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Fannie Mae Advises Sellers Regarding SEC Disclosures
On February 21, Fannie Mae advised all sellers that on February 9, 2012 it had filed its initial report pursuant to a new SEC rule requiring public disclosure of information regarding asset-backed securities loan repurchase requests, including the identity of the originator. It will continue to...
InfoBytesHUD Suspends Mortgage Insurance Program for Military Impacted Areas
On February 16, HUD published a final rule to suspend, effective March 19, 2012, the Federal Housing Administration’s mortgage insurance program for military impacted areas. The program is being halted because it is underutilized and borrower needs can be served under comparable terms and...
InfoBytesNIST Publishes Recommendations for Establishing Governance Structure for Implementation of National Trusted Identities Strategy
On February 7, the National Institute of Standards and Technology (NIST) published a report with recommendations for developing a governance system to implement the National Strategy for Trusted Identities in Cyberspace (NSTIC). The NSTIC directs the federal government to work with private sector...
InfoBytesBuckley Sandler Litigators Obtain Dismissal in FCPA Sting Criminal Trial
Today, U.S. federal prosecutors abandoned one of the highest profile Foreign Corrupt Practices Act cases ever brought by the DOJ. Judge Richard Leon of the U.S. District Court for the District of Columbia granted the government’s motion to dismiss foreign bribery charges against all remaining...
InfoBytesThe Consumer Financial Protection Bureau's Whistleblower Program: How It Works and What It Means for Financial Services Companies
Whistleblowers are "often the best source of information about waste, fraud, and abuse...." -President Barack Obama On December 15, 2011, the Consumer Financial Protection Bureau (Bureau or CFPB) issued a bulletin announcing its program to collect whistleblower information and law enforcement tips...
ArticlesBuckley Sandler Litigators Obtain Dismissal in FCPA Sting Criminal Trial
Today, U.S. federal prosecutors abandoned one of the highest profile Foreign Corrupt Practices Act cases ever brought by the DOJ. Judge Richard Leon of the U.S. District Court for the District of Columbia granted the government’s motion to dismiss foreign bribery charges against all remaining...
In The NewsCFPB Proposes Rule to Define "Larger Participants" in the Consumer Debt Collection And Consumer Reporting Markets
On February 16, the CFPB released a proposed rule to define “larger participants” in the markets for consumer debt collection and consumer reporting, thereby beginning the process by which the CFPB will determine which such entities are subject to its supervision. In short, the proposal uses annual...
InfoBytesLegislators Move Forward on Bill to Address Non-Waiver of Privileged Documents Submitted to CFPB
On February 16, the House Financial Services Committee approved H.R. 4014 , which would mandate that providing information to the CFPB for any purpose as part of the supervisory process will not be construed as waiving, destroying, or otherwise affecting any privilege applicable to such information...
InfoBytesCFPB Issues Draft Monthly Mortgage Statement, Outlines Future Mortgage Servicing Rules
On February 13, the CFPB released a draft model monthly mortgage statement designed to help implement Dodd-Frank Act amendments to the Truth in Lending Act that require such statements. The CFPB acknowledges that many financial institutions already provide monthly statements to borrowers. However,...
InfoBytesFFETF Launches Federal-State Financial Fraud Consumer Protection Working
On February 10, the Financial Fraud Enforcement Task Force (FFETF) launched the Consumer Protection Working Group, which is charged with coordinating federal and state law enforcement and regulatory efforts to address consumer financial fraud, including fraud targeting unemployed persons, students...
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