On 8 August 2017, the European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 (the "Regulations") will come into force. The Regulations "expand the scope of the reporting requirements set out...more
Financial Industry Developments - Changes Proposed to CAS and STACR Programs - On May 8, 2017, Fannie Mae and Freddie Mac announced that they are considering certain changes to the structure of their CAS and STACR...more
BaFin publishes circular on regulatory requirements to the business organization of insurance companies (MaGo) - BaFin published a circular on regulatory requirements on 25 January 2017 for the business organization of...more
This Court of Appeal ruling considers the effect of bank resolution measures on an English law governed facility agreement. The question of whether the claimant was able to recover under the facility agreement depended on...more
The decree law no. 18 of 14 February 2016 (cd. Banks Decree, hereinafter the "Decree 181 ") has recently been converted, with modifications, by Law no. 49 of 8 April 20162 ("Exchange Act"). Thanks to the Conversion Law were...more
The CFPB recently published a fact sheet for small creditors operating in rural or underserved areas. As we have reported, the CFPB issued a final rule, which became effective on January 1, 2016, revising the definitions of...more
We have an update to our September 23 post regarding the CFPB’s expanded definition of “small creditors” and “rural areas” for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire,...more
On September 21, the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to increase the number of financial institutions able to offer certain types of mortgages in rural and...more
On September 21, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule, Amendments Relating to Small Creditors and Rural or Underserved Areas under the Truth in Lending Act (Rule) which goes into effect...more
The CFPB is amending certain mortgage rules issued by the Bureau in 2013. This final rule revises the Bureau’s regulatory definitions of small creditor, and rural and underserved areas, for purposes of certain special...more
On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more
Last week, Director Cordray spoke at a National Credit Union Administration town hall webinar. While his prepared remarks were not particularly revealing, the American Banker reported that Director Cordray was unusually...more
Why it matters - Seeking to reassure smaller financial institutions struggling to cope with regulatory changes in the mortgage industry, the Consumer Financial Protection Bureau (CFPB) proposed changes intended to...more
On January 29, the CFPB proposed amendments to the portions of Regulation Z governing mortgages made by small creditors. In the same notice, the CFPB also proposed amendments to Regulation Z’s definition of the term “rural,”...more
The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more