Compliance & Regulation

Aklero Risk Analytics will offer discounted pricing, as well as enhanced delivery options, technology and support, to the member banks of the American Bankers Association’s Business Solutions subsidiary, under a preferred vendor agreement between Fort Washington, Pa.-based Aklero and the Washington-based ABA.

Elizabeth Warren will step down Aug. 1 from her post as special advisor to the Treasury secretary at the Consumer Financial Protection Bureau and Raj Date, a high-ranking official at the new bureau, will replace her.

Massachusetts Attorney General Martha Coakley told the state's Register of Deeds Association that she will not sign a multistate settlement with large mortgage servicers that includes a widespread release of liability for claims against the Mortgage Electronic Registry Systems.

Cornerstone Mortgage Co. on Tuesday said it will comply with a consent order issued by the Georgia Department of Banking and Finance and pay $90,000 in penalties to resolve claims that the Houston-based nonbank lender allowed unlicensed loan officers to originate loans.

Mortgage advertising that misrepresents terms, fees or the costs of loan products can trigger fines and enforcement actions under a final rule adopted by the Federal Trade Commission.

Ohio attorney general Mike DeWine has filed a lawsuit against a foreclosure rescue company, its affiliates and owner for violating multiple state consumer laws.

The Pennsylvania Department of Banking’s Bureau of Compliance, Investigation and Licensing has cracked down on illegal activity within the state in 2Q 2011 compared to the previous quarter.

Almost three years have passed since the mortgage meltdown and we continue to witness the fallout daily. Lawsuits are emerging against banks and their executives for, among other things, failure to institute effective risk management procedures, failure to implement sound quality control programs and failure to practice good judgment.

Mortgage industry groups are calling for the creation of a strong safe harbor clause that will shield lenders from litigation if they originate loans that comply with ‘Qualified Mortgage’ underwriting standards.

On June 4, a San Francisco judge (U.S. District Court Judge William Alsup) told Securities and Exchange Commission attorneys that the Dodd-Frank Wall Street Reform and Consumer Protection Act will not be applied retroactively and thereupon dismissed a couple of Securities and Exchange Commission claims against former financial executives.