First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets
FIRREA: The New Weapon of Choice for Federal Prosecutors
A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more
What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more
In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more
The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more
Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings. As part of the Dodd-Frank Wall Street Reform...more
The Office of Information and Regulatory Affairs recently released the CFPB’s spring 2023 regulatory agenda. Key rulemaking initiatives that the agency expects to initiate or continue include...more
Last week, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), and the Consumer Financial...more
The CFPB has published its Spring 2022 rulemaking agenda as part of the Spring 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that the information in the agenda is current...more
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the...more
SECURITIZATION SIDE NOTES – EU Risk Retention: Did This Come with a Gift Receipt? We’d Like to Return It - A new year brings new laws and regulations into effect, in this case a complicated and confusing gift from our...more
Our Financial Services & Products Group explores the effects lenders and servicers could face in the wake of new rules on real-estate-related transactions, a Third Circuit decision that creates uncertainly for FDCPA...more
As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more
Editor's Note - Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more