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|Broadened Qualified Mortgage Coverage of Lenders Operating in Rural and Underserved Markets|
Craig N. Landrum; Jones Walker LLP;
May 11, 2016, previously published on March 31, 2016The Consumer Financial Protection Bureau (CFPB) recently released a Regulation Z amendment to broaden the class of creditors that might be eligible for a special provision of Regulation Z that permits the origination of balloon-payment qualified mortgages, and for an exemption from the requirement...
|Changes to Trading Documentation Will be Necessary to Recognize Regulatory Stays of Termination Rights|
Sutherland Asbill Brennan LLP;
May 11, 2016, previously published on May 10, 2016On May 3, 2016, the Federal Reserve Board released a proposed rule (Proposed Rule) which would “require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent the immediate...
|Third District Court Of Appeals Reverses Holding on Statute of Limitations for Florida Foreclosures: The Impact of Deutsche Bank Trust Company Americas, as Trustee v. Beauvais|
Laura Jessica Bassini, Kimberly A. Mello, Michele L. Stocker; Greenberg Traurig, LLP;
May 10, 2016, previously published on April 18, 2016On April 13, 2016, Florida’s Third District Court of Appeal (Third District) issued its en banc opinion in Deutsche Bank Trust Company Americas, as Indenture Trustee for American Home Mortgage Investment Trust 2006-2 v. Beauvais, &under;&under; So. 3d &under;&under;, No. 3D14-575 (Fla. 3d DCA...
|Fintech—Moving Toward a Regulatory Framework, The OCC Whitepaper on Responsible Innovation|
Anna Gryska, Norman R. Miller; Greenberg Traurig, LLP;
May 3, 2016, previously published on April 18, 2016On March 31, 2016, the Office of the Comptroller of the Currency (the OCC) released a whitepaper addressing responsible innovation in the federal banking system, particularly as it relates to financial technology, or “fintech” for short. The report does not discuss any specific...
|The Massachusetts Consumer Protection Act: The Importance Of A Proper Response For A Residential Lender Or Mortgage Servicer Responding To A Borrower’s ‘Chapter 93’ Demand Letter|
James P. Ponsetto, David G. Thomas; Greenberg Traurig, LLP;
May 3, 2016, previously published on April 18, 2016The Massachusetts Consumer Protection Act (Gen. Law Ch. 93A) affords consumers - including residential borrowers - a private right of action to seek injunctive relief and damages caused by unfair or deceptive acts and practices. A lender or servicer liable under Chapter 93A is exposed to (i) actual...
|Dead Letter Office: The Final Repose of the Georgia Confirmation Statute?|
Erich N. Durlacher, Kelly E. Waits; Burr & Forman LLP;
April 27, 2016, previously published on March 2016In what might be viewed as the last nail in the coffin for Georgia’s confirmation statute, the Georgia Supreme Court’s recent opinion in PNC Bank, National Association v. Smith1 affirms that a lender may contract around the statutory requirement of confirming the results of a prior...
|Federal Reserve Board Proposes New Single-Counterparty Credit Exposure Limits for Large Banking Organizations|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
April 27, 2016, previously published on April 2016A principal tenet of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank Act") was creation of a comprehensive approach for mitigating threats to the financial stability of the United States ("U.S.") posed by systemically important financial...
|Bank Recovery and Resolution Directive Contractual Bail-In|
John C. Ahern; Jones Day;
April 27, 2016, previously published on March 2016The Bank Recovery and Resolution Directive equips regulatory authorities in Europe with tools designed to protect the stability of the financial system and financial markets in the European Economic Area in the event of bank failure or the failure of a systemically important investment firm.
|New Guidance on Customer Identification in Prepaid and Other Card Programs|
David F. Adler, Lisa M. Ledbetter, Ralph F. (Chip) MacDonald, Heith D. Rodman, Albert J. (Al) Rota; Jones Day;
April 26, 2016, previously published on April 2016The U.S. federal banking regulators and the Financial Crimes Enforcement Network ("FinCEN") recently released guidance (the "Guidance") clarifying the applicability of the "know-your-customer" or "customer identification program" regulations (the...
|Increased Disclosure in Sales and Business Practices and Cancellation of Contracts without Penalty|
Rachael Belanger, Stephen J. Redican; Borden Ladner Gervais LLP;
April 18, 2016, previously published on April 5, 2016This guidance was originally effective on November 12, 2013. It required clear disclosure of key elements of merchant-acquirer agreements on a cover page at the beginning of the agreement and strongly encouraged the adoption of an information summary box.