NEWS, AGENCY ACTION & OTHER (Listed in date order) Subject Date Source, Agency, Other FinCEN & the federal bank, thrift and credit union regulatory agencies propose changes and solicit comments to new proposed Suspicious Activity Report form; Click here for proposal and proposed new form; 03/13/2006 FDIC (FIL-24-2006) OCC cautions natioal banks about sham affiliated business arrangements (ABAs) involving third parties approaching banks to offer settlement services; Reminder of compliance with RESPA Section 8 (12 USC 2607) required;Re-endorsement of HUD 1996 Policy Statement on 10 factor “Sham Controlled Business Arrangement“ 08/05/05 OCC Insurance Commissioner John Garamendi’s Statement Concerning: Illegal Kickbacks In The Title Insurance Industry 04/04/05 CA DOI Identity Theft: Recent Developments Involving the Security of Sensitive Consumer Information 03/15/05 US Senate Committee on Banking, Housing, and Urban Affairs Congressional Sub-Committee hearing on "Due dilligence in mortgage repurchases and Fannie Mae: The First Beneficial Case" set for March 9, 2005 03/04/05 US Congress, House Committee on Financial Services, Subcommittee on oversight and investigations Congressional Comittee hearing on ID theft set for March 10, 2005 03/04/05 US Congress, Senate Committee on Banking, Housing & Urban Affairs Stipulated Cease & Desist Order: Chicago Title Ins. 6. 02/28/05 OCC (OCC 2005-21) Proposed Regulation Requiring Mtg Fraud Reporting by Ferrie Mae & Freddie Mac. (12 CFR 1731 - 1731.6) 02/25/05 Office of Federal Housing Enterprise Oversight, HUD Department of housing and urban development : Mortgage Fraud Reporting 02/25/05 Federal Register CA DOI launches major investigation into broker/developer/lender reinsurance agreements with title insurers.; UPDATE: DOI issues nine subpoenas 02/22/05 CA DOI Revised CLTA Title Policy Forms: (1) Trustee’s Sale Guarantee (Guarantee Form No. 22); (2) Preliminary Report & Ex. A 01/03/05 CLTA ALTA Replaces Title Policy Forms: (1) ALTA Leasehold Owner’s Policy (10/17/92) withdrawn & replaced with ALTA Endorsement Form 13; (2) ALTA Leasehold Loan Policy (10/17/92) w/ ALTA Endorsement - Form 1 Coverage withdrawn & replaced with ALTA Endorsement Form 13.1 01/01/05 CLTA Fair Credit Reporting Act: FTC publishes Final Rule establishing definitions for the terms, “identity theft“ and “identity theft report;“ the duration of an “active duty alert;“ and the “appropriate proof of identity“ for purposes of sections 605A, 605B, and 609(a)(1) of the Fair Credit Reporting Act as amended by the Fair and Accurate Credit Transactions Act. (16 CFR Parts 603, 613 & 614) 12/28/04 OCC (OCC 2004-60) FDIC releases study on “account hijacking” variety of identity theft. It includes specific recommendations for financial institutions and consumers to help avoid this growing area of loan fraud.; FDIC Summary of study here 12/15/04 FDIC Checks Clear Faster, Forgery Proof Tougher Effective 10/28/04 per Check 21 Act (12 USC 5001-5018),Reg CC (12 CFR 229);Further Discussion Linked Here 10/28/04 US Congress & FRB A congressional hearing on “Mortgage Fraud and its Impact on Mortgage Lenders” will take place on October 7, 2004 before the Subcommittee on Housing and Community Opportunity. HCO is a subcommittee of the House Committee on Financial Services and is chaired by Rep. Robert W. Ney (OH); Read the Testimony here 10/07/04 US Congress, House Committee on Financial Services U.S. Supreme Court hears arguments on statutory damage issues in TILA auto loan case 10/05/04 U.S. Supreme Court Unsolicited Fax Rule Changes: FCC delays effective date from 1/1/05 to 6/30/05 of some TCPA rules relating to (1) implication of express consent via established business relationship, (2) writing required for consent, (3) limitations on duration of established business relationships 10/01/04 FCC Electronic Consumer Disclosures and Notices, OCC Advisory Letter 2004-11 (E-Sign Act, 15 USC 7001(c); Regulations M, Z, B, E, and DD) 10/01/04 OCC CA Gov. Schwarzenegger vetoes AB 2598 [bill restricting ability of homeowner associations to foreclose on HOA assessment liens]; Text /details of AB 2598 here 09/30/04 State of CA, Office of the Gov. Significant New UCL (B&P 17200) opinion relative to atty fees published by CA Ct of App (1st Dist.) ["While the broad sweep and relaxed standing requirements of the UCL often serve a valuable purpose in vindicating important rights on behalf of the general public, they are not, in combination with section 1021.5, a license to bounty hunt for niggling statutory violations that neither harm nor threaten to harm anyone, especially when there is no showing that the offending party refuses to correct the violations after they have been brought to its attention."] 09/29/04 CA Ct of App (1st Dist.) CA Gov. Arnold Schwarzenegger signs AB 578 permitting state-wide electronic recording of real property instruments by title cos. and institutional lenders 09/21/04 CLTA FBI’s “Operation Continued Action” announces “action against 205 individuals in the takedown of the largest nationwide enforcement operation in FBI history directed at organized groups and individuals engaged in financial institution fraud.” Operation Continued Action is an ongoing effort to identify, target, disrupt and dismantle parties engaged in fraud schemes that target financial institutions 09/17/04 FBI CA Gov. Schwarzenegger signs SB 1457 permitting private right of action for violations of Federal CAN-SPAM Act (Regulations on Commercial E-Mail Advertisements) 09/17/04 State of CA Discipline of HUD REO Brokers Involved in Preditory Lending & Loan Fraud (HUD Proposed Rule/CFR) 09/17/04 HUD Gov. Schwarzenegger Signs Escrow Withholding Law Permitting Escrow Agents Option to Pay Monthly 09/15/04 State of CA Title Endorsements: CLTA Files 3 New Title Endorsements, Incl. Enhanced Lender Coverage 09/10/04 CLTA Democratic presidential candidate John Kerry announces the "Fight Unfair Financial Practices" Plan, a pro-consumer set of mortgage banking and lending proposals addressing predatory lending, prepayment penalties, origination disclosures, balloon payments and many other loan specific issues 08/27/04 Kerry-Edwards 2004, Inc. Lender Accountability for Appraisal Fraud (HUD Final Rule / CFR) 07/20/04 HUD CA Atty Gen: County recorder may accept for recordation acknowledged "memorandum of lease" stating the parties executed an unrecorded signed lease, describing various terms of the lease 06/09/04 CA Atty General: Opinion No. 03-1108 Title Endorsements: ALTA Adopts 12 New Title Endorsements, Including Enhanced Lender Coverage 10/03/00 ALTA A congressional hearing on "Financial Services Issues: A Consumer’s Perspective" was held on September 15, 2004 before the Financial Institutions and Consumer Credit subcommittee. FICC is a subcommittee of the House Committee on Financial Services and is chaired by Rep. Spencer Bachus (AL) 00/00/00 US Congress, House Committee on Financial Services