Compliance Alerts

North Carolina Senate Bill 168   The North Carolina legislature recently amended its laws related to foreclosure.  The amendments apply to foreclosure sales noticed on or after July 1, 2018.   A foreclosure...

The Colorado legislature recently amended its laws related to protections for consumer data privacy, effective September 1, 2018.  The legislature also amended its laws related to the foreclosure process on...

The Colorado legislature recently amended its laws related to mortgage loan originator licensing, effective August 8, 2018.  The Minnesota legislature recently amended its laws related to mortgage originator licensing, effective...

OCC Bulletin 2018-17   The Office of the Comptroller of the Currency (“OCC”) recently issued a bulletin on June 15, 2018 to provide national banks, federal savings associations, and federal branches and...

Minnesota Guidance for Residential Mortgage Originators and Servicers   The Minnesota Department of Commerce (“Department”) recently issued Residential Mortgage Originator and Servicer Supervisory Guidance to bring attention to the most common...

South Carolina House Bill 4628   The South Carolina legislature recently enacted the South Carolina Telephone Privacy Protection Act (“Act”), effective May 18, 2018.   The Act applies to “Telephone solicitations” which means the...

The Arizona legislature recently adjusted the licensing fees paid to the Department of Financial Institutions and amended its law related to data security breaches.  Both bills discussed in this memorandum...

South Dakota Senate Bill 62   The South Dakota legislature recently amended its laws to address identity theft, effective July 1, 2018.   "Breach of system security" means the unauthorized acquisition of unencrypted computerized...

The Virginia legislature recently passed bills amending its laws related to foreclosure.  The bills are effective July 1, 2018.   Virginia House Bill 311   If, on the date of a foreclosure sale...

The Iowa legislature recently amended its laws related to mortgage releases and to shorten the period of time for redeeming real property from foreclosure and delaying sale of foreclosed property...

Connecticut House Bill 7141   The Connecticut legislature recently amended its laws related to mortgage servicing, effective July 1, 2018.   No mortgage servicer shall, directly or indirectly: Employ any scheme, device or artifice...

Florida Rules 69B-186.010   The Florida Department of Financial Services Division of Insurance Agents and Agency Services (“Department”) recently amended its rules regarding unfair methods of competition and unfair or deceptive...

Georgia House Bill 780   The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018.   A prohibition order, which prohibits an individual from participating in any capacity in the...

The Montana Department of Administration (“Department”) recently revised rules related to annual reporting for consumer loan licensees, mortgage definitions, mortgage renewal fees, and escrow funds held by mortgage companies, effective...

Washington House Bill 2057   The Washington legislature recently amended its laws related to foreclosure in the case of a deceased borrower or an abandoned property, effective June 7, 2018.   The seeking...

Oregon Senate Bill 1551   The Oregon legislature recently amended provisions of its laws related to breaches of security, effective June 2, 2018.   In addition to specifically enumerated information, “personal information” now includes...

West Virginia has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective June 5, 2018 (the “West Virginia Act”).  The Wisconsin legislature recently amended its laws governing...

  Oregon Rules Chapters 850 and 890   The Oregon Department of Consumer and Business Services (“Department”) recently amended its rules related to mortgage lending and mortgage servicing, effective April 17, 2018.   “Contract...

Alabama Senate Bill 318   The Alabama legislature recently enacted the Data Breach Notification Act (“Act”), effective June 1, 2018.   A “Breach of Security” or “Breach” is the unauthorized acquisition of data in...

Maine has now enacted the Revised Uniform Fiduciary Access to Digital Assets Act, effective April 4, 2018 (the “Maine Act”).  The Oregon legislature has enacted legislation setting fees for licensing...

Vermont Regulation B-2018-1   The Vermont Department of Financial Regulation recently issued revised regulations regarding annual privacy notices, effective March 15, 2018.   A financial institution is not required to deliver an annual privacy...

The Alabama legislature recently amended its laws related to foreclosure, effective February 22, 2018.  The Tennessee legislature recently amended its laws governing licensees under the Industrial Loan and Thrift Companies...

Delaware House Substitute 1 for House Bill 180   The Delaware legislature recently amended its laws related to breaches of security, effective April 14, 2018.   Any person who conducts business in Delaware...

The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive rule under the Fair Debt Collection Practices Act (“FDCPA”) to clarify the interaction of the FDCPA and specified mortgage servicing...

The Pennsylvania legislature recently amended its Mortgage Licensing Act (the “Act”) to add new licensing requirements for most residential mortgage servicers, effective December 22, 2017.  The Consumer Financial Protection Bureau...

The Nevada legislature recently amended the laws related to mortgage brokers, mortgage agents, and mortgage bankers, effective January 1, 2018.   NEVADA SENATE BILL 498   The requirements for renewal of a mortgage...

The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Company and the National Credit Union Administration recently...

The Maryland legislature recently amended the Maryland Personal Information Protection Act (the “Act”), effective January 1, 2018.   Maryland House Bill 974   The Act now protects both a customer’s personal information, as well...

The North Carolina legislature recently enacted the North Carolina Uniform Power of Attorney Act (the “Act”), effective January 1, 2018.   North Carolina Senate Bill 569   The following definitions, among others, are...

The Wyoming legislature recently enacted Uniform Power of Attorney Act (the “Act”), effective January 1, 2018.   Wyoming Senate File 105   The following definitions, among others, are used in the Act:   “Agent” means a...

The Bureau of Consumer Financial Protection (“CFPB”) issued a final rule which is effective January 1, 2018 to amend the Equal Credit Opportunity Act (“ECOA”) Regulation B.   82 Federal Register 45680...

The Oregon legislature recently enacted the Mortgage Loan Servicer Practices Act (the “Act”) to require a license for mortgage loan servicers and to prescribe prohibited acts and practices, as well...

The New Hampshire legislature recently adopted the Uniform Power of Attorney Act (the “Act”), effective January 1, 2018.   New Hampshire Senate Bill 230   The Act spells out, among other things, execution requirements,...

The Oregon legislature recently amended its laws regarding notices relating to residential mortgage default servicing, regarding unlawful business practices, regarding foreclosure avoidance measures, and regarding the proceeds from the execution...

The Consumer Financial Protection Bureau (“CFPB”) recently published Consumer Protection Principles: Consumer-Authorized Financial Data Sharing and Aggregation to provide principles to follow when sharing consumer financial data. The Georgia legislature...

The Washington Department of Financial Institutions (“Department”), Division of Consumer Services, recently amended many of the rules under the Consumer Loan Act (“Act”), effective January 1, 2018.   Washington Rules 208-620-320   Surety bond...

The New Jersey legislature has adopted the Uniform Fiduciary Access to Digital Assets Act, effective December 12, 2017.  The North Carolina legislature recently enacted a pilot program authorizing certain local...

The US Congress has enacted the National White-Collar Crime Control Act (the “Act”), effective November 2, 2017.  The Maryland Commissioner of Financial Regulation (“Commissioner”) recently revised its regulations related to...

The Connecticut legislature recently amended the law governing lead generator licensing.  This memorandum reports on the provisions that are effective October 1, 2017, additional provisions are effective January 1, 2018...

The Connecticut legislature recently amended its laws concerning discrimination and enacted a new section to the state Penal Code relating to foreclosed real estate.  Certain provisions of Connecticut’s laws related...

The Illinois legislature recently amended its laws to allow independent escrowees to issue closing protection letters, effective September 8, 2017.   Illinois House Bill 2702   “Insured Closing Letter” or “Closing Protection Letter”...

The Consumer Financial Protection Bureau (the “CFPB”) issued a supervisory statement on September 6, 2017, to help supervised entities work with consumers who may be at financial risk due to...

The Alaska, Montana and Nevada legislatures have adopted the Revised Uniform Fiduciary Access to Digital Assets Act.  The uniform act has been enacted in various states on which we have...

The Consumer Financial Protection Bureau (“CFPB”) issued Compliance Bulletin 2017-01 on July 31, 2017 providing guidance regarding fees for pay-by-phone services.  The Utah Division of Real Estate recently amended its...

The South Carolina legislature recently amended its state laws relating to mortgage lending definitions, effective September 16, 2017.   South Carolina Senate Bill 366   “Loan Correspondent” means a person engaged in the...

The Texas legislature amended its laws relating to the sale of property under a power of sale in a deed of trust or other contract lien, under a writ of...

The Maine legislature recently amended its law that protects a homeowner’s equity of redemption in a foreclosure action. The Maine Consumer Credit Code (the “Code”) was amended to improve the...

The Hawaii legislature recently amended its laws related to mortgage servicing and mortgage loan origination.  Both bills discussed in this memorandum are effective September 1, 2017.   Hawaii Senate Bill 950   If...

The Missouri legislature recently amended its laws to permit banks to charge a convenience fee and to clarify office requirements related to residential mortgage loan brokers who originate loans for...

Georgia Rules Chapter 80   The Georgia Department of Banking and Finance (the “Department”) adopted Final Rules, which were filed with the Secretary of State on June 29, 2017, to be effective...

The Rhode Island legislature recently enacted legislation related to residential mortgage fraud, effective July 5, 2017.   Rhode Island House Bill 5695 and Senate Bill 835   “Mortgage Lending Process” means the process...

The Arkansas legislature recently amended its laws related to notaries public and enacted the Electronic Notary Public Act (the “Act”), effective July 30, 2017.   Arkansas House Bill 1450   Previously the law...

The Nebraska Secretary of State recently enacted rules (“Rules”) to implement the Notary Public Act (“Act”), effective June 24, 2017.  The Act was reported on in a memo dated May...

The Iowa Division of Banking (“Division”) recently amended its rules related to mortgage lenders, mortgage bankers, mortgage brokers and lenders licensed under the Regulated Loan Act, effective July 1, 2017.   Iowa...

The Tennessee legislature recently amended its laws related to licensees under the Mortgage Lender Licensing Act and the Industrial Loan and Thrift Companies Act, effective July 1, 2017.   Tennessee Senate Bill...

The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the National Credit Union Administration recently...

The legislatures of Iowa, Kansas, Mississippi, Vermont and Virginia have all enacted the Uniform Fiduciary Access to Digital Assets Act (the “Act”).  This uniform act has been enacted in various...

The Virginia legislature recently amended its laws affecting tenants in a dwelling unit that is subject to foreclosure, and those laws related to real property tax and non-judicial sale of...

The Maryland legislature recently amended its laws governing surety bond requirements for licensees under the Maryland Mortgage Lender Law, effective June 1, 2017.   Maryland Senate Bill 924   With the application for...

CFPB SUPERVISORY HIGHLIGHTS On April 26, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its Spring Supervisory Highlights which includes, among other things, observations related to the Ability-to-Repay Rule and...

The Vermont legislature recently amended its laws regarding mortgage lending licensing, effective May 1, 2017.   Vermont House Bill 182   A person previously licensed as a mortgage loan originator applying to be...

The Utah legislature recently amended its laws related to reporting and licensing requirements under the jurisdiction of the Division of Real Estate (“Division”) for residential mortgage lenders, effective May 8,...

The Nevada legislature when enacting its Foreclosure Mediation Program in 2015, provided for an expiration date of June 30, 2017.  The Utah legislature has enacted the Uniform Fiduciary Access to...

The New Jersey legislature recently amended its laws governing Superstorm Sandy recovery, effective February 10, 2017.  The Oregon Department of Consumer and Business Services (“Department”) recently revised its rules related...

Alaska House Bill 12 amended provisions regarding licensing requirements for registering a depository institution (see our Memorandum of December 14, 2016 for a discussion of this legislation).  The Alaska Department...

  The Kentucky Department of Financial Institutions (“DFI”) recently issued a memorandum dated December 22, 2016 regarding licensing requirements for servicers.  The Oregon Department of Consumer and Business Services (“Department”) recently...

The Washington legislature recently enacted the Uniform Power of Attorney Act (the “Act”), effective January 1, 2017.  The Act spells out, among other things, execution requirements, powers of agents, termination...

  The New York Department of Financial Services (“Department”) promulgated Part 422 of Title 3 of the Codes, Rules and Regulations (the “Rule”), addressing lenders’ obligations to inspect, secure and maintain...

The Kentucky Department of Financial Institutions, Division of Non-Depository Institutions (“Department”), recently amended its administrative regulations relating to Mortgage Loan Companies and Brokers (under its authority in KRS 286.8-010 et...

The Alaska legislature recently amended its laws governing mortgage licensing, effective January 1, 2017.   Alaska House Bill 12   An individual required to be licensed as a mortgage loan originator must: Register...

The California legislature recently amended its Civil Code to add a new section to address how mortgage servicers must address successors in interest related to a residential mortgage loan, effective...

The California legislature recently amended its laws related to debt collection, its laws related to financial protections for reservists called to active duty, the Residential Mortgage Lending Act (“Act”), and...

 The Alaska legislature recently amended its laws affecting powers of attorney, uniform probate code, and notaries public, effective January 1, 2017.   Alaska House Bill 8   The following definitions in the Uniform...

North Carolina and South Carolina were created as separate British colonies with boundary lines set by surveys begun in 1735 and concluded in 1815, and re-surveys in 1813, 1905, and...

CFPB BULLETIN 2016-02 Effective October 31, 2016   The Consumer Financial Protection Bureau (“CFPB”) issued Bulletin 2016-02 on October 26, 2016, as a follow up to Bulletin 2012-03, which addressed guidance to...

The Oregon Department of Consumer and Business Services (“Department”) recently adopted new rules to include a commercial construction lending licensing exemption, effective September 9, 2016.   Oregon Rules 441-880-0009   An individual need...

The Connecticut legislature enacted the Connecticut Uniform Power of Attorney Act (the “Act”), which is effective July 1, 2016, and which was detailed in our Distribution Memo dated June 1,...

The Maryland legislature recently amended its laws regarding consumer debt collection, and regarding actions to quiet title.  Both bills discussed in this memorandum are effective October 1, 2016.   Maryland Senate Bill...

The Connecticut legislature recently amended various laws relating to land titles, foreclosure and loss mitigation, all of which is effective October 1, 2016.  The provisions of House Bill 5571 that...

The Massachusetts Division of Banks and Loan Agencies (the “Division”) has amended Chapters 41 and 42 of their regulations, which affect mortgage loan originators, and mortgage lenders and brokers.  The...

The Ohio legislature recently enacted a new law affecting real property, which creates the D.O.L.L.A.R. deed program, a loss mitigation alternative for borrowers who are in default on a mortgage...

This memo will address recent Regulation Z servicing amendments, those states that have adopted the Uniform Fiduciary Access to Digital Assets Act and recent amendments to Colorado title insurance rules.   81...

The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), and the Federal Deposit Insurance Corporation (“FDIC”), collectively the “Agencies,” recently...

The Colorado legislature recently enacted the Revised Uniform Fiduciary Access to Digital Assets Act (“Act”) which sets forth the conditions under which certain fiduciaries may access digital assets of a...

The Hawaii legislature recently enacted the Hawaii Uniform Fiduciary Access to Digital Assets Act (the “Act”), effective July 1, 2016.   HAWAII SENATE BILL 2298   The Act sets forth the following definitions: “Digital...

The Hawaii legislature recently amended the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), effective July 1, 2016.  The Missouri legislature recently amended its laws regarding title requirements,...

The North Carolina legislature recently enacted the North Carolina Revised Uniform Fiduciary Access to Digital Assets Act (the “Act”), effective June 30, 2016.   NORTH CAROLINA SENATE BILL 805   The Act sets forth...

The Louisiana legislature recently amended its Louisiana Insurance Code related to certificates of insurance and their use by lenders.  It also amended its laws regarding mortgage and conveyance records and...

The Hawaii legislature recently amended its laws relating to mortgage loan originators and mortgage servicers, effective July 1, 2016.   HAWAII SENATE BILL 2850   Revisions to the Hawaii Secure and Fair Enforcement for...

The Arizona legislature recently enacted a new chapter in the trusts and estates law entitled Arizona Revised Uniform Fiduciary Access to Digital Assets Act (the “Act”), effective August 6, 2016.   ARIZONA...

The Arizona legislature recently amended its laws governing consumer lenders and those relating to judgment liens on real property.  Both bills discussed in this memorandum are effective August 6, 2016.   ARIZONA...

The Nebraska legislature recently amended its laws relating to financial consumer protections and enacted the Property Assessed Clean Energy Act (PACE), to promote energy efficiency improvements and renewable energy systems. ...

The Colorado legislature recently amended its foreclosure law, effective June 6, 2016.  The Maryland legislature recently amended its laws governing recordation and transfer tax, and amended its laws governing disclosure...

The Georgia legislature recently amended its laws governing redemption of property sold for taxes and its laws governing regulation of financial institutions, effective July 2, 2016.   GEORGIA HOUSE BILL 51   Whenever any...

The Maryland legislature recently amended its laws regarding licenses for mortgage loan originators and those governing permissible actions by the Community Development Administration in the Department of Housing and Community...

The Maryland Commissioner of Financial Regulation (“Commissioner”) recently adopted amendments to their regulations in order to reduce the amount of certain fees, effective July 1, 2016.  In addition, on May...

The Kansas legislature recently amended provisions of the Mortgage Business Act (“Act”), effective July 1, 2016.   KANSAS SENATE BILL 369   “Application” means the submission of a consumer’s financial information, including the consumer’s...

The Idaho legislature recently amended its laws relating to trust deeds, and disposing of non-titled personal property after a trustee’s sale.  The Iowa legislature recently amended its laws related to...

The Mississippi legislature recently amended certain provisions of the Mississippi S.A.F.E. Mortgage Act (“Act”), effective July 1, 2016.  MISSISSIPPI SENATE BILL 2504 The restriction on criminal records for applicants has changed.  The...

The Tennessee legislature recently amended its laws governing condominium unit owner’s association liens, effective June 1, 2016, and certain provisions of the Tennessee Identity Theft Deterrence Act of 1999 (“Act”),...

The Wisconsin legislature recently enacted a new chapter under its laws affecting property entitled Wisconsin Digital Property Act (the “Act”); and also amended existing statutes to incorporate a reference to...

The Utah legislature recently amended certain provisions related to foreclosure of residential rental property and non-judicial foreclosure.  Both bills discussed in this memorandum are effective May 9, 2016.   UTAH SENATE BILL...

The Utah legislature recently amended certain provisions of its Mortgage Lending and Servicing Act (the “Act”) and various provisions of the law relating to real estate.  Both bills discussed in...

OCC BULLETIN 2016-8 The Office of the Comptroller of the Currency (“OCC”) issued Bulletin 2016-8 dated March 4, 2016, to provide the interagency advisory on the use of evaluations in real...

The Alabama legislature has amended its statutes relating to redemption of certain real property foreclosed under a mortgage or sold by virtue of a judgment, effective January 1, 2016.   ALABAMA SENATE...

The Louisiana legislature recently amended its laws related to the recordation of mortgages for savings and loan associations, effective January 1, 2016.  Massachusetts amended its laws addressing the affidavit of...

The Nevada legislature recently amended its laws governing the licensing of mortgage bankers, mortgage brokers and mortgage servicers, effective January 1, 2016.   NEVADA ASSEMBLY BILL 480   Mortgage servicers in Nevada must now...

The Oregon legislature recently amended the statutes related to foreclosure practices of residential trust deeds, to the provision that identifies certain public records as being exempt from disclosure, to the...

FLORIDA RULES 69V-40   The Florida Financial Services Commission recently amended rules related to mortgage loan originators and mortgage brokers, effective November 9, 2015.   Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities...

NORTH CAROLINA HOUSE BILL 126   The North Carolina legislature recently enacted legislation to authorize the Office of the Commissioner of Banks (“Commissioner”) to implement a registration system for persons engaged exclusively...

The Maine legislature recently enacted laws governing lender responsibility for abandoned property, effective October 15, 2015.   MAINE LEGISLATIVE DOCUMENT 1203/SENATE PAPER 430   "Property Defects" means the conditions that, in the judgment of...

The Colorado Department of Regulatory Agencies, Division of Real Estate (“Division”), recently promulgated rules related to mortgage loan originator and mortgage company licensing, effective October 3, 2015.   4 CCR 725-3   “General Business...

The North Carolina legislature recently amended its general laws relating to notice requirements and protections for tenants of real properties in foreclosure, effective October 1, 2015.   NORTH CAROLINA HOUSE BILL 174   Notice...

The Rhode Island Department of Business Regulation recently amended Banking Regulation 5, related to Mortgage Foreclosure, effective October 1, 2015.   RHODE ISLAND BANKING REGULATION 5   The existing regulation and Appendices have been...

The Finance Commission of Texas recently adopted new rules for the Office of Consumer Credit Commissioner (“OCCC”) related to residential mortgage loan originator licensing, effective September 10, 2015.   7 TAC 2.106   After...

The Nevada legislature recently amended its laws governing foreclosure of liens by a homeowners’ association, the recording of a conveyance after a deed in lieu of foreclosure, and liens on...

The Florida legislature updated a provision related to public records effective October 1, 2015.  The California Department of Business Oversight recently amended the regulations for Finance Lenders and for Residential...

The Maine legislature recently enacted legislation governing municipalities and foreclosure and expedited foreclosure for mobile homes as well as amended its foreclosure laws to create transparency in the foreclosure process. ...

The Montana legislature recently made various amendments to the Montana Mortgage Act (the “Act”) and amended its laws governing the disposition of proceeds from a trustee sale, effective October 1,...

The Texas legislature recently amended its laws governing foreclosure by a property owners’ association, the rescission of a nonjudicial foreclosure sale, the appointment of a trustee in a notice of...

The Texas legislature recently enacted laws governing the disclosure of home mortgage information to a surviving spouse; it amended its licensing laws, including the laws governing mortgage companies, mortgage bankers,...

The Colorado legislature recently amended its laws governing foreclosure sales, effective September 1, 2015.  The Illinois legislature recently amended its High Risk Home Loan Act, effective July 28, 2015, and...

The Montana Department of Administration (“Department”) recently amended its rules related to mortgage license applications and renewals and the recovery of costs related to administrative actions, effective July 17, 2015.   MONTANA...

The Rhode Island legislature recently amended its laws governing notice of mediation conference prior to foreclosure proceedings, effective July 2, 2015.  The legislature also amended its laws to prohibit military...

The Washington legislature recently amended its law governing the protection of consumer financial information due to a security breach, effective July 24, 2015.   WASHINGTON HOUSE BILL 1078   Any person or business that...

The Connecticut legislature recently amended its laws governing foreclosure mediation, effective July 1, 2015.   CONNECTICUT HOUSE BILL 6752   “Mortgagor” (borrower) means the owner-occupant of one-to-four family residential real property located in Connecticut,...

Harris County, Texas v. MERSCORP, Inc., 2015 (U. S. Court of Appeals for the 5thCircuit, June 26, 2015)   The U.S. Court of Appeals for the Fifth Circuit recently heard arguments on...

The South Dakota legislature recently amended its laws governing money lending, effective July 1, 2015.   SOUTH DAKOTA HOUSE BILL 1027   “Business of Lending Money” includes originating, selling, servicing, acquiring, or purchasing loans,...

The Rhode Island legislature recently amended the Licensed Activity Act (the “Act”)” and enacted legislation governing third-party loan servicers (“servicer laws”), effective July 1, 2015.   RHODE ISLAND HOUSE BILL 7997/SENATE BILL...

The California legislature recently amended its laws governing equity lines of credit.  The Idaho legislature recently amended its laws regarding a claim of lien.  The Maryland legislature recently amended its...

The Nevada legislature recently amended its laws regarding the Foreclosure Mediation Program, effective June 10, 2015.   NEVADA SENATE BILL 512   A borrower under a mortgage secured by owner-occupied housing or a grantor...

The Oregon legislature recently amended the law regarding the reliance on payoff statements, effective June 16, 2015.   OREGON HOUSE BILL 3244   “Borrower” and “Lender” now include an assignee or successor in interest.   “Payoff...

Bank of America, N.A. v. Caulkett, 2015 U.S. LEXIS 3579 (U.S. June 1, 2015)   The United States Supreme Court recently ruled that the Bankruptcy Code does not allow Chapter 7 debtors...

The Hawaii legislature recently amended its laws governing mortgage servicers, effective May 28, 2015.   HAWAII SENATE BILL 1093   Loss Mitigation Mortgage servicers must make reasonable and good faith efforts to engage in appropriate...

Rivera v. Bank of Am., N.A. (5th Cir. 4/23/2015), U.S. App. LEXIS 6753   The Fifth Circuit Court of Appeals (the “Court”) recently issued an unpublished opinion regarding a mortgage foreclosure case...

The Tennessee legislature recently amended its laws governing who is entitled to the notice of a sale of real property by way of foreclosure, including owners of obligations secured by...

The Wyoming legislature recently amended its consumer protection laws governing personal identifying information and security breach notices.  The legislation is effective July 1, 2015.   WYOMING SENATE FILE 36   “Personal identifying information” means...

CFPB COMPLIANCE BULLETIN 2015-02   The Consumer Financial Protection Bureau (the “CFPB”) issued a Compliance Bulletin on May 11, 2015, to remind lenders of their obligations under the equal Credit Opportunity Act...

The Rhode Island Department of Business Regulation (“Department”) recently adopted amendments to banking regulations pertaining to people and entities licensed or required to be licensed as lenders, loan brokers, small...

The Nevada legislature recently amended its laws governing the amount of a deficiency judgment and its laws governing eminent domain.  All the legislation discussed in this memorandum was effective May...

The Florida legislature recently enacted legislation governing tenants’ rights in foreclosure, effective June 2, 2015.   FLORIDA HOUSE BILL 779   If a tenant is occupying residential premises that are the subject of a...

The Utah legislature recently amended the Utah Residential Mortgage Practices and Licensing Act (the “Practices Act”) and the Mortgage Lending and Servicing Act (the “Lending and Servicing Act”).  The legislation...

The Arkansas legislature recently amended its laws governing satisfaction of liens, effective April 2, 2015.   ARKANSAS SENATE BILL 937   If a person receiving satisfaction does not, within 60 days after being requested,...

The Texas Supreme Court recently held that courts are permitted to factor in future sales price and costs associated with reselling foreclosed-upon homes in determining the fair market value of...

The Ohio legislature recently amended the law related to the timing requirements for recording a release of mortgage, effective March 23, 2015.   OHIO HOUSE BILL 201   Within ninety days from the date...

CFPB Bulletin 2015-01 (dated January 27, 2015)   The Consumer Financial Protection Bureau (the “CFPB”) recently issued a bulletin addressing the treatment of confidential supervisory information (“CSI”) by persons in possession of...

The New York Department of Financial Services (“DFS”) extended emergency regulations related to mortgage servicing and promulgated new rules regulating force-placed insurance.   NEW YORK EMERGENCY RULES PART 419   Our August 23, 2010,...

The Federal Housing Finance Agency (“FHFA”) issued an advisory bulletin on December 2, 2014, providing guidance to Fannie Mae and Freddie Mac (collectively, the “Enterprises”) on managing risks associated with...

Our August 11, 2011 Compliance Memorandum discussed the provisions of Oregon Senate Bill 491 that were effective on September 28, 2011, in which the Oregon legislature amended the requirements under...

The Connecticut legislature recently amended it laws governing foreclosures, and after passage further amended the effective date, which is January 1, 2015.   Connecticut House Bills 5515 and 5597   A first mortgage against...

CFPB COMPLIANCE BULLETIN 2014-03   The Consumer Financial Protection Bureau (the “CFPB”) issued a Compliance Bulletin on November 18, 2014, to remind lenders of their obligations under the Equal Credit Opportunity Act...

The California legislature recently amended its laws governing mortgage loan originator pre-licensing and continuing education requirements, mortgage loan modifications, and foreclosures.  All of the bills discussed in this memorandum are...

The Florida Legislature recently enacted the Florida Information Protection Act of 2014 (the “Act”) which requires notice to be given to affected customers and the Department of Legal Affairs (“DLA”)...

Our May 27, 2014 Compliance Memorandum discussed the provisions of House Bill 5353, effective May 14, 2014, which addressed the confidentiality provisions of the Nationwide Mortgage Licensing System and Registry...

The Montana Department of Administration recently amended its rules to add renewal fees for mortgage servicers and mortgage servicer branches, effective October 27, 2014.  The Oregon Department of Consumer and...

The Bureau of Consumer Financial Protection (“CFPB”) issued a final rule, effective October 28, 2014, amending the annual privacy notice requirement under the Gramm-Leach-Bliley Act (“Regulation P”).   78 FR 64057 ANNUAL...

Federal and New York Regulatory Update October 30, 2014 The Bureau of Consumer Financial Protection (“CFPB”) published a bulletin regarding mortgage servicing.  The New York Department of Financial Services (“DFS”) extended emergency...

The Rhode Island legislature recently amended its laws governing foreclosure, effective October 6, 2014.   RHODE ISLAND HOUSE BILL 8293   The following definitions apply in the interpretations of the provisions relating to mediation...

OKLAHOMA SAFE ACT RULES TITLE 160   Our September 30, 2013 Compliance Memorandum discussed Oklahoma House Bill 1828, which amended the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (the “Act”),...

Our May 27, 2014 Compliance Memorandum discussed the provisions of House Bill 5353, effective May 14, 2014, which addressed the confidentiality provisions of the Nationwide Mortgage Licensing System and Registry...

The Illinois legislature recently amended its Mortgage Foreclosure Article of the Code of Civil Procedure, effective August 26, 2014, to address omitted subordinate interests.   ILLINOIS SENATE BILL 2730   “Omitted subordinate interest" means...

The New Jersey legislature recently amended its laws governing the maintenance of vacant and abandoned residential properties, effective August 15, 2014.   NEW JERSEY SENATE BILL 1229   The governing body of any municipality...

The Maryland legislature recently amended its laws governing common ownership communities, and title commitments, and mortgage loan originators.  All the legislation discussed in this memorandum is effective October 1, 2014.   MARYLAND...

The Alaska legislature recently amended its laws governing the ability of insurers to cancel an insurance policy, effective September 21, 2014.  The Pennsylvania legislature recently amended its Mechanics Lien Law...

The North Carolina legislature recently enacted legislation to make technical corrections to its general statutes and session laws.  This memorandum will address the changes effective August 11, 2014; a subsequent...

On August 19, the Bureau of Consumer Financial Protection (“CFPB”) issued a compliance bulletin and policy guidance addressing mortgage servicing transfers to residential mortgage servicers and subservicers in light of...

The Maine legislature recently enacted laws addressing unlicensed lending under the Maine Consumer Credit Code (“Code”) and amended the Code to facilitate the multistate licensing process.  Both pieces of legislation...

The Maine legislature recently enacted laws amending the foreclosure process and the Maine Fair Debt Collection Practices Act (“Act”), effective September 17, 2014.   MAINE LEGISLATIVE DOCUMENT 1389 (H.P. 992)   A person assigning...

The Vermont Department of Financial Regulation recently issued revised regulations regarding the records kept by financial institutions and prescribing the period for which records shall be retained.  Regulation B-2014-01 replaces...

The Delaware legislature recently adopted the Delaware Servicemembers Civil Relief Act (the “Act”) governing the protection of service members from abusive practices, effective July 23, 2014.   DELAWARE SENATE BILL 206   The provisions...

The District of Columbia Council adopted an emergency act entitled the Nationwide Mortgage Licensing System Conformity Emergency Act of 2014 (the “Act”) and pertaining to standardized licensing through the Nationwide...

79 FR 41671 CFPB POLICY GUIDANCE   On July 9, 2014, the Consumer Financial Protection Bureau (the “CFPB”) issued Policy Guidance addressing supervisory and enforcement considerations relevant to mortgage brokers transitioning to...

The Office of Consumer Credit Commissioner (“OCCC”) issued regulations effective July 10, 2014.  The New York Department of Financial Institutions (“DFS”) extended emergency regulations related to subprime loans, effective June...

The Delaware legislature recently enacted the Certificates of Insurance Act (“Act”), effective August 5, 2014.   DELAWARE HOUSE BILL 104   “Certificate of insurance” means a document or instrument, regardless of how titled or...

Hawaii Senate Bill 2817 amended the Hawaii Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”), effective July 1, 2014.   Definitions   “Branch office” means any location in Hawaii that is...

The Federal Financial Institutions Regulatory Agencies (the “Agencies”) and the Conference of State Bank Supervisors (“CSBS”) on July 1, 2014 issued the Interagency Guidance on Home Equity Lines of Credit...

The New York legislature recently extended the expiration of certain provisions relating to foreclosures, effective June 19, 2014.  The Rhode Island legislature recently amended its mortgage lending licensing laws (the...

The Massachusetts Division of Banks and Loan Agencies recently amended its regulations governing licensee record keeping, effective June 6, 2014.   MASSACHUSETTS 209 CMR 48.00   “Electronic” means relating to technology as having electrical,...

The Louisiana legislature recently amended its Secure and Fair Enforcement of Mortgage Licensing Act of 2009 (“SAFE Act”), effective June 30, 2014 and its Consumer Credit Law, effective August 1,...

The South Dakota legislature recently enacted the Uniform Real Property Electronic Recording Act (the “Act”) and amended its recording laws and its laws governing revolving loan accounts, effective July 1,...

The Colorado legislature recently amended its laws governing foreclosures, including costs paid in connection with a foreclosure, single points of contact, dual tracking, and the legislature extended the Foreclosure Deferment...

The Connecticut legislature recently amended its laws governing mortgage servicers, mortgage loan originators, financial institutions, reverse mortgage transactions, and foreclosure mediation.  This memorandum will discuss those provisions effective May 14,...

The Michigan legislature recently amended its laws governing foreclosures and property inspections, effective May 20, 2014. MICHIGAN HOUSE BILL 5277   After a foreclosure sale, if the purchaser at the sale intends to...

The Nebraska legislature recently enacted laws governing the enforcement and servicing of real estate loans and amended its laws governing future advances, effective July 17, 2014. The New Jersey legislature recently...

The Hawaii legislature recently amended its laws governing mortgage servicers and foreclosures, effective April 23, 2014. Hawaii also enacted the Hawaii Uniform Power of Attorney Act (the “Act”), effective April...

The Washington legislature recently amended its laws governing foreclosures and the distribution of real property sale proceeds, effective June 12, 2014.  The West Virginia legislature recently amended the West Virginia...

The District of Columbia Department of Insurance, Securities and Banking (“Department”) adopted emergency amendments to its rules governing foreclosure mediation effective March 4, 2014.  The emergency regulations expire on July...

On February 25, 2014, the Federal Deposit Insurance Corporation (“FDIC”) issued the Interagency Consumer Compliance Examination Procedures for Mortgage Rules Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection...

The Montana Department of Administration (“Department”) recently amended its rules governing mortgage broker and loan originator licensing, effective December 16, 2013 and March 1, 2014. MONTANA RULES 2.59.1701 to 2.59.1751 and...

The Illinois legislature recently amended its laws governing foreclosures, effective November 19, 2013.  The New York Department of Financial Services (“DFS”) extended three sets of emergency regulations effective November 29,...

The Colorado Division of Real Estate (“Division”) recently amended its rules regarding mortgage loan originator licensure requirements, prepayment penalties, reapplication for mortgage loan originators, and the renewal process for mortgage...

The Wisconsin legislature recently enacted legislation governing mortgage satisfaction.  The provisions address notifications, payoff statements, affidavits of satisfaction, and documents of rescission that are given or recorded on and after...

The Minnesota legislature recently enacted the Minnesota Radon Awareness Act (the “Act”).  The Act applies to agreements to sell or transfer residential property executed on or after January 1, 2014.   MINNESOTA...

The California legislature recently amended its laws governing military service member relief of mortgage obligations and deferral of reservists’ payments.  The legislature also amended its laws governing borrowers’ internet privacy. ...

The California legislature recently amended the Finance Lender Law (the “Law”) and California laws governing deficiency judgments, mortgages, foreclosure notices, and title companies.  All the legislation is effective January 1,...

The Colorado Department of Regulatory Agencies, Division of Real Estate, recently amended its rules governing mortgage loan originators and mortgage companies and professional standards, effective November 14, 2013.  The New...

The Pennsylvania legislature recently enacted the Revised Uniform Law on Notarial Acts (the “Law”).  The Law has multiple effective dates.  The provisions of the Law that were effective on October...

The Finance Commission of Texas (the “Commission”) recently amended its rules concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (“OCCC”), effective November 7,...

The Vermont legislature recently amended its laws governing foreclosure mediation, effective December 1, 2013. VERMONT HOUSE BILL 431     The foreclosure mediation requirements apply to all foreclosure actions on dwelling houses of 4...

Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule     The Consumer Financial Protection Bureau (“Bureau”), the Office of the Comptroller of the Currency (“OCC”), the Board...

On October 15, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a bulletin providing guidance in implementing certain 2013 Real Estate Settlement Procedures Act and Truth-in-Lending Act final servicing...

On October 9, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a bulletin addressing mortgage lenders’ compliance with the Home Mortgage Disclosure Act (“HMDA”) and its implementing regulation, Regulation...

The Oregon Department of Justice recently amended its rules governing the Foreclosure Avoidance Mediation Program, which became final on January 7, 2013 as discussed in our August 7, 2012 and...

The Illinois legislature amended its laws governing bona fide leases and foreclosures, effective November 19, 2013, and the New York legislature recently amended its laws governing the licensing of mortgage...

On September 4, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued Bulletin 2013-09 addressing the Fair Credit Reporting Act (“FCRA”)’s requirement to investigate disputes and review “all relevant” information...

The Florida legislature recently amended its laws governing mortgage lenders and mortgage brokers, and also enacted provisions governing the unlawful filing of false documents or records against real or personal...

The Nevada legislature recently amended its laws governing foreclosures, effective October 1, 2013. NEVADA ASSEMBLY BILL 273     The provisions of this memorandum apply only to trust agreements for which a notice of...

Oklahoma House Bill 1828 amended the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (the “Act”), effective November 1, 2013.     The Act now applies to mortgage lenders.  “Mortgage lender” means...

The Ohio Division of Financial Institutions recently promulgated rules effective June 7, 2013, under the Second Mortgage Loan Act and under the laws governing mortgage brokers with regard to temporary...

The Montana legislature recently amended the Montana Mortgage Act (the “Act”), effective October 1, 2013. MONTANA SENATE BILL 93     Unless exempt under the Act, a person may not regularly engage in the...

The Nevada legislature recently amended its laws governing the mediation and arbitration of claims involving residential property, and governing common-interest communities.  Both bills are effective October 1, 2013. NEVADA ASSEMBLY BILL...

The Mississippi Department of Banking and Consumer Finance (the “Department”) recently amended its Regulations for the Mississippi SAFE Mortgage Act, effective August 30, 2013.   MISSISSIPPI SAFE MORTGAGE ACT REGULATIONS TITLE 5,...

The Texas legislature recently amended subsection (k), Section 50, of Article XVI of the Texas Constitution with regard to reverse mortgages.  The Constitutional amendment will appear on the November 5,...

The North Carolina legislature recently amended the North Carolina Condominium Act and the North Carolina Planned Community Act with regard to nonjudicial foreclosure proceedings, and the State of Washington’s legislature...

The New Hampshire legislature recently amended its laws governing the licensing of nondepository first mortgage bankers and brokers (the “laws”) and the regulation of mortgage loan servicers, effective September 22,...

The Delaware legislature recently amended the Durable Personal Powers of Attorney Act, effective July 31, 2013, and the Rhode Island legislature recently enacted laws governing mortgage foreclosures, effective September 13,...

The Nebraska legislature recently amended the Loan Broker Act and the Installment Loan Act, effective September 5, 2013, and the North Carolina legislature recently amended the North Carolina Secure and...

The Oregon legislature recently amended its laws governing the foreclosure of residential trust deeds, effective July 19, 2013.  The North Dakota Department of Financial Institutions (the “Department”) recently amended its...

The Maine legislature recently amended the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 (“Maine SAFE Act”), effective September 17, 2013, and the Nebraska legislature recently amended...

The Pennsylvania legislature recently amended its provisions governing the licensing of mortgage originators, mortgage lenders, mortgage brokers, and mortgage loan correspondents, effective August 31, 2013.   PENNSYLVANIA HOUSE BILL 1124   “Administrative or clerical...

The Minnesota legislature recently amended its foreclosure laws, effective August 1, 2013.     MINNESOTA SENATE FILE 1276   Effective August 1, 2013, for foreclosures with a notice of pendency or a lis pendens for...

The Maine legislature recently repealed its Fair Credit Reporting Act (the “Act”) effective September 17, 2013.  The Missouri legislature recently amended its laws governing mortgage loan originator education requirements and...

Lynn, Massachusetts has enacted an ordinance establishing a bill of rights for homeowners, which addresses unsecured and unmaintained vacant properties and foreclosing properties, effective June 17, 2013.     “Building” means any structure...

The Connecticut legislature recently enacted laws governing private transfer fees, effective June 24, 2013.  The Michigan legislature recently amended its foreclosure laws and enacted laws governing loss mitigation procedures, effective...

On July 10, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued CFPB Bulletin 2013-07 regarding unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) in the collection of consumer...

The Connecticut legislature recently amended its laws governing the recovery of money owed to a unit owners’ association due to the non-payment of assessments, effective June 24, 2013.  The legislature...

On June 25, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a guidance bulletin regarding responsible business conduct, self-policing, self-reporting, remediation, and cooperation during the Bureau’s investigations. CFPB Bulletin 2013-06 The...

On June 26, 2013, the U.S. Court of Appeals for the Fifth Circuit decided a case which was appealed from the Southern District Court of Texas.  The Hawaii legislature amended...

The Nevada legislature recently enacted legislation governing abandoned residential property and expedited foreclosure and amended its foreclosure laws effective July 1, 2013.   NEVADA SENATE BILL 278   “Abandoned residential property” means residential real...

The Nevada legislature recently amended its laws governing ownership interests in real property, reconveyances of deeds of trust, and bona fide purchasers effective July 1, 2013. NEVADA SENATE BILL 493     Except as...

The Maryland legislature recently enacted the Maryland Mortgage Assistance Relief Services Act (the “Act”) and the Regulated Sustainable Energy Contract Program.  Both bills are effective July 1, 2013. MARYLAND SENATE BILL...

The Texas legislature recently enacted legislation governing expedited foreclosure proceedings related to the foreclosure home equity liens, effective June 14, 2013.  The Nevada legislature recently enacted legislation, effective June 10,...

Our April 19, 2012 Compliance Memorandum discussed Oregon Senate Bill 1552, effective April 11, 2012, which enacted foreclosure avoidance measure laws.  The Oregon legislature recently amended and repealed certain provisions...

The Colorado legislature recently amended the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), effective July 1, 2013, and the Nevada legislature amended its foreclosure laws effective...

The Oregon legislature recently amended its laws governing mortgage loan originators, effective June 4, 2013, and its laws governing foreclosed residential real property effective June 6, 2013. OREGON HOUSE BILL 2856     The...

The Hawaii legislature recently amended its laws governing mortgage servicers, effective May 31, 2013. HAWAII SENATE BILL 1070   “Nationwide Mortgage Licensing System” (“NMLS”) means a mortgage licensing system developed and maintained by...

The Consumer Financial Protection Bureau (the “Bureau”) issued a final rule effective June 1, 2013, addressing prohibitions on financing credit insurance premiums under Regulation Z.  The Delaware legislature amended its...

The Arkansas legislature recently amended its laws governing the calculation of interest on consumer loans and also amended the Fair Mortgage Lending Act (the “Act”).  The legislature also enacted legislation...

The Kansas legislature recently amended its laws governing the maximum interest rate.  The Mississippi legislature recently amended the Mississippi S.A.F.E. Mortgage Act (the “Act”).  The Oklahoma Department of Consumer Credit...

The Indiana legislature recently amended the First Lien Mortgage Lending Act, the Uniform Consumer Credit Code, laws governing closing protection letters and foreclosures.  The Iowa legislature recently amended its laws...

The Maryland legislature recently enacted legislation effective June 1, 2013 prohibiting nonjudicial evictions. MARYLAND HOUSE BILL 1308/SENATE BILL 642     “Party claiming the right to possession” means a person or successor to any...

The Vermont legislature recently amended the Licensed Lenders laws effective May 13, 2013.  The Colorado Division of Real Estate (the “Division”) issued and repealed rules governing mortgage loan originators and...

The Idaho legislature recently amended the Idaho Residential Mortgage Practices Act (the “Act”) with regard to mortgage brokers and mortgage lenders and the Idaho S.A.F.E. Mortgage Licensing Act (the “Idaho...

The Iowa legislature recently amended its laws governing mortgage release certificates, effective May 1, 2013.   IOWA SENATE FILE 445     An “applicant” means a person authorized to regularly lend money to be secured...

The Minnesota legislature amended its foreclosure laws, effective April 23, 2013.  The Department of Administration of the State of Montana amended its rules under the Consumer Loan Act (the “Act”)...

The Nebraska legislature recently enacted legislation, effective May 16, 2013, criminalizing the filing of fraudulent liens and financing statements and amended its laws governing nonconsensual common-law liens.  The Nevada legislature...

Our September 30, 2009 Compliance Memorandum discussed Connecticut House Bill 5535, which enacted the Connecticut Uniform Real Property Electronic Recording Act (the “Act”).  The Regulations of Connecticut State Agencies were...

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union  Administration, and the Farm Credit...

The Colorado legislature recently amended the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), effective March 22, 2013.  The New York Department of Financial Services (“DFS”) recently...

The Minnesota legislature recently amended its laws governing a certificate of satisfaction of mortgage (a “certificate”) and the release and partial release of mortgage liens, effective March 19, 2013. MINNESOTA HOUSE...

The Virginia Bureau of Financial Institutions (the “Bureau”) has amended its rules governing mortgage lenders and mortgage brokers effective January 28, 2013.  The Washington Department of Financial Institutions recently amended...

The United States Court of Appeals for the Fifth Circuit on February 13, 2013 affirmed the district court’s dismissal of a defendant bank from the borrowers’ suit for violations of...

The Consumer Financial Protection Bureau (“CFPB”) issued a final rule, 78 Federal Register 11484 (the “Rule”), effective March 18, 2013, which establishes the CFPB’s rule regarding the confidential treatment of...

On February 11, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued Bulletin 2013-01 as guidance to residential mortgage servicers and subservicers (collectively, “servicers”) to address potential risks to borrowers...

The Department of Housing and Urban Development (“HUD”) has issued the Fair Housing Act’s Discriminatory Effect Standards Final Rule (the “Rule”), 78 Federal Register 11460, effective March 18, 2013.  Although...

The North Carolina legislature recently amended its mechanic liens laws effective April 1, 2013.  The Oregon Attorney General adopted final rules. NORTH CAROLINA SENATE BILL 42     The amendments to the mechanic liens...

On January 16, 2013, the CSBS issued a media release announcing that a new, national Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”) mortgage loan...

The Maryland Commissioner of Financial Regulation of the Department of Labor, Licensing, and Regulation (“Department”) recently amended the promulgated Notice of Intent to Foreclose form for non-owner occupied property.  The...

The Alabama legislature recently enacted the Alabama Residential Mortgage Satisfaction Act (the “Act”) which is effective March 1, 2013.  The Michigan legislature recently extended loss mitigation provisions which were expiring.   ALABAMA...

The Consumer Financial Protection Bureau (“CFPB”) recently published a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure).  The Michigan legislature recently amended...

The U.S. Senate and House of Representatives passed legislation amending the Federal Deposit Insurance Act.  The New York Superintendent of Financial Institutions (“Superintendent”) extended emergency regulations.   H.R. 4014    On December 20, 2012...

The New Jersey legislature recently enacted laws establishing a summary action to foreclose mortgages on vacant and abandoned residential property, effective December 3, 2012.  However, the Senate bill’s provisions will...

On December 5, 2012, the California Department of Corporations (the “Department”) issued a Bulletin addressing business arrangements that involve unlawful referral fees to third-party risk management companies. CALIFORNIA DEPARTMENT OF CORPORATIONS...

The California legislature recently amended its laws governing mortgages and deeds of trust, foreclosure prevention alternatives, and first lien mortgage modifications.  The legislation is referred to as the Homeowner’s Bill...

The Kentucky legislature has enacted legislation governing private transfer fees.  The Oklahoma legislature recently amended the Uniform Real Property Electronic Recording Act (the “Act”) with regard to the definition of...

The Nebraska legislature recently enacted the Nebraska Uniform Power of Attorney Act (the “Act”), effective January 1, 2013. NEBRASKA LEGISLATIVE BILL 1113     A power of attorney must be signed by the principal...

The California legislature recently amended its laws governing recording fees, real estate instruments, and the Real Estate Prosecution Trust Fund (the “Fund”).  It also amended its laws governing the limitation...

The California legislature recently amended its foreclosure laws and its laws governing deficiency judgments.  The three bills discussed in this memorandum are effective January 1, 2013. CALIFORNIA ASSEMBLY BILL 1599     If the...

The California legislature recently amended its laws governing the licensure of real estate brokers, real estate salespersons, and mortgage loan originators under the Business and Professions Code.  Provisions of the...

The Washington Department of Financial Institutions (the “Department”) has amended its rules governing mortgage loan originators and mortgage loan servicers under the Consumer Loan Act (the “Act”), effective November 1,...

The Georgia Department of Banking and Finance recently amended its rules under the Georgia Residential Mortgage Act (the “Act”), effective October 8, 2012.  The Maryland Department of Labor, Licensing, and...

The New York legislature recently enacted laws governing the obligations of a person to disclose his or her social security number, effective December 12, 2012.  The New York Department of...

The Virginia Bureau of Financial Institutions (the “Bureau”) recently amended the State Corporation Commission’s (the “Commission”) regulations governing licensed mortgage loan originators, effective August 15, 2012.     Virginia Rules 10 VAC 5-161-10...

Our August 17, 2012 Compliance Memorandum discussed provisions of House Bill 4323 that were effective August 3, 2012, which required the Massachusetts Division of Banks (the “Division”), to establish a...

The Montana Department of Administration (the “Department”) recently amended its rules, effective September 7, 2012 under the Montana Mortgage Act (the “Act”).   Montana Rules 2.59.1701 – 2.59.1731     A mortgage servicer licensee must...

On June 8, 2012 the Texas Fifth District Court of Appeals decided a case addressing notices of rescission sent by certified mail under the federal Truth-in-Lending Act and its implementing...

The Texas Finance Commission (the “Commission”) recently amended the Residential Mortgage Loan Originator rules governing mortgage loan originators applying for licenses from the Office of Consumer Credit Commissioner (“OCCC”) and...

Our October 26, 2011 Compliance Memorandum discussed New York Assembly Bill 7358-A, effective September 23, 2011, which enacted the Private Transfer Fee Obligation Act (the “Act”).  The New York legislature...

The New York legislature recently amended the Banking Law governing licensed mortgage bankers, high-cost home loans, and subprime home loans relating to lender and broker compensation and yield spread premiums. ...

The Connecticut legislature recently amended its laws governing the recording fees, interest on funds held in escrow, and security breaches, and amended the Connecticut Housing Finance Authority Act (the “Act”). ...

The Louisiana legislature recently enacted legislation authorizing municipalities to enact ordinances relative to abandoned property.  The Maryland legislature recently enacted laws requiring the Department of Labor, Licensing, and Regulation (the...

The Illinois legislature recently amended its laws governing property tax installment due dates, effective August 10, 2012.  New York’s real property recordation laws will include electronic recording on September 22,...

The Illinois legislature recently amended its laws governing residential mortgage licensing.  Except as discussed in this memorandum, House Bill 4521 was effective August 3, 2012.     “Servicing” includes management of third-party entities...

Our April 19, 2012 Compliance Memorandum discussed Oregon Senate Bill 1552, which was effective April 11, 2012.  Senate Bill 1552 (the “laws”) authorized the Oregon Attorney General to adopt rules...

The Colorado legislature recently amended its foreclosure laws effective September 1, 2012.  The Hawaii Department of Commerce & Consumer Affairs Division of Financial Institutions – Banking (“DFI”) issued a notice...

The Hawaii legislature recently enacted legislation governing the unlawful use of personal information, and amending the Mortgage Rescue Fraud Prevention Act, the Hawaii Secure and Fair Enforcement for Mortgage Licensing...

The Georgia legislature recently amended its laws governing disbursement of settlement proceeds.  The North Carolina legislature recently amended uniform recording fees, which are effective until July 1, 2013.  The Pennsylvania...

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller...

The Alabama legislature recently amended its laws governing recording of instruments, effective August 1, 2012.  Our December 6, 2010, February 18, 2011, May 6, 2011, and August 23, 2011 Compliance...

The Colorado legislature recently amended Colorado law governing notary publics, effectiveAugust 8, 2012.  The Maryland legislature recently enacted legislation governing indemnity mortgages and real property taxes related to a foreclosure...

The Louisiana legislature amended Louisiana laws governing the erasure or cancellation of mortgages effective August 1, 2012.  The New Hampshire legislature recently amended the exemptions under the Licensing of Nondepository...

The Michigan legislature recently amended the Mortgage Loan Originator Licensing Act (the “Act”), effective May 30, 2012.  The Colorado Board of Mortgage Loan Originators (the “Board”) recently promulgated a new...

Nebraska Legislative Bill 965 amended the Residential Mortgage Licensing Act (the “Act”), effective July 12, 2012.   “Nationwide Mortgage Licensing System and Registry” (“NMLSR”) means a licensing system developed and maintained by...

The Louisiana legislature recently amended the Louisiana S.A.F.E. Residential Mortgage Lending Act (the “Act”), the Louisiana Consumer Credit Law (the “Law”), and Louisianarecordation laws related to certificates of encumbrance.  The...

The Federal Housing Finance Agency (“FHFA”) recently issued a final rule effective July 16, 2012 to restrict Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (“Regulated Entities”), from...

Vermont House Bill 503 repealed and reenacted Vermont’s foreclosure laws effective July 1, 2012.  Only the provisions that have changed will be discussed in this Memorandum.   General Provisions   Nothing in the foreclosure...

The West Virginia Division of Financial Institutions (the “Division”) recently amended its rules effective May 1, 2012, under the West Virginia Residential Mortgage Lender, Broker, and Servicer Act (the “Act”)...

The Kentucky legislature recently amended its laws governing conveyances and encumbrances, real estate recordation taxes, penalties for defrauding secured creditors, and Mortgage Loan Companies and Brokers and enacted legislation governing...

The Georgia legislature recently enacted legislation authorizing closing protection letters. It also amended its laws governing residential mortgage fraud and foreclosure and enacted legislation governing the foreclosure process with vacant property.   GEORGIA...

Our May 26, 2011 Compliance Memorandum discussed provisions of Senate Bill 651 amending Hawaii’s foreclosure laws and mortgage servicer’s laws that were effective May 6, 2011.  The provisions of Senate...

The Indiana legislature recently amended the First Lien Mortgage Lending Act (the “Act”) and the Uniform Consumer Credit Code (the “UCCC”) and amended mortgage and vendor’s lien laws related to...

The New Jersey legislature recently enacted the Foreclosure Rescue Fraud Prevention Act (the “Act”) which is effective June 17, 2012.   Definitions   “Business day” means any day other than a Saturday, Sunday, or...

The West Virginia legislature recently enacted House Bill 4390, the Uniform Power of Attorney Act (the “Act”), which is effective June 8, 2012.   A power of attorney must be signed by...

The Consumer Financial Protection Bureau (“CFPB”) recently issued a bulletin addressing fair lending requirements under the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B.  The Vermont legislature...

The Consumer Financial Protection Bureau (“CFPB”) issued a bulletin on April 19, 2012, addressing transitional loan originator licensing under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008...

Chapter 86 of the Oregon Code governing mortgages and trust deeds was amended effectiveApril 11, 2012.   OREGON SB 1552   “Foreclosure avoidance measure” is an agreement between a lender or holder (hereinafter referred...

The Nebraska Department of Banking and Finance (the “Department”) recently issued Interpretative Opinions regarding the Residential Mortgage Licensing Act (the “Act”).   NEBRASKA DEPARTMENT OF BANKING INTERPRETATIVE OPINIONS 1 to 5 (effective...

The Consumer Financial Protection Bureau (“CFPB”) issued a Bulletin on April 2nd.  The New York Department of Financial Services extended emergency regulations.  The Vermontlegislature recently amended its banking and finance...

Recent Utah legislation extends a repeal date.  The Washington legislature recently enacted legislation governing releasing a mortgage or deed of trust and amending its foreclosure laws.   UTAH HOUSE BILL 280 (effective...

The Washington legislature recently amended the Consumer Loan Act (the “CLA”), the Mortgage Broker Practices Act (the “MBPA”), and the Mortgage Lending and Homeownership laws.  The West Virginia legislature recently...

The Utah legislature recently amended the Utah Mortgage Practices and Licensing Act (the “Act”) and enacted legislation governing the foreclosure of trust deeds.   UTAH HOUSE BILL 191 (effective May 8, 2012)   “Branch...

The Indiana legislature recently amended its foreclosure laws.  This Memorandum discusses the provisions of Senate Bill 298 that were effective March 19, 2012.  We will later report on the provisions...

The Oregon Department of Justice recently issued Emergency Rules governing mortgage loan servicing practices that are effective through July 24, 2012.   OREGON EMERGENCY RULES 137-020-0805 (effective February 15, 2012)   “Borrower” means an...

The California legislature recently enacted legislation effective January 1, 2012, adding a section to the Business and Professions Code governing information about real estate licensees provided on the Internet.  The...

Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury (“Treasury”), issued a Final Rule on February 14 defining non-bank residential mortgage lenders and originators as loan...

The South Carolina legislature recently enacted legislation governing transfer fees covenants. The legislation was effective February 1, 2012.   South Carolina House Bill 3095   “Association” means a nonprofit, mandatory membership organization comprised of owners...

The New York legislature addressed 203(K) loans as they relate to mortgage brokers and home improvement contractors.  The Ohio legislature recently enacted the Uniform Power of Attorney Act (the “Act”).   NEW...

The Department of Administration of the State of Montana (the “Department”) recently adopted rules pertaining to the financial responsibility of mortgage loan originators and control persons and ultimate equity owners...

The Illinois legislature recently enacted legislation effective January 13, 2012 governing short sales.  The Illinois Department of Financial and Professional Regulation (the “Department”) recently adopted amendments to the Illinois Residential...

The Delaware legislature recently enacted the Delaware Mortgage Loan Modification Services Act (the “Act”) effective March 21, 2012, to protect homeowners from unfair or deceptive practices by providers of mortgage...

Our June 6, 2011 Compliance Memorandum discussed an emergency amendment to the District of Columbia Municipal Regulations entitled “Foreclosure Mediation”, which was effective May 25, 2011.  The Commissioner of the...

Our June 29, 2011 Compliance Memorandum discussed Texas House Bill 558, effective September 11, 2011, which added a section to the Finance Code addressing payoff statements.  Pursuant to House Bill...

The Indiana Department of Financial Institutions (the “Department”) recently adopted Emergency Rules effective December 15, 2011, amending its Mortgage Lenders and Originators Regulations (the “Regulations”), which were originally adopted July...

The Finance Commission of Texas (“the Commission”) recently adopted regulations effectiveJanuary 5, 2012 governing residential mortgage loan servicers under the Residential Mortgage Loan Servicer Registration Act (the “Act”).   7 TEXAS ADMINISTRATIVE...

The Arkansas Securities Department recently amended its regulations in regards to the Fair Mortgage Lending Act (the “Act”) by changing mortgage broker, mortgage banker, and mortgage servicer surety bond requirements...

The Arkansas Securities Department recently amended its regulations in regards to the Fair Mortgage Lending Act (the “Act”) by changing mortgage broker, mortgage banker, and mortgage servicer surety bond requirements...

The Office of the Comptroller of the Currency (the “OCC”) recently issued a Bulletin addressing problems with foreclosed residential properties to national banks and federal associations (“bank” or “banks”).  The...

The Michigan legislature recently amended its laws relating to foreclosure proceedings.   MICHIGAN HOUSE BILL 4542 (effective December 28, 2011)   A party must not commence proceedings to foreclose a mortgage on property claimed...

The North Dakota legislature recently enacted legislation governing private transfer fees.  TheOregon legislature amended the Notice of Default.  The Montana Department of Administration, Division of Banking and Financial Institutions recently...

The Texas legislature recently enacted House Bill 1228 addressing the payment and collection of assessments and other charges owed to a property owners’ association and foreclosure of a property owner’s...

The California legislature recently amended its foreclosure laws relating to language that must be included in the notice of sale notifying potential bidders of specified risks involved in bidding on...

The Alabama legislature recently enacted the Alabama Uniform Power of Attorney Act (the “Act”).  The Act is effective January 1, 2012.   A power of attorney must be signed by the principal...

The Arkansas legislature recently enacted the Uniform Power of Attorney Act (the “Act”).  The Act is effective January 1, 2012.   A power of attorney must be signed by the principal or...

The Delaware legislature recently amended its laws to establish an Automatic Residential Mortgage Foreclosure Mediation Program (the “Program”) and to address complaints and answers regarding foreclosing a mortgage.  The legislation...

The California legislature recently amended the Business and Professions Code and the Financial Code governing mortgage loan originators and its laws governing the notice of recordation in Los Angeles County....

Interagency Questions and Answers Regarding Flood Insurance have been updated.  TheMichigan legislature recently enacted legislation governing mortgage fraud and the penalties for committing mortgage fraud.  The Colorado Board of Mortgage...

The Delaware legislature recently enacted legislation creating the Office of Foreclosure Prevention and Financial Education within the Division of Consumer Protection (the “Office”) and enacted legislation addressing loss mitigation programs...

The Colorado Division of Real Estate along with the Budgeting Office for the Colorado Department of Regulatory Agencies recently issued a notice addressing the Mortgage Loan Originator Licensing and Mortgage...

The Montana legislature recently amended the Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing Act and renamed it the Montana Mortgage Act (the “Act”).  In accordance with the...

The North Carolina legislature recently amended its foreclosure laws and laws governing documents of rescission, short-pay statements, credit suspension directives, partial releases, obligation releases, security instruments, and equity lines of...

The Florida legislature recently enacted the Florida Power of Attorney Act (the “Act”).  TheNevada legislature recently amended laws addressing the recording of assignments and discharges of deeds of trusts, execution,...

FEDERAL TRADE COMMISSION MORTGAGE ADVERTISING FINAL RULE 76 FEDERAL REGISTER 141   This Final Rule, effective August 19, 2011, prohibits any misrepresentation in any commercial communication regarding any term of any mortgage...

The Maryland legislature has recently amended the Mortgage Lender Law and the Mortgage Originators laws under the Financial Institutions Code, amended the Maryland Consumer Protection Act (the “Act”) and the...

The Georgia Department of Banking and Finance (the “Department”) recently amended its rules under the Georgia Residential Mortgage Act (the “Act”).  The Oregon legislature recently amended the requirements under Oregon...

Pursuant to its authority under the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), the United States Department of Housing and Urban Development (“HUD”)...

Pursuant to its authority under the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), the United States Department of Housing and Urban Development (“HUD”)...

As one of its last consumer credit rule issuances, the Board of Governors of the Federal Reserve Board amended the model notices in Regulation B to reflect new content requirements...

The Maine legislature recently amended the Maine Consumer Credit Code (“Maine CCC”) to conform to federal law, including the federal Truth-in-Lending Act (“TILA”), amended the Maine Secure and Fair Enforcement...

The Colorado Board of Mortgage Loan Originators (“the Board”) recently promulgated rules under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), and the Texas Attorney General...

The Iowa Division of Banking and the Oklahoma Department of Consumer Credit recently amended their regulations.  Both amended regulations were effective July 1, 2011.   IOWA RULES 187-18.1- 18.20   The Iowa Division of...

Senate Bill 269 which was effective July 5, 2011, created the Louisiana Housing Corporation Act (the “Act”), which establishes the Louisiana Housing Corporation (the “Corporation”). Effective midnight on December 31, 2011,...

The Idaho legislature recently amended its foreclosure laws and enacted laws governing loan modification assistance and mortgage loan modification fees.  The New Hampshire legislature recently amended its laws governing real...

The Colorado legislature recently enacted legislation governing real property transfer fee covenants and amended the Mortgage Loan Originator Licensing and Mortgage Company Registration Act.  The Colorado legislation is effective August...

The Oregon legislature and the Oregon Department of Consumer and Business Services recently revised the mortgage lending fees.  The Washington legislature recently amended its foreclosure laws and created the Foreclosure...

The Connecticut legislature recently amended the Banking Law of Connecticut (the “Banking Law”) to include the regulation of loan processors or underwriters and persons offering or engaging in debt negotiation. ...

The Colorado and New York legislatures extended recording fees.  The Louisiana legislature recently enacted legislation addressing the cancellation of mortgage and vendor’s liens inscriptions.  North Dakota has adopted a Uniform...

The Texas legislature has recently amended its laws addressing notices of lis pendens, debt management services, foreclosure notices for members of the United States armed forces, secured creditor’s rights with...

The Florida legislature recently enacted legislation relating to the recording of real property documents.  The Louisiana legislature recently amended the Louisiana S.A.F.E. Residential Mortgage Lending Act (the “SAFE Act”).  The...

The Texas legislature recently added a section to the Finance Code addressing payoff statements and mortgage insurers and added a section to the Property Code addressing correction instruments.   Texas House Bill...

The Nevada legislature recently amended its Mortgage Brokers and Mortgage Agents laws and Mortgage Bankers laws (collectively the “laws”) and its Mortgage Lending laws addressing foreclosure consultants, foreclosure purchasers, and...

The Nevada legislature recently enacted legislation prohibiting a banking or other financial institution from unreasonably delaying a response to an offer for a sale in lieu of  foreclosure sale.  The...

The Texas and Tennessee legislatures recently addressed private transfer fees, and theAlabama legislature recently amended the amount of a late charge and addressed closing protection letters.   TEXAS HOUSE BILL 8 (effective...

The Texas legislature recently enacted legislation addressing the authority of a co-owner of residential property to encumber the property to preserve or maintain it, foreclosure data collection, and assignment of...

The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.   NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)   A board of...

The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.   NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)   A board of...

The Arizona legislature recently amended its laws governing mortgage brokers, mortgage bankers, and loan originators and enacted laws addressing exempt persons.    The Tennesseelegislature recently enacted legislation providing criminal penalties for...

The Alabama and Indiana legislatures recently enacted legislation addressing private transfer fees.  The Indiana legislature also amended its consumer protection laws.   ALABAMA HOUSE BILL 184 (effective May 25, 2011)   “Association” or “unit...

Appendix A to Regulation B has been amended effective July 1, 2011.  The Florida legislature recently amended the Loan Originators and Mortgage Brokers laws (the “laws”).  The Georgialegislature recently amended...

The Minnesota legislature recently enacted legislation addressing taxes on supplemental mortgages, the right of redemption, foreclosure notices, disclosure of note information to borrowers, and broker price opinions.  The Tennessee legislature...

The Acting Commissioner of the Department of Insurance, Securities and Banking (“Commissioner”) has adopted on an emergency basis an amendment entitled “Foreclosure Mediation” to the District of Columbia Municipal Regulations.   These...

The Maryland legislature recently amended its foreclosure laws.  The Nevada legislature recently enacted legislation addressing private transfer fees.   MARYLAND HOUSE BILL 728 (effective June 1, 2011)   For a property that is not...

The Indiana legislature has recently amended its foreclosure laws.   Indiana Senate Bill 582   As indicated below, certain provisions of the Bill were effective May 10, 2011, and other provisions are effective July...

The Arkansas legislature recently amended the Fair Mortgage Lending Act and the Title Insurance Act.  Legislation addressing broker’s price opinions, statutory foreclosures and real property transfer taxes has also been...

The Hawaii legislature recently amended its foreclosure laws and mortgage servicers laws.   HAWAII SENATE BILL 651 (effective May 6, 2011)   FORECLOSURE   Mortgage Foreclosure Dispute Resolution   The following provisions apply to nonjudicial foreclosures conducted by...

The Iowa legislature recently amended laws related to financial institutions, mortgage bankers and brokers, and mortgage loan originators.  The South Carolina Supreme Court recently issued an Administrative Order related to...

The Iowa legislature recently amended its law on the licensing and regulation of real estate closing agents and also addressed a non-signing spouse’s interest in the homestead.  Both pieces of...

The District of Columbia finalized its foreclosure law.  Recent Idaho legislation addresses a lien of assessment for water rights.  The definition of “balloon payment” was added to theIndiana statutes.  The...

The Indiana legislature recently amended the Financial Institutions Code.  The Kentuckylegislature recently amended laws governing abatement of nuisances which are effective June 20, 2011.  The Colorado Board of Mortgage Loan...

The Utah legislature recently enacted six bills which are effective May 10, 2011 that impact mortgage lenders.  The legislation relates to recording requirements, real estate closings, mortgage loan originators and...

A Texas case related to foreclosure has recently been decided, and the Idaho legislature has addressed transfer fees.   Biggers v. BAC Home Loans Servicing, LP f/k/a Countrywide Home Loans Servicing, LP.,...

The Mississippi legislature amended its SAFE Act, and the Nebraska legislature addressed electronic title/lien services and private transfer fee obligations.  West Virginia increased its penalty for violations of its licensing...

The Board of Governors of the Federal Reserve System (the “Board”) published a final rule to amend Section 226.35 of Regulation Z and its Commentary which is effective for covered...

The Colorado legislature recently enacted legislation addressing exemptions from mortgage loan originator licensing and extending the foreclosure deferment law while the Nebraskalegislature addressed registration with the Nationwide Mortgage Licensing System...

The Federal Reserve Board issued this final rule which amends Section 226.36 of Regulation Z.  The rule prohibits payments to loan originators, which includes mortgage brokers and loan officers, based...

The Arizona Department of Financial Institutions and The Colorado Board of Mortgage Loan Originators recently amended their loan originator rules.  The Illinois Division of Banking established the points and fees...

The District of Columbia (“D.C”) extended the “Saving D.C. Homes from Foreclosure Emergency Amendment Act,” and the D.C. Commissioner of Insurance, Securities and Banking adopted Final Rules.  The Idaho Department...

The U. S. Congress recently enacted legislation extending protection for service members. On February 3, 2011 the federal agencies announced the initial registration period for Federal registration of loan originators.  The...

The Massachusetts legislature recently repealed and enacted new homestead laws.  The Montana Department of Administration Division of Banking and Financial Institutions (the “Department”) recently adopted and repealed rules under the...

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (the “Board”), the Federal Deposit Insurance Corporation the Office of Thrift Supervision, and...

The New Jersey Supreme Court recently adopted emergency amendments to its foreclosure rules in light of irregularities in the residential foreclosure practice, and the Vermont Supreme Court recently issued an...

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...

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...