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Federal Deposit Insurance Corporation (FDIC) To Hold Meeting of the Advisory Committee on Community Banking

The Federal Deposit Insurance Corporation (FDIC) today announced that it will hold a meeting of the Advisory Committee on Community Banking on Wednesday, July 20. Senior staff will discuss and provide updates on: fintech; millennials' perspectives on banking; FDIC's Community Banking Initiative; the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) regulatory review; and consumer compliance issues. There will also be a presentation by FDIC senior staff on recent supervisory developments.

The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the Call Report that will take effect September 30, 2016, and March 31, 2017.  These Call Report revisions were proposed by the three federal banking agencies, under the auspices of the FFIEC, in September 2015 (see FIL-39-2015, dated September 18, 2015).  The proposed revisions included certain burden-reducing changes, several new and revised Call Report data items, and a number of instructional clarifications.  After considering the comments received on the proposal, the FFIEC and the agencies are proceeding with most of the proposed reporting changes, with some modifications.  The U.S. Office of Management and Budget must approve the revisions to the Call Report before they can be implemented. 

FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions

The Federal Deposit Insurance Corporation (FDIC) as receiver for five failed banks today announced a $190 million settlement of certain residential mortgage-backed securities (RMBS) claims with Barclays Capital Inc.; BNP Paribas Securities Corporation; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities Inc.; Edward D. Jones & Co., L.P.; Goldman, Sachs & Co; RBS Securities Inc.; and UBS Securities LLC.

FDIC Publishes a Bank Customer's Guide to Cybersecurity

Consumers increasingly rely on computers and the Internet for everything from shopping and communicating to banking and bill paying. While the benefits of faster and more convenient "cyber" services are clear, the strategies for preventing online fraud and theft may not be as well-known by many bank customers. That is why the FDIC has produced a special edition of the agency's quarterly FDIC Consumer News (Winter 2016) entitled "A Bank Customer's Guide to Cybersecurity." Here is a brief overview of the articles and other features in this special issue.

SUPERPRIORITY LIENS: YEP. THE DEVIL IS IN THE DETAILS.

Rabkin Alan uncropped

THE NEVADA SUPREME COURT RESOLVES FOR HOW LONG AND FOR HOW MUCH AN HOA SUPERPRIORITY LIEN WILL IMPACT YOUR RECORDED DEED OF TRUST
Horizons At Seven Hills Homeowners Association v. IKON Holdings, LLC (132 Nev. Advance Opinion 35) (April 28, 2016)
Alan B. Rabkin, Ph.D., J.D., LL.M. (Tax), LL.M. (European Law), B.A., CRCM
Of Counsel, Holland & Hart, LLP

So let’s set the stage. You have a housing development that is managed by an HOA. They charge the usual assessments for co

mmon area maintenance and HOA operations. They recorded the document that created the HOA (often called ‘CC&R’s’). It’s the core, guiding document for an HOA by law. Thereafter a homeowner buys a home subject to the same CC&R’s and the HOA governance. Years later, the same homeowner defaults on the loan payments then due to an out-of-the-area residential mortgage lender. Recall, during the financial crisis, almost every loan default brought about an equivalent HOA assessment default if the property was subject to CC&R’s. So we also have an HOA assessment default almost by definition.

Consumer complaints to the FTC increased in 2015

by Colleen Tressler, Consumer Education Specialist, FTC

The FTC received more than 3 million complaints in 2015. That’s up from 2.5 million in 2014. Some of the increase can be attributed to the fact that more people know to complain to the FTC about bad business practices, frauds and scams. Technology helped, too — more complaints are reaching the FTC through the convenience of mobile apps. The top three complaint categories are still debt collection, identity theft, and imposter scams. The FTC took aggressive action in 2015 to help address each area and will continue to make each a high priority in 2016. Read more.