Financial Institutions and Markets (J)

Contact: Edmund D. Harllee; Williams Mullen (North Carolina & Virginia, USA - TAGLaw)

On Wednesday, October 23, the Consumer Financial Protection Bureau (the "Bureau") published interim final rules (and a request for public comment) in the Federal Register to amend further its Regulation Z (Truth in Lending) and Regulation X (Real Estate Settlement Procedures).

Read more: CFPB Issues Interim Final Rules on Dodd-Frank Mortgage Loan Servicing Requirements

Contact: Edmund D. Harlee; Williams Mullen (North Carolina & Virginia - TAGLaw)

On July 2, 2013, the Consumer Financial Protection Bureau (the “Bureau”) published proposed rules and a request for public comment in the Federal Registerto amend certain of its final mortgage rules contained in Regulation X (Real Estate Settlement Procedures) and Regulation Z (Truth in Lending), and to make certain technical corrections to these rules and to Regulation B (Equal Credit Opportunity).  See this publication on July 10, 2013.  The above final rules were published in theFederal Register at various times during the months of January and February of this year.

On Tuesday, October 1, 2013, the Board issued its final rules to amend the mortgage provisions referenced above, and to make certain technical and wording changes to the above regulations.

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Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TIAG)

In the Chapter 11 bankruptcy case of Acceptance Loan Company, Inc. v. S. White Transportation, Inc., the Fifth Circuit recently held that a secured creditor's lien remained in place after the confirmation of the debtor's plan, despite the fact that the secured creditor received bankruptcy notices and took no action to protect its interest until after the plan was confirmed.

Read more: Impact of Chapter 11 Bankruptcy on Liens

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)

The Federal Reserve, CFPB, FDIC, OCC, SEC, NCUA, FTC, and CFTC recently issued Interagency Guidance to clarify that banks and other financial institutions are generally free to report suspected exploitation of elderly customers to government authorities without violating federal privacy provisions of the Gramm-Leach-Bliley Act.

This guidance is good news to banks that were previously stuck between a rock and a hard place with respect to the tension, and sometimes conflict, between state and federal authorities. Nearly all states have passed legislation encouraging the reporting of suspected financial abuse of elderly, and some states, including Kansas, even require such reporting. Prior to the recent Interagency Guidance, many industry professionals had concerns that compliance with state and other federal voluntary and mandatory reporting laws would violate the privacy restrictions found in Gramm-Leach-Bliley and its regulations.

Read more: Interagency Guidance Clarifies Banks’ Right to Report Financial Abuse of Elders