News & Analysis as of September 13, 2024

Federal Deposit Insurance Corporation › Mortgage Servicers

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Banking and Consumer Regulatory Digest - May 2024 - 2

Davis Wright Tremaine LLP on 5/31/2024

Consumer Financial Protection Bureau. Credit card late fees. On May 10, 2024, a federal district judge in the Northern District of Texas granted a preliminary injunction that for now stays CFPB's rule capping most credit card...more

CFPB Bites of the Month - June 2023 - A New Definition of Summer Madness

Hudson Cook, LLP on 6/26/2023

In this month's article, we share some of our top "bites" for the prior month covered during the June 2023 webinar. Bite 12: CFPB Focusing on Overdraft Issues - On May 18, 2023, the CFPB announced that it had issued a...more

Deposit Insurance Limits and Trusts and Mortgage Servicing

Cadwalader, Wickersham & Taft LLP on 6/2/2022

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024....more

Nutter Bank Report: April 2022

Nutter McClennen & Fish LLP on 4/29/2022

FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more

FinCEN Proposes Rule for SARs Sharing Pilot Program

Goodwin on 1/28/2022

In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more

Nutter Bank Report: November 2021

Nutter McClennen & Fish LLP on 11/30/2021

Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

After (Another) Unusual Year, We’re Very Thankful and Wish You a Happy Thanksgiving

Bradley Arant Boult Cummings LLP on 11/29/2021

Now that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we...more

Agencies’ Joint Statement on Supervisory and Enforcement Practices Forecasts Increased Scrutiny and Regulatory Activity

Bradley Arant Boult Cummings LLP on 11/12/2021

On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

CFPB Proposes Mortgage Servicing Changes; Supreme Court Weighs in on TCPA

Goodwin on 4/8/2021

In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more

NYDFS’s New (and Expanded) Servicer Vendor Management Expectations

Bradley Arant Boult Cummings LLP on 9/15/2020

Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more

Federal Financial Agencies Announce Flexibility in Enforcing Certain Mortgage Servicing Rules in Response to COVID-19

Bradley Arant Boult Cummings LLP on 4/9/2020

On Friday, April 3, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the...more

Failing to File a Satisfaction of Mortgage – The Afterthought That Can Haunt Your Property…

Mintz - Real Estate, Construction &... on 5/9/2018

Following the acquisition or financing of a property, most parties to the transaction are happy to circulate the “Congratulations!” missives as soon as the closing has occurred – the seller has their proceeds, the...more

October and November Developments

Sullivan & Worcester on 12/8/2017

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

It’s Not Much, but It’s a Start: The Regulators Freeze Certain Capital Requirements

Vedder Price on 8/28/2017

On August 22, 2017, the Office of the Comptroller of the Currency (the “OCC”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Board of Governors of the Federal Reserve System (the “FRB”) (the OCC, FDIC and FRB...more

May, June and July Developments

Sullivan & Worcester on 8/10/2017

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records...more

Financial Services Weekly News - June 2017 #3

Goodwin on 6/22/2017

Editor's Note - In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more

Financial Services Weekly News - May 2017 #2

Goodwin on 5/11/2017

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

Financial Services Weekly News - December 2016 #2

Goodwin on 12/15/2016

Editor's Note - In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Manatt, Phelps & Phillips, LLP on 10/20/2015

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

FDIC Sues BNY Mellon For Alleged Failure As Trustee of RMBS

Orrick - Finance 20/20 on 8/24/2015

On August 19, 2015, the Federal Deposit Insurance Corp., acting as receiver for Guaranty Bank, filed suit against Bank of New York Mellon Corp. in New York federal court, alleging that BNY breached its duties as trustee of 12...more

Burr Commentary: Florida’s District Courts of Appeal Continue to Tighten Standing Requirements for Foreclosures

Burr & Forman on 8/11/2015

The UCC was supposed to make enforcing negotiable instruments a simpler, more streamlined process. It has proven anything but in Florida. Continuing a trend that now stretches back years, mortgage lenders have had an...more

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Federal Deposit Insurance Corporation › Mortgage Servicers

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