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Law and regulation

Fate of Fed intertwined with FTC Democrat, Supreme Court told

Law and regulation, Politics and policy /

Allowing President Donald Trump to remove independent agency members undermines the legal basis for the independence of the Federal Reserve, lawyers for the Federal Trade Commission’s sole remaining Democrat told the US Supreme Court Monday. Attorneys for FTC Commissioner Rebecca Kelly Slaughter made that argument in a filing that seeks to allow her to remain in her […]

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FAPA disrupts market as petition pends before Supreme Court

Foreclosures, Law and regulation, Secondary markets, Servicing /

A securitization trustee is petitioning the Supreme Court to hear New York’s Foreclosure Abuse Prevention Act, but the wheels of justice turn slowly, in the interim the law raises concerns for various industry stakeholders. “They haven’t decided whether to review it or not, but that will be conferenced by the justices of the Supreme Court,”

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Cypress Loan Servicing settles with Mass. AG for $2 million

Law and regulation, Servicing /

Cypress Loan Servicing received an assurance of discontinuance from Massachusetts Superior Court in Suffolk County after agreeing to pay $2 million to settle legacy allegations. The payment by the company, which previously operated as Rushmore Loan Management Services, will go toward a state penalty and borrower restitution. The court agreement calls for business practice change

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Donald Trump

Trump signs debanking executive order

Donald Trump, Law and regulation, Politics, Politics and policy /

Chris Kleponis/Bloomberg WASHINGTON — President Donald Trump signed an executive order meant to combat so-called debanking in the financial system.  The order tells bank regulators to ensure that banks aren’t cutting off consumer access to accounts for political reasons. It also tells the regulators to remove reputational risk from their supervision handbooks, a step that

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Private flood insurance growing as federal coverage recedes

Flood insurance, Law and regulation, Originations, Politics and policy, Servicing /

Private flood insurance use rose notably in recent years as utilization of federal coverage inched down due to adjustments to public programs that have included more latitude in the mortgage sector. Over the last four years, private coverage grew 20% while public policies the National Flood Insurance Program offers receded by 2%, according to a

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