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Sep 13, 2024 | 
jdsupra.com | Kris D. Kully |Jeffrey Taft
On August 2, 2024, New Hampshire enacted legislation that significantly revises its Motor Vehicle Retail Installment Sales Act (the “Act”), effective July 1, 2024. Unfortunately, that effective date is not a typographical error. The New Hampshire Banking Department apparently tried, during the legislative process, to extend the effective date until January 1, 2025, but that extension did not make it into the enacted bill.
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Aug 27, 2024 | 
lexology.com | Kris D. Kully |Jeffrey Taft
In response to the significant ambiguities raised by New Hampshire’s recent amendments to its Motor Vehicle Retail Installment Sales Act — not to mention their immediate effectiveness and draconian liability provisions — the state’s Banking Department has issued several nuggets of guidance.
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Jul 7, 2024 | 
wlf.org | Kris D. Kully |Glenn Lammi
By Kris D. Kully, a partner in the Washington, D.C. office of Mayer Brown LLP. In opining on the scope of express preemption of state laws by the National Bank Act (“NBA”), the Supreme Court determined that Congress did not intend to establish a clear test. Instead, in enacting the relevant provisions of the Dodd-Frank Act of 2010, Congress intended preemption to be analyzed in accordance with the Court’s precedents on the issue dating back to the NBA’s enactment. The Court’s opinion in Cantero v.
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Apr 26, 2024 | 
lexblog.com | Kris D. Kully
The Department of Labor issued a final rule raising the thresholds applicable to an employer’s obligation to pay overtime. The rule sets new levels applicable to the so-called “executive, administrative, and professional” (“EAP”) exemption from overtime requirements and for qualifying as a “highly compensated employee.” The initial updates will become effective on July 1, 2024. The rule also establishes a new updating mechanism for setting those thresholds going forward.
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Apr 10, 2024 | 
lexblog.com | Kris D. Kully |Tori K. Shinohara |Jeffrey Taft |Kerri Webb
On March 29, 2024, the United States District Court for the Northern District of Texas issued a preliminary injunction prohibiting enforcement of the new Community Reinvestment Act (“CRA”) regulations against the plaintiffs in the case.
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Jan 5, 2024 | 
lexblog.com | Matthew Bisanz |Kris D. Kully |Jeffrey Taft
On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and operational risks (the “Guidance”). The Guidance establishes extensive obligations for New York Institutions, which—even if tailored by the state to be proportionate to size and activities—may create a significant burden.
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Jan 4, 2024 | 
jdsupra.com | Jeffrey Taft |Matthew Bisanz |Justin Herring |Kris D. Kully
On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and operational risks (the “Guidance”).1 The Guidance establishes extensive obligations for New York Institutions, which—even if tailored by the state to be proportionate to size and activities—may create a significant burden.
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Jan 4, 2024 | 
lexblog.com | Kris D. Kully
The New York Department of Financial Services finalized guidance on how banks and mortgage institutions should manage climate-related financial and operational risks. The agency’s guidance creates extensive obligations for New York institutions, particularly mortgage lenders and servicers for which those risk management expectations may be new.
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Jan 4, 2024 | 
lexology.com | Matthew Bisanz |Justin Herring |Kris D. Kully |Tori K. Shinohara |Jeffrey Taft
On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and operational risks (the “Guidance”).1 The Guidance establishes extensive obligations for New York Institutions, which—even if tailored by the state to be proportionate to size and activities—may create a significant burden.
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Jul 27, 2023 | 
lexblog.com | Kris D. Kully
In the CFPB’s new Supervisory Highlights, the agency concludes that paying individual mortgage loan originators differently for loan products that are brokered out to another lender, as compared to loans that are originated in-house, is a violation of Regulation Z’s Loan Originator Compensation Rule. The CFPB’s Highlights describe a lender that makes certain mortgage loan products (like cash-out refinancing loans), but does not make others (like reverse mortgages).
