Blog

OCC Requires FinTech Applicants To Apply As Nondepository Institutions

The Office of the Comptroller of Currency (“OCC”) recently  established that it will use its authority to grant special-purpose charter to allow FinTech companies into the banking system.  The charter details have not yet been finalized.  In order to apply for this special-purpose charter, a company must engage in fiduciary activities, or either one of […]

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New Consulting Work. CMBS And HVCRE Rules

We are consulting with an investment management firm on potential changes in commercial real estate. Our client has asked for an overview of  how the Trump presidency might affect the CMBS risk retention rules and High Volatility Commercial Real Estate(“HVCRE”) rules.  The scope of our review also includes an analysis on GSE’s and possible effects […]

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Dodd-Frank And Commercial Real Estate

What’s Next? Some experts in the financial services industry, believe that the new Trump administration may change or roll-back a portion of the Dodd-Frank legislation. Financial institutions, mortgage companies, securitization sponsors, etc.  must continue to treat  current regulatory requirements as applicable to the business.  It is important to differentiate the commitment to protection of consumers […]

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FinTech Strategic Partnership Consulting. A New Product

We consult with marketplace lenders and community banks and other lenders to create a strategic partnership to meet both parties’ business goals.  It may be more cost effective to partner with a FinTech provider or marketplace lender than to  create a new platform. We offer a value-based consulting product to analyze goals, prepare a strategic […]

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PHH Corp. et. al. vs CFPB

My recent presentation for Lambda Alpha. We discussed the PHH Corp. et. al. vs CFPB  case which was decided Oct. 11, 2016 by the US court of Appeals for the DC Circuit.  PHH argued that the authorizing legislation for the CFPB creates an unconstitutional independent agency officer  not subject to review by any branch of […]

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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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