Compliance Alert Archive

• Federal Regulatory Update

  December 30, 2010

  Our December 31, 2009 Compliance Memorandum addressed the Truth in Lending Regulation Z Interim Final Rule (12 CFR 226.39) issued November 20, 2009 (“Interim Rule”) by the Board of Governors of the Federal Reserve System (the “Board”) that discussed the requirement for notifying borrowers of the sale or transfer of their mortgage loan pursuant to the Helping Families Save Their ...

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• Federal Legislative and Regulatory and Michigan Legislative Update

  December 28, 2010

  The Red Flag Program Clarification Act of 2010 was recently enacted.  The Board of Governors of the Federal Reserve System (the “Board”) recently published a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure).  The Michigan legislature recently amended its law addressing the right of redemption after the foreclosure sale.  ...

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• Hawaii, New Jersey and North Carolina Regulatory Update

  December 21, 2010

  Our July 31, 2009 and May 13, 2010 Memorandums discussed Senate Bills 1218 and 2603, which enacted and amended the Hawaii SAFE Act.  The Hawaii Department of Commerce and Consumer Affairs recently issued a notice addressing the U.S. Department of Housing and Urban Development’s (“HUD”) extension of Hawaii’s implementation of the federal and Hawaii SAFE Acts.  The ...

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• Alaska Regulatory Update

  December 21, 2010

  The Alaska Department of Commerce Community and Economic Development Division of Banking and Securities (the “Department”) recently adopted mortgage lending regulations.  If you have any questions concerning this Memorandum, please contact Christina Jenkins.

   

  ALASKA REGULATIONS 3 AAC 14 (effective December 4, 2010)

   

  Definitions

   

  “Advertising” means making or permitting to be made any oral, written, graphic, ...

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• Washington Regulatory Update

  December 20, 2010

  The Washington Department of Licensing (the “DOL”) and the Washington Department of Financial Institutions (the “DFI”) recently issued a bulletin addressing short sales guidance to provide guidance to those professionals who provide short sale services and to address some of the most typical issues related to short sales brought to the attention of the DOL and the DFI....

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• Michigan and New York Regulatory Update

  December 16, 2010

  The Michigan Department of Energy, Labor, and Economic Growth Office of Financial and Insurance Regulation recently issued a declaratory ruling related to the closing of residential mortgage loans and provision of title settlement services.  The New York Banking Department has extended emergency regulations.  If you have any questions concerning this memorandum, please contact Christina Jenkins.

   

  Michigan Department ...

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• Arkansas Constitutional Amendment, California Regulatory and Louisiana Judicial Update

  December 10, 2010

  Arkansas voters recently passed an amendment to the Arkansas Constitution concerning interest rates limits.  Our April 15, 2010 and October 20, 2010 Memorandums discussed the California Commissioner of Corporations’ adoption of Emergency Regulations, which implemented the S.A.F.E. Act for finance lenders and residential mortgage lenders.  The Emergency Regulations have been readopted with amendments to the advertising rules and ...

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• Arizona, Illinois, Maryland and New York Regulatory Update

  December 08, 2010

  Our June 10, 2010 Compliance Memorandum discussed Emergency Rules governing loan originators issued by the Arizona Department of Financial Institutions.  The Emergency Rules have recently been amended.  The Illinois Department of Financial and Professional Regulation (the “Department”) recently adopted amendments to the Residential Mortgage License Act Rules (the “Rules”).  The Maryland Commissioner of Financial Regulation (the “Commissioner”) ...

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• Fair Credit Reporting Risk-Based Pricing Regulations

  December 06, 2010

  The Board of Governors of the Federal Reserve System and the Federal Trade Commission collectively referred to as the “Agencies” jointly issued final rules effective January 1, 2011 to implement the risk-based pricing provisions of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).  The final rules generally require a creditor to provide a risk-based pricing ...

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• District of Columbia Legislative Update

  December 06, 2010

  The Council of the District of Columbia recently enacted the Savings D.C. Homes from Foreclosure Emergency Amendment Act of 2010 (the “Act”).  The Act is effective until February 15, 2011.  If you have any questions concerning this Memorandum, please contact Christina Jenkins.

   

  District of Columbia B18-1067 (effective November 17, 2010)

   

  Foreclosure Sale

   

  In ...

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