nkolen – Page 10 – Consumer Financial Services Watch

The CFPB Defines Foreign Remittance Transfer “Larger Participants”

Feb 24 2014

The Dodd-Frank Act provided the CFPB with examination authority over, among others, “larger participants” of consumer financial product and service markets. Almost three years ago, the CFPB issued an Advance Notice of Proposed Rulemaking targeting various industries whose larger participants it was eyeing for regular examination, including money transmission. In January 2014, the CFPB issued a proposed larger participants rule for a subset of money transmitters – those engaged in foreign remittances. Read More

CFPB Publishes New Mortgage Servicing Exam Procedures

Feb 18 2014

By: Nanci L. Weissgold, Kerri M. Smith, Christopher Shelton*

*Mr. Shelton is not admitted to the practice of law in the District of Columbia.

The CFPB has released updated exam procedures for reviewing mortgage servicers, incorporating the Mortgage Servicing Rules (“the Rules”) that became effective on January 10, 2014. These updated exam procedures still focus on nine major modules covering routine servicing, default servicing, and foreclosure. However, they frequently cross-reference the TILA and RESPA exam procedures that were updated in November 2013 to reflect the Rules. Because of the overlap in coverage and the reliance on cross-referencing, the updated servicing exam procedures are shorter than the prior version of the CFPB’s Examination Manual, although there are some notable additions. Read More

Consumer Financial Services Group Hosts Webinar Series

Feb 18 2014

Members of the Consumer Financial Services Group will host a webinar series during February and March.

On February 26, 2014 from 2:00 -3:30 p.m. EST, the group will host “Navigating the Legal Landscape Between Broker and Correspondent.” Presenters include: Costas A. Avrakotos, Holly Spencer Bunting, Jonathan D. Jaffe, Kris D. Kully, Stephanie C. Robinson, David A. Tallman Read More

Consumer Financial Services Group Welcomes Four New Partners

Feb 17 2014

The Consumer Financial Services Group is pleased to welcome four new partners to the practice, effective March 1.

Soyong Cho focuses her practice on commercial disputes.

Kris D. Kully advises consumer financial services providers regarding federal and state laws and regulations, including a recent focus on new mortgage origination and compensation regulations of the Consumer Financial Protection Bureau.

Kerri M. Smith advises financial service providers on issues relating to mortgage servicing and mortgage lending, and regularly counsels clients on requirements applicable to default servicing and loss mitigation.

Robert W. Sparkes, III has extensive experience in complex civil and commercial litigation, including federal and state class action litigation.

We extend our warmest congratulations to this fine group of individuals.

Consumer Financial Services 2013 Highlights Activities Report

Feb 03 2014

The Consumer Financial Services Group is pleased to share our 2013 Highlights Activities report. The report provides highlights of firm achievements, practice group events, representative matters and client publications. Please click here to view the report.

HUD Updates “How to Avoid Foreclosure” Brochure Requirement

Jan 16 2014

By: Krista Cooley, Kathryn M. Baugher

Out with the old, in with the “new”! The first Mortgagee Letter of 2014 has arrived, superseding the guidance contained in Mortgagee Letter 2002-14.

In Mortgagee Letter 2014-1, HUD clarifies what notice FHA-approved mortgagees must provide to delinquent mortgagors to satisfy the requirement found in 24 C.F.R. § 203.602. Under the new Mortgagee Letter, mortgagees must send delinquent borrowers the “Save Your Home: Tips to Avoid Foreclosure” brochure (HUD-2008-5-FHA) no earlier than the 32nd day of delinquency and no later than the 60th day of delinquency. This mandate replaces the previous requirement to send borrowers the “How to Avoid Foreclosure” brochure (HUD-PA-426), which has not been updated since 2001. We note that, while the requirement to send the “Save Your Home: Tips to Avoid Foreclosure” brochure is new, the brochure itself has been around for at least several years. Read More

Platt and Weissgold to speak at MBA’s National Mortgage Servicing Conference & Expo 2014

Jan 15 2014

Laurence E. Platt and Nanci L. Weissgold will speak at the MBA’s National Mortgage Servicing Conference & Expo 2014 in Orlando, Florida (Feb 18-21).

Larry Platt is scheduled to speak on the panel titled “Servicers, Servicing on Common Ground” and will explore how the new servicing regulations will impact banks, community banks and non-banks each on a different level.

Nanci Weissgold will speak on the panel titled “New Expectations for Borrower Communications” and will discuss how best to integrate CFPB’s continuity of contact and complaint management requirements into a servicer’s operations.

We hope to see you in Orlando!

K&L Gates Boosts Washington, D.C., Office with Addition of Government Enforcement, Tax Partners

Jan 15 2014

Washington, D.C. – The Washington, D.C., office of global law firm K&L Gates LLP welcomes Jonathan N. Eisenberg as a partner in the government enforcement practice and Randolph M. Goodman, J. Barclay Collins, and Michelle A. Wakino as partners in the tax-exempt organizations practice. Eisenberg returns to K&L Gates from UBS Wealth Management Americas while Collins, Goodman, and Wakino join the firm from Wilmer Cutler Pickering Hale and Dorr LLP.

To read the full press release, click here.

K&L Gates Legal Insight: Privacy Reform and the Financial Sector: An Overview

Dec 23 2013

By: Andrea Beatty

Andrea Beatty, partner at K&L Gates joins BRR to discuss the new privacy reforms coming in next year and their effect on the financial sector.

To listen to the broadcast, click here.

Jacqui Scanlan: Andrea Beatty, partner at K&L Gates joins us to discuss privacy law reform in the financial sector. Andrea welcome to BRR Media.

Andrea Beatty: Thank you very much Jacqui

To read the full transcript, click here.

FDIC and OCC Issue Final Guidance on Deposit Advance Loans

Dec 16 2013

By: David I. Monteiro, Michael A. Cumming

Recently, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) issued final supervisory guidance (FDIC guidance, OCC guidance) for financial institutions that offer so-called “deposit advance products.” By using these products, borrowers generally receive small-dollar, short-term loans and promise to repay them from the proceeds of their next paycheck (or benefit disbursement), which are direct-deposited into the borrower’s bank account. Notably, the regulators’ guidance applies to deposit advance products “regardless of how the extension of credit is structured” (e.g., as a loan or a line of credit). Read More

Author - nkolen