The Consumer Financial Protection Bureau (CFPB) has offered its
new mortgage servicing rule for public
inspection today, meaning it is scheduled to be published in the
Federal Register on October 19, 2016. The CFPB informally
released the rule on its website in August.
The effective date of the rule is tied to its publication date,
so the bulk of its requirements (with some exceptions) will take
effect in 12 months, on October 19, 2017.
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Mayer Brown article provides information and comments on legal
issues and developments of interest. The foregoing is not a
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One of the regulatory pillars of the EMIR is the requirement for parties to collateralize the marked-to-market exposure in over-the-counter derivatives transactions that are not cleared by a central clearing system.
Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently announced an effort to better understand how "alternative data" could be used to expand access to credit. Through a formal notice and request for information just published, the CFPB is trying to learn more about the potential to use of what it calls "non-traditional" or "alternative" data points to develop credit scores.
The New York Department of Financial Services ("DFS") adopted final revisions to its new cybersecurity regulations, which apply to a wide range of insurance, banking and financial services companies...
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