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Bank and non-bank lending combinations/CFPB vs CashCall

The US District Court for the Central District of Ca. granted the Consumer Financial Protection Bureau’s (“CFPB”) Motion for Partial Summary Judgement on August 31, 2016.   This is a trial court decision and could be reversed on appeal.  The “combination” at issue related to CashCall’s arrangement with Western Sky Financial  (“Western”).    Western claimed an “affiliation” […]

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Husky Int’l Electronics v. Ritz

Husky Int’l Electronics v. Ritz (US Supreme Court 2016).  This case is about Bankruptcy Code 11 U.S.C. 523 which defines which debts are non-dischargeable in bankruptcy.  Most common examples are a debt incurred by way of fraud or false representation, fraud in a fiduciary capacity, domestic support obligations or willful or malicious injury.  The opinion […]

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The Credit Risk Retention Rule

The Credit Risk Retention Rule (see OCC Bulletin 2015-8) (the “Rule”) imposes these requirements on firms, that package financial securities, into asset-backed securities by organizing a securitization transaction.  The final rule defines qualified residential mortgages (“QRM”) to include all loans that meet the qualified mortgage definition defined in Section 129c of the Truth and Lending […]

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Home Ownership

The recently enacted Housing Opportunity through Modernization Bill (2016) (the “ACT”) , allows HUD Section 8 vouchers to be used to make mortgage payments and to pay property taxes and insurance on manufactured homes.  A Section 8 voucher can now be used  to cover the cost of purchasing a manufactured home rather than only for […]

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Supreme Court Spokeo, Inc. v. Robins

The Supreme Court of the United States recently released a 6-2 opinion regarding the sufficiency of a claim based upon alleged statutory violations (Spokeo, Inc. v. Robins, No. 13-1339, decided May 16, 2016).  The complainant, Robins, accused Spokeo, Inc., allegedly a consumer reporting agency, of violating specific portions of the Fair Credit Reporting Act of […]

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Bank Regulatory Terms for the Banker and Dealmaker

California Finance Lenders License Purpose: Provide mortgage brokers and lenders with an exemption to other licenses Main Function: A required license for different types of consumer and commercial lending http://codes.lp.findlaw.com/cacode/FIN/1/d9/1/1 http://www.cfllicense.com/ http://media.mofo.com/files/Uploads/Images/140219-Expanded-Commercial-Loan.pdf CALL Report Purpose: A financial report that must be filed by all regulated financial institutions in the U.S. every quarter Main Function: The […]

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