By: Kristie D. Kully, David A. Tallman, Jeremy M. McLaughlin
Last week, the CFPB last week finalized its rule permitting certain financial institutions to post their annual privacy notices online, claiming it will benefit consumers and financial institutions alike. The rule became effective on October 28, 2014, and applies to banks and non-banks within the CFPB’s jurisdiction.
On the eve of the 2014 Congressional elections, the Public Policy and Law Group of K&L Gates is hosting two complimentary programs for our clients and contacts on topical issues and implications about the upcoming election. Please see below for more information on both, including how to register. If you wish to attend both programs, you must register for both programs.
Program 1
The Mid-Term Elections: What They Mean for Major National Policies
Thursday, October 30, 2014
3:00 – 4:00 pm EDT
Panelists will discuss alternative impacts of a Republican takeover or Democratic retention of the Senate and continued Republican control of the House on key issues, including energy/environment, financial services, health care and tax.
Register to attend live in our Washington, D.C. office.
Register to participate via Webinar.
Program 2
Election 2014: Its Impact on Federal Policy-Making in 2015
Monday, November 3, 2014
2:00 – 3:00 pm EDT
Panelists will discuss changes on key Congressional committees, the agenda for the 114th Congress and the impact on the Obama Administration’s policies and regulatory activities.
Register to attend live in our Washington, D.C. office.
Register to participate via Webinar.
By: Melanie Brody, Anjali Garg, Christa Bieker
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a proposed rule on September 17, 2014, that would empower the Bureau to supervise certain larger nonbank automobile finance companies. The CFPB proposed the rule pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) to supervise nonbank larger participants of certain financial product and service markets for compliance with federal consumer laws.
To read the full alert, click here.
By: Paul F. Hancock, Andrew C. Glass, Roger L. Smerage, Olivia Kelman
For the third time in four terms, the United States Supreme Court has granted certiorari to consider whether the Fair Housing Act recognizes a disparate impact theory of liability. Under that theory, a plaintiff may establish liability for actions performed without any intent to discriminate simply because they may have a disproportionate effect on groups sharing certain statutorily defined characteristics, such as race or national origin. In two recent cases, the Supreme Court was set to decide the issue, only to have the parties settle just before argument. Now, in Texas Department of Housing & Community Affairs v. The Inclusive Communities Project, Inc. (the “Texas DHCA case”), the Court has another opportunity to decide the question.
To read the full alert, click here.
By: Kristie D. Kully, Laurence E. Platt
While former Federal Reserve Chairman Ben Bernanke may be known for his loose monetary policy, unfortunately his mortgage lender is not. According to Bloomberg News, Mr. Bernanke complained (while addressing a conference of the National Investment Center for Seniors Housing and Care in Chicago on October 2) that he was recently unable to refinance his mortgage loan.
Although Mr. Bernanke reportedly remarked that “it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” it’s hard to blame lenders. Mr. Bernanke may seem to be a good credit risk, but a lender that follows the underwriting standards mandated by the federal Qualified Mortgage (“QM”) regulations can’t make a loan to just anyone.
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K&L Gates has been ranked as one of three top law firms as a “Powerhouse” in Class Action and Torts Litigation for the second consecutive year. The firm was also named as a “Standout” in Securities and Finance Litigation, Complex Commercial Litigation and Routine Commercial Litigation in BTI Consulting Group’s 2015 Litigation Outlook survey.
In addition, the firm was once again included in BTI’s “Honor Roll of Most Feared Law Firms” listing as well as on the honor roll of firms noted by clients for IP Litigation.
The rankings were based on direct client feedback from more than 300 interviews with general counsel and in-house litigation counsel from a wide array of industries.
Click here to read the press release on our rankings.
By: Phillip L. Schulman, Holly Spencer Bunting
The Consumer Financial Protection Bureau (“CFPB”) has, for the first time, publicly expressed views on marketing services agreements (“MSAs”) under Section 8 of the Real Estate Settlement Procedures Act. After months of rumors regarding the CFPB’s investigation, it issued a consent order against Lighthouse Title, Inc., a Michigan title insurance agency that had entered into a series of MSAs with various settlement service providers (“Consent Order”). Although the Consent Order fails to describe the nature of the services performed under the agreements, it clarifies the CFPB’s concerns regarding methods used in determining the payments under such agreements. The Consent Order also raises troubling questions about how the CFPB interprets Section 8 of the Act, since many of those interpretations seem to be at odds with guidance previously offered by the U.S. Department of Housing and Urban Development. This alert provides a brief background regarding MSAs, highlights issues raised by the CFPB Consent Order and discusses lessons learned for structuring new and existing MSAs.
To read the full alert, click here.
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