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President Signs Executive Orders Concerning Banking Industry

President Donald Trump signed executive orders this morning that deal directly with the banking industry's most difficult obstacle for success. The executive order mandates a comprehensive review of all regulations stemming from the Wall Street Reform and Consumer Protection Act – commonly referred to as "Dodd-Frank."

The order directs the Department of Labor to stop implementing the so-called fiduciary rule. Earlier this week, the president called Dodd-Frank a "disaster" and vowed to "do a big number on it."

Executive Order Suspends New Regulations

On January 23, 2017, Politico published a letter sent by Donald Trump's Assistant and Chief of Staff Reince Preibus to the heads of executive departments and agencies putting a hold on new regulations. The following are the primary directives in the memo, intended to ensure that appointees of the new President have the chance to put their stamp on anything new. 

Governor Sandoval's State of the State Adddress

January 17, 2017 Nevada Governor Brian Sandoval delivered his State of the State speech outlining his priorities for the 2017 Legislative Session. Readers may access a transcript of Governor Sandoval's speech here.

Highlights:

Sandoval Announces Special Session Start Date and Agenda Details

         

CARSON CITY, NV – Governor Brian Sandoval today announced that he will call the Legislature into Special Session beginning Monday, October 10th at 8 a.m.   The proclamation detailing the agenda will be released on Sunday, October 9th.  The Governor issued the following statement:

“My staff and I have had extensive discussions with legislative leadership and it’s time for the full body to begin its deliberations on the recommendations of the Southern Nevada Tourism Infrastructure Committee. Now is the time to capitalize on the opportunity before us to invest in Nevada’s most foundational industry, tourism, by providing for the infrastructure and public safety needs of the 21st century.

U.S. Court of Appeals Finds CFPB Structure Unconstitutional

The recent opinion issued today by the U.S. Court of Appeals for the District of Columbia Circuit finds for PHH Corporation against the Consumer Financial Protection Bureau (CFPB).

NEVADA HOA UPDATE: WILL THE NEVADA SUPREME COURT LIMIT THE NEGATIVE IMPACT OF THE SFR DECISION TO HOA SALES OCCURRING AFTER SEPTEMBER 18, 2014?

By Dana Jonathon Nitz, Esq., and Natalie C. Lehman, Esq of Wright,Finlay & Zak, LLP

On September 18, 2014, the Nevada Supreme Court (NSC) turned the mortgage industry on its head when it held that a foreclosure on an HOA lien would eliminate what was previously (and universally) viewed as a first priority deed of trust on the property. SFR Investments Pool 1 v. U.S. Bank, 334 P.3d 408 (Nev. 2014). Nearly two years later, the NSC has agreed to revisit the devastating and expansive impact of its decision in the case of K&P Homes v. Christiana Trust et al., NSC Case No. 69966. Specifically, the NSC will decide whether the SFR decision should be applied retroactively to all HOA sales or, should it be applied prospectively to only HOA sales occurring after the date of the SFR decision. Since most HOA sales occurred pre-SFR, a positive decision by the NSC could revive billions of dollars of potentially lost mortgage loans.