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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The new Administration and Congress are pursuing a multi-pronged approach to regulatory relief for financial services firms, with stated goals of reducing administrative burdens and complexity as a means to spur economic growth.
Following his campaign promise to dismantle the Dodd–Frank Wall Street Reform and Consumer Protection Act, Donald Trump issued an Executive Order on February 3, 2017 that set out "Core Principles" for regulating the financial 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.
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