In the summer of 2016, Builders Bank of Chicago, Illinois was informed that its Camels rating—a risk-profile metric assigned by banking regulators—had reached a 4. This is the threshold at which a financial institution is considered a "problem […]
The Law Of Banking
New York Cybersecurity Regulations Impacting Financial Services Companies And Their Vendors Are Effective March 1, 2017 And Likely Foreshadow Forthcoming Regulations In Other States.
"First-in-the-nation" regulations issued by the New York Department of Financial Services ("NYDFS") which require that financial services companies implement cybersecurity programs are effective March 1, 2017 and will phase in over a period of two years […]
The Consumer Review Fairness Act Impacts Form Consumer Contracts Used by Financial Services Companies.
This blog previously addressed the Consumer Financial Protection Bureau's ("CFPB") complaints database. Each week the CFPB receives and publishes thousands of consumer complaints about financial products and services. But what if financial services […]
Regional and community banks: proposed federal cybersecurity regulations don’t apply to you (yet) but do offer valuable strategies.
Federal regulators have issued an advance notice of new proposed cybersecurity standards. The notice invites comment on enhanced cybersecurity standards for regulated entities with total assets of $50 billion and certain of their service providers. The […]
The Supreme Court Will Answer Whether Collection of Time-Barred Debt in Bankruptcy Violates the Fair Debt Collection Practices Act
Lots of people and companies buy old debt—for example, hedge funds, private equity firms, and even some commercial bank affiliates. Typically, this is debt that the original creditor has charged off and sold for a fraction of the legal balance. […]
New York’s Proposed Banking Cybersecurity Regulation, And Why It’s Relevant To Community And Regional Banks Outside Of New York.
Should community and regional banks operating outside of New York care about the proposed regulation? Yes. There are at least three reasons why. The bottom line is that the proposed regulation calls for tighter cybersecurity standards and may have long […]
Attempts To Collect Time-Barred Debt Provide Fertile Ground For FDCPA Violations In The Fifth Circuit
In Daugherty v. Convergent Outsourcing, Inc., the Fifth Circuit Court of Appeals held that a collection letter that is silent as to litigation, but which offers to “settle” a time-barred debt without acknowledging that such debt is judicially unenforceable […]
The Consumer Financial Protection Bureau (“CFPB”) issued its final rule setting forth amendments and clarifications to mortgage servicing regulations on August 4, 2016. The final rule will implement new servicing regulations including the following […]
In Martin v. Federal National Mortgage Association, No. 15-41104 (5th Cir. Feb. 22, 2016), the Fifth Circuit issued its fourth opinion in recent months rejecting a borrower's assertion that a mortgage servicer waived acceleration of a loan by engaging […]
Jeff Heck ("Heck") sued CitiMortgage, Inc. ("CitiMortgage") over CitiMortgage's failure to allow his purchase of real property at a non-judicial foreclosure sale after Heck successfully bid on the foreclosure property, was given 20 minutes to obtain […]
The Federal Deposit Insurance Corporation (FDIC) is the newest entity in a long line of governmental and corporate interests to voice concern over cybersecurity measures taken by banks and other financial institutions. The FDIC recently published its […]
In light of the recent data breach at Hyatt Hotels, which affected 250 hotels in 50 countries, we thought it timely to discuss the fallout from another hotel data breach: namely, the recent consent order entered in the FTC's action against the Wyndham […]