NEVADA HOA UPDATE: WILL THE NEVADA SUPREME COURT LIMIT THE NEGATIVE IMPACT OF THE SFR DECISION TO HOA SALES OCCURRING AFTER SEPTEMBER 18, 2014?
By Dana Jonathon Nitz, Esq., and Natalie C. Lehman, Esq of Wright,Finlay & Zak, LLP
On September 18, 2014, the Nevada Supreme Court (NSC) turned the mortgage industry on its head when it held that a foreclosure on an HOA lien would eliminate what was previously (and universally) viewed as a first priority deed of trust on the property. SFR Investments Pool 1 v. U.S. Bank, 334 P.3d 408 (Nev. 2014). Nearly two years later, the NSC has agreed to revisit the devastating and expansive impact of its decision in the case of K&P Homes v. Christiana Trust et al., NSC Case No. 69966. Specifically, the NSC will decide whether the SFR decision should be applied retroactively to all HOA sales or, should it be applied prospectively to only HOA sales occurring after the date of the SFR decision. Since most HOA sales occurred pre-SFR, a positive decision by the NSC could revive billions of dollars of potentially lost mortgage loans.
Save On Back To School Supplies at Office Depot- while benefiting NBA: Win Win!
Back-to-school season is right around the corner, and so is supply shopping. This year, all NBA members and special members and their employees - whether your company uses Office Depot or not - can access our discount program with Office Depot through the Employee Purchase Program. Click here to download an EPP Card for in-store purchases, and be sure to share with all your team members.
The Nevada Bankers Assoc
iation is pleased to be able to partner with industry-leading suppliers like Office Depot to provide our members with discounts on the products used
every day. For more information about the Office Depot and other programs contact Ana at 702-233-8607 or . When you use any NBA program, it not only benefits your bottom line – it also supports our primary mission: advocacy on behalf of Nevada banks.
70 US Senators Request CFPB Easing/Tailoring
On June 18, 2016 Nevada Senator Dean Heller and a supermajority of the Senate - 70 Senators - asked the CFPB to ease its regulatory requirements for community banks and credit unions. (letter attached)
The senators wrote CFPB Director Richard Cordray, urging that the bureau to use its authority to exempt or tailor its regulations in order to prevent undue burdens on community lenders. Senator Heller has previously brought up this issue in the Senate Banking Committee to highlight that though the CFPB does have this exemption and tailoring authority it has been seldom used by the CFPB.
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.
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.
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.