The purpose of the Bank Secrecy Act (“BSA”) is, among other things, to require “certain reports or records where they have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings or in the conduct of intelligence or...
The federal Low Income Housing Tax Credit Program (LIHTC), IRC §42, was created to encourage the creation of low-income rental housing for low-income households. It provides tax incentives to investors to make equity investments in exchange for tax credits and other...
The conflict in Emigrant Residential LLC v. Pinti (“Pinti III”) began when two homeowners defaulted on the mortgage for their Cambridge condominium and failed to cure the default. During this time, ownership of the mortgage and the note changed hands multiple times....
The United States Court of Appeals for the 10th Circuit has held, in a case of first impression, Walker v. BOKF NA., that extended overdraft fees that accrue each business day are “non-interest charges” and, therefore, do not violate state limits on interest rates for...
The United States District Court for the Eastern District of New York has held that a loan servicer does not qualify as a debt collector under the Fair Debt Collection Practices Act, 15 U.S.C.A. §1692a (“FDCPA”), where the loans were not in default when the servicer...
On March 30, 2022, in Robinhood Financial, LLC v. William F. Galvin, et. al., the Massachusetts Superior Court (Ricciuti, J.) struck down the recently adopted Fiduciary Duty Rule (950 C.M.R § 12.207), a state regulation that held brokerage dealers to the same...
Pursuant to the National Bank Act, the Home Owners’ Loan Act, and the Federal Deposit Insurance Act, the “Valid-When-Made” doctrine has provided that if a loan is valid when it is made it cannot later become invalid or unenforceable because it is sold or assigned to a...
In response to consumer complaints, in 1991 Congress passed the Telephone Consumer Protection Act (“TCPA”) to discourage and prevent unsolicited advertisement over telephone lines. The TCPA places restrictions on the use of automatic telephone dialing systems, both...
The United States Court of Appeals for the Second Circuit ruled on December 30, 2021 that litigation could proceed against certain foreign financial institutions. The decision overturned the ruling of the Southern District of New York. The case relates to the...
In the Fall of 2021, the U.S. House of Representatives once again passed the Safe and Fair Enforcement (SAFE) Banking Act, with joint support from both parties. And although the Senate has yet to sign off, last month, the bill had 40 co-sponsors therein. The SAFE...
Fitch Law Partners LLP reports news and insights on complex litigation topics. Clients, colleagues and friends may receive The Fitch Briefs by signing up here.