Faye Ricci

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Faye has broad experience as a corporate and financial institutions attorney. Her transactional experience includes financing transactions, secondary market mortgage transactions, public and private securities offerings, 1934 Act reporting, securitizations, and derivatives. As a corporate attorney, Faye has represented a variety of corporate clients, including banks, mortgage servicers, broker-dealers, residential and commercial mortgage originators, and other financial institutions.

Latest Articles

We first posted an article about proposed amendments to the Military Lending Act (MLA) on December 30, 2014. Ultimately, the Department of Defense (DoD) amended its regulation effective October 1, 2015, and extended the MLA’s application to a wide range of closed-end and open-end credit products and to broad classes of creditors as originally proposed. With the implementation of the final rule, the MLA now essentially uses the definition of “consumer credit” as defined in…
When the Consumer Financial Protection Bureau (CFPB) decided that it would enforce fair lending laws by using proxy-based methodologies to determine fair lending compliance, it spawned a whole new area of compliance that focuses almost entirely on data analysis. Fair Lending Laws Fair lending laws govern a wide range of a financial institution’s loan transaction activities. The Equal Credit Opportunity Act, along with its accompanying Regulation B, prohibits discrimination by a creditor against an applicant…
Today, the CFPB issued a letter to various industry trade groups, including the Mortgage Bankers Association, the American Bankers Association, and the Independent Community Bankers of America,  acknowledging that the implementation of the “Know Before You Owe” rule  (otherwise known as “TRID”) poses many “operational challenges.”   Many financial institutions and industry participants do not have the capability of minimizing compliance risk by bringing all operations in-house the way some of the large financial institutions…
On February 16, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order relating to certain “deceptive” acts and practices of Dwolla, Inc., an Iowa based payment processor (Dwolla). Dwolla operates a software platform that enables “real time” funds transfers through a digital network that connects banks and credit unions. According to the CFPB, Dwolla had more than 650,000 users and transferred as much as $5 million a day as of May, 2015. The…
Since October 3, 2015, which was the effective date of the TILA-RESPA Integrated Disclosure Rules (TRID), banks and members of the mortgage industry have continued to work hard to implement TRID. But for those who have attempted to seek liquidity by selling mortgage loans in the secondary market, the transition to TRID has not been smooth.  Quality control vendors and private investors have been rejecting mortgage loans originated under TRID for a variety of violations,…
On December 18, 2015, the Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System (FRB) and the Federal Deposit Insurance Corporation (FDIC, together with the FRB and the OCC, the “Banking Agencies”) issued the Interagency Statement on Prudent Risk Management for Commercial Real Estate Lending (“Interagency CRE Statement”) To review the Interagency CRE Statement, click here. The Interagency CRE Statement reminds financial institutions to…
The CFPB issued a final rule changing Regulation C, which implements the Home Mortgage Disclosure Act (HMDA) today. This is significant because HMDA requires certain institutions to collect, report, and disclose information about their mortgage lending activity. The CFPB and other banking regulators will use the reported data to determine whether financial institutions are serving the housing needs of their communities, and to identify potentially discriminatory lending patterns so that the CFPB can enforce anti-discrimination…
On Wednesday, October 7th, the House voted to pass the Homebuyers Assistance Act, a bill that would delay enforcement of the new TRID rules that went into effect on October 3. The Homebuyers Assistance Act would shield lenders from private litigation as well as regulatory enforcement actions until February 1, 2016, so long as such lender has made a good faith effort to comply with the rules.…
On September 21, 2015, the Consumer Financial Protection Bureau (“the CFPB”) finalized several changes to the mortgage rules that impact community banks and credit unions. The CFPB proposed these rules in January to help smaller banks and credit unions lend in rural and underserved areas. The effective date for this proposed rule (with additional clarifications and technical revisions) is January 1, 2016. To access the rule, click here. Ability-to-Repay Rule In 2013, the CFPB…
Recently, the U.S. Court of Appeals for the Third Circuit ruled that the Federal Trade Commission (FTC) may pursue a lawsuit against Wyndham Worldwide Corporation, a hotel and time share operator for “unfair and deceptive” cybersecurity practices. In its complaint, the FTC alleged that Wyndham “unreasonably and unnecessarily” exposed consumers’ personal data in more than 600,000 payment card accounts, resulting in 3 data breaches in 2008 and 2009. According to the FTC, these data breaches…