytesNew York Appellate Court Holds that Federal Law Does Not Preempt State Contract and Consumer Protection Laws in Gift Card Suit
On April 17, 2012, the Appellate Division of the New York Supreme Court held that federal laws and regulations do not preempt state contract and consumer protection laws, reversing an earlier trial court decision dismissing a lawsuit concerning gift card expiration dates and renewal fees. Sharabani...
InfoBytesState Law Update: Vermont and Nebraska Address Mortgage Licensing
Vermont Adjusts Mortgage Licensing Law. On April 20, Vermont enacted H 565 , which, in relevant part, amends definitions and exceptions related to the licensing of mortgage loan originators, mortgage brokers, and other consumer lenders to (i) permit owner financing without obtaining a license, (ii...
InfoBytesSEC Announces $28 Million RMBS Settlement
On April 24, the U.S. Securities and Exchange Commission announced that it filed and simultaneously settled a suit alleging that an H&R Block subsidiary engaged in the fraudulent sale of subprime residential mortgage-backed securities (RMBS). The complaint alleges that during a short period at...
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