The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share growth, nonbank institution size, and nonbank mortgage servicers’ financial stability and governance. The goals of the proposal are to: Provide better protection for borrowers, investors, and other stakeholders in the occurrence of a stress event, in which adverse circumstances affecting one or a series of companies—or…

In this episode of White Collar Briefly, Perkins Coie’s David Biderman, firmwide chair of the Consumer Products & Services Litigation group, sits down with Craig Lackey, general counsel of Rushmore Loan Management Services, a major servicer of residential mortgages nationwide. Their discussion covers topics such as the COVID-19-related downturn on the economy and mortgage servicer responses to COVID-19 and the CARES act. Craig and David also discuss what to expect from enforcement arising from COVID-19…

In the wake of the July 24 expiration of the moratorium on residential evictions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Centers for Disease Control (CDC) issued an order (CDC order) temporarily halting residential evictions in the United States for lower-income tenants who are unable to pay rent because of the financial impacts of COVID-19. The residential eviction moratorium is expected to be in effect between September 4, 2020, and…

Misinformation is rampant in our current COVID-19 world. Perkins Coie partners Ann Marie Painter and Jill B. Louis are joined by Carolee Estelle, M.D., an infectious disease specialist at UT Southwestern Medical Center and Parkland Hospital in Dallas, Texas, to provide some straight answers about the COVID-19 virus, what we know about its transmission and effect on the body, and how best to avoid spread in the workplace. Listen here…

Perkins Coie Partner, Barak Cohen was quoted in VIXIO PaymentsCompliance “CFPB Opens Gate To Regulated Open Banking In U.S.” regarding the new rule on third-party access to consumer financial data the Consumer Financial Protection Bureau (CFPB) will begin developing in the United States. Click here to read the full update.…

Ben Purser, chief risk officer for mortgage lender, Roundpoint Mortgage Servicing Corporation, and Barak Cohen, partner in Perkins Coie’s White Collar & Investigations practice and lead for the firm’s Commercial Litigation in Washington, D.C., discuss the challenges of legal compliance and risk in an industry that has been directly affected by two global financial crises in one decade. Ben has 34 years of experience in financial services, including service as chief audit executive in two…

On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020, and ending September 30, 2020, unless modified by the governor. In this update, we outline the impacts of the bill on borrowers and lenders, and considerations moving forward. Click here to read the full update.…