70 US Senators Request CFPB Easing/Tailoring
On June 18, 2016 Nevada Senator Dean Heller and a supermajority of the Senate - 70 Senators - asked the CFPB to ease its regulatory requirements for community banks and credit unions. (letter attached)
The senators wrote CFPB Director Richard Cordray, urging that the bureau to use its authority to exempt or tailor its regulations in order to prevent undue burdens on community lenders. Senator Heller has previously brought up this issue in the Senate Banking Committee to highlight that though the CFPB does have this exemption and tailoring authority it has been seldom used by the CFPB.
Federal Deposit Insurance Corporation (FDIC) To Hold Meeting of the Advisory Committee on Community Banking
The Federal Deposit Insurance Corporation (FDIC) today announced that it will hold a meeting of the Advisory Committee on Community Banking on Wednesday, July 20. Senior staff will discuss and provide updates on: fintech; millennials' perspectives on banking; FDIC's Community Banking Initiative; the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) regulatory review; and consumer compliance issues. There will also be a presentation by FDIC senior staff on recent supervisory developments.
The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the Call Report that will take effect September 30, 2016, and March 31, 2017. These Call Report revisions were proposed by the three federal banking agencies, under the auspices of the FFIEC, in September 2015 (see FIL-39-2015, dated September 18, 2015). The proposed revisions included certain burden-reducing changes, several new and revised Call Report data items, and a number of instructional clarifications. After considering the comments received on the proposal, the FFIEC and the agencies are proceeding with most of the proposed reporting changes, with some modifications. The U.S. Office of Management and Budget must approve the revisions to the Call Report before they can be implemented.
SUPERPRIORITY LIENS: YEP. THE DEVIL IS IN THE DETAILS.
THE NEVADA SUPREME COURT RESOLVES FOR HOW LONG AND FOR HOW MUCH AN HOA SUPERPRIORITY LIEN WILL IMPACT YOUR RECORDED DEED OF TRUST
Horizons At Seven Hills Homeowners Association v. IKON Holdings, LLC (132 Nev. Advance Opinion 35) (April 28, 2016)
Alan B. Rabkin, Ph.D., J.D., LL.M. (Tax), LL.M. (European Law), B.A., CRCM
Of Counsel, Holland & Hart, LLP
So let’s set the stage. You have a housing development that is managed by an HOA. They charge the usual assessments for co
mmon area maintenance and HOA operations. They recorded the document that created the HOA (often called ‘CC&R’s’). It’s the core, guiding document for an HOA by law. Thereafter a homeowner buys a home subject to the same CC&R’s and the HOA governance. Years later, the same homeowner defaults on the loan payments then due to an out-of-the-area residential mortgage lender. Recall, during the financial crisis, almost every loan default brought about an equivalent HOA assessment default if the property was subject to CC&R’s. So we also have an HOA assessment default almost by definition.
FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions
The Federal Deposit Insurance Corporation (FDIC) as receiver for five failed banks today announced a $190 million settlement of certain residential mortgage-backed securities (RMBS) claims with Barclays Capital Inc.; BNP Paribas Securities Corporation; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities Inc.; Edward D. Jones & Co., L.P.; Goldman, Sachs & Co; RBS Securities Inc.; and UBS Securities LLC.
FDIC Publishes a Bank Customer's Guide to Cybersecurity
Consumers increasingly rely on computers and the Internet for everything from shopping and communicating to banking and bill paying. While the benefits of faster and more convenient "cyber" services are clear, the strategies for preventing online fraud and theft may not be as well-known by many bank customers. That is why the FDIC has produced a special edition of the agency's quarterly FDIC Consumer News (Winter 2016) entitled "A Bank Customer's Guide to Cybersecurity." Here is a brief overview of the articles and other features in this special issue.