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"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...
ArticlesSpecial Alert: CFPB issues Advance Notice of Proposed Rulemaking to end GSE patch
On July 25, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) that is intended as a first step in an orderly expiration of the so-called GSE patch, which confers Qualified Mortgage status for loans purchased or guaranteed by Fannie Mae and Freddie Mac while those entities operate...
Special Alerts"NY credit card securitization class action misuses Madden" by Walter E. Zalenski (Law360)
The U.S. Court of Appeals for the Second Circuit's decision in Madden v. Midland Funding LLC is deservedly notorious. The Madden court erroneously held that state usury laws may prohibit a national bank’s assignee from enforcing the interest rate on a credit agreement that was valid under the law...
Articles"The Edge Act: Another avenue for removal" by Amanda R. Lawrence, Scott T. Sakiyama, and Nancy H. Turner (American Bar Association)
As any first-year law student could tell you, “Any civil action brought in a State court of which the district courts of the United States have original jurisdiction, may be removed by the defendant or the defendants, to the district court of the United States . . . where such action is pending.”...
Articles"A practical guide to depositions in Japan: Make a plan and be flexible" by Lauren R. Randell (American Bar Association)
You need to take or defend the deposition of a witness in Japan. Perhaps the witness is a corporate custodian or a key executive of a party. For whatever reason—the witness’s inability to travel, discovery rules, or simple agreement of the parties—the deposition is taking place in Japan. Now what?...
Articles"Closing the loop on prepaid access: Complying with FinCEN's prepaid access rule in a digital environment" by Jonice Gray Tucker and Brendan Clegg (FinTech Law Report)
Prepaid access vehicles have become pervasive in today’s world. Among other things, such devices provide consumers with the ability to load and store funds to be used for future purchases of products and services at various vendors, facilitating efficient and convenient cashfree, and even card-free...
Articles"Increased government demands for de-confliction will impede internal investigations" by Lauren R. Randell
The Department of Justice recently faced criticism for getting too involved in an internal investigation ostensibly conducted by a company’s external lawyers, with the government telling the company’s lawyers which employees to interview and what questions to ask them. But less attention has...
Buckley Commentary & Analysis"3 key areas where the NYDFS ups the ante on cybersecurity" by Elizabeth E. McGinn and David Rivera (Westlaw Journal)
On March 1, the two-year transitional period under the New York State Department of Financial Services’ “Cybersecurity Requirements for Financial Services Companies” regulation expired, making all requirements effective. The cybersecurity regulation marks a shift in the governance of cybersecurity...
Articles"Debt collection, convenience fees, and the FDCPA" by Jon David D. Langlois and Elizabeth R. Bailey (The Review of Banking & Financial Services)
In the era of online banking and the Internet of Things, the ability to pay your mortgage in a manner other than sending in a paper check evidences both convenience and complication. Convenience to the borrower, in that there are many avenues to quickly make a payment, even a late payment, to avoid...
Articles"DOJ corporate enforcement guidelines are placing individual defendants between a rock and a whirlpool" by David S. Krakoff, Nadav Ariel, and Bradley A. Marcus (Business Crimes Bulletin)
For companies suspected of wrongdoing, cooperating with Department of Justice (DOJ) investigations and selfdisclosing their misconduct often appears to be their only option to avoid prosecution and reduce large financial penalties. But, these benefits often come at a price, especially to company...
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