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Recently, the New York governor signed legislation regarding consumer protections and student transcripts. The first piece of legislation, S.1684 / A.8293 directs NYDFS to conduct a study of underbanked communities and households in the state and to make recommendations on improving access to...InfoBytes
On May 4, the Florida Court of Appeal, Fourth District, held that a borrower cannot sue a law firm for sending a letter seeking to collect attorney’s fees because the mortgage contract gave the bank the right to seek attorney’s fees from a prior foreclosure action as a condition of reinstating the...InfoBytes
On May 9, the FDIC issued FIL-19-2022 to provide regulatory relief to financial institutions and help facilitate recovery in areas of New Mexico affected by wildfires and straight-line winds that began on April 5. In the guidance, the FDIC writes that, in supervising institutions affected by the...InfoBytes
On May 5, the CFPB discussed examination findings related to private student loan servicers’ alleged failure to follow through with promised loan offers or modifications. The Bureau directed servicers found to have breached their commitments to make “significant remediation amounts” for failing to...InfoBytes
On May 6, the Secretaries of HUD, Department of Veterans Affairs, Department of Agriculture, and Treasury announced that servicers of federally-backed mortgages should pause pending foreclosure proceedings while assistance is available under the Homeowner Assistance Fund (HAF). President Biden’s...InfoBytes
The federal banking agencies last week announced their highly anticipated proposal to revamp and modernize regulations implementing the Community Reinvestment Act. The proposal may significantly impact the compliance obligations of large banks, which the proposal generally defines as those with...InfoBytes
Benjamin B. Klubes, Buckley LLP’s long-time Co-Managing Partner, has left the firm to join the U.S. Department of Housing & Urban Development as Principal Deputy General Counsel.
Ben’s departure comes after more than 30 years in private practice, during which time he established...Announcements
On May 3, the U.S. District Court for the District of Maryland granted in part and denied in part certification of eight class actions against a hotel corporation (defendant) alleging that it misled consumers regarding a major breach of customers’ personal information. According to the opinion, the...InfoBytes
On May 4, the CFPB announced a consent order against a national bank for allegedly engaging in unfair and deceptive acts or practices in violation of the CFPA by processing out-of-state garnishment orders against its customers’ bank accounts. According to the consent order, since August 2011, the...InfoBytes
On May 3, the SEC Division of Corporation Finance released a sample letter advising companies that they should provide “detailed disclosure[s]” if they have direct or indirect operations in Russia, Belarus or Ukraine or if they trade securities in Russia or are affected by financial sanctions...InfoBytes