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HUD revises proposed FHA mortgage lender certification
On August 14, HUD published revisions in the Federal Register to the Federal Housing Administration’s (FHA) lender certification requirements originally issued in May. (Previously covered by InfoBytes here .) In response to comments received on its initial proposal, HUD released a proposed...
InfoBytesCFPB appoints Robert Cameron as private education loan ombudsman
On August 16, the CFPB announced Robert G. Cameron as the Bureau’s private education loan ombudsman. Cameron, who served in the U.S. Army for 29 years and is a Colonel and Staff Judge Advocate for the Pennsylvania Army National Guard, joins the Bureau from the Pennsylvania Higher Education...
InfoBytesJohn P. Kromer quoted in Law360 article, “Fintech adoption poised for growth in US despite lag”
John P. Kromer was quoted on August 20, 2019 in a Law360 article, “Fintech adoption poised for growth in US despite lag,” which discussed the adoption of fintech products around the world, and delays in the U.S. due to regulatory hurdles. The article stated, “A number of roadblocks exist in the U.S...
In The NewsFinCEN director discusses gaming industry AML compliance
On August 13, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco delivered remarks at the 12th Annual Las Vegas Anti-Money Laundering Conference stressing the need for compliance within the gaming industry, particularly as new technologies emerge such as mobile gaming and the use...
InfoBytesNew York increases homeowner safeguards, closes loopholes to prevent deed fraud and mortgage scams
On August 14, the New York governor signed a package of bills intended to increase consumer homeowner protections. According to a press release issued by the governor, the three measures enact homeowner safeguards and close loopholes to prevent deed fraud and mortgage scams. A 92 imposes...
InfoBytesFHA releases individual condo rule
On August 14, the FHA issued a new condominium approval regulation , along with policy implementation guidance, which allows for certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. Among other things, the rule also: (i...
InfoBytesCFPB and Arkansas AG settle with pension-advance brokers
On August 15, the CFPB and the Arkansas attorney general announced a proposed settlement with three loan brokerage companies, along with their owner and operator (collectively, “defendants”) for allegedly misrepresenting the contracts offered to veterans and other consumers. According to the...
InfoBytes"FHA enforcement: What decreased reliance on the False Claims Act means for FHA lenders and servicers" by Melissa Klimkiewicz, Michelle L. Rogers, and Katherine Brockway Katz (HousingWire)
Top offcials at the U.S. Department of Housing and Urban Development are looking to chart a new course to win back banks that have fled the Federal Housing Administration lending program following a series of multimilliondollar False Claims Act settlements. In the past, HUD has partnered with the U...
ArticlesDistrict Court rejects stop-payment fee class action against bank
On August 13, the U.S. District Court for the Northern District of California dismissed the majority of an EFTA class action against a national bank, allowing only one claim by the lead plaintiff to proceed. In this case, two customers filed a class action against the bank alleging that it violated...
InfoBytesSEC obtains court order halting token offering
On August 12, the SEC announced it obtained a court order halting an alleged fraud involving the sale of digital securities which raised $14.8 million in 2017 and 2018. In addition, the court approved an emergency asset freeze to preserve at least $8 million of the funds raised, the SEC said in its...
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