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Parties debate complete defense in easement dispute
Posted Date: Wednesday, November 9, 2022
After a title insurer provided independent counsel under title insurance policies of both the plaintiffs and the defendants in an easement dispute, the defendants sued the title insurer. The defendants argued the title insurer breached its contract by, among other things, failing to provide a complete defense in the easement dispute.
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New York AG recommends legislative efforts to combat deed theft
Posted Date: Wednesday, November 16, 2022
During a hearing of the New York Senate Standing Committee on Housing, Construction and Community Development, Meghan Faux, chief deputy attorney general for social justice at the Office of the New York Attorney General, provided recommendations for steps the legislature could take to address deed theft.
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FBI releases congressional report on BEC
Posted Date: Wednesday, November 16, 2022
The Federal Bureau of Investigation issued its 2022 Business Email Compromise and Real Wire Fraud report to Congress.
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Treasury report shows Fintech industry requires more oversight
Posted Date: Wednesday, November 16, 2022
The U.S. Department of the Treasury has issued a report entitled “Assessing Impacts of New Entrant Non-Bank Firms on Competition in Consumer Finance Markets,” finding that the fintech industry requires additional oversight to close gaps and prevent abuses. It recommends that fintech-bank partnerships be subject to enhanced supervision.
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Owners argue scrivener’s error precludes foreclosure
Posted Date: Monday, November 14, 2022
After becoming delinquent on a loan on their property, a couple discovered a previous reconveyance of the property, precluding foreclosure, based on a scrivener’s error attaching the deed to the reconveyance of another property. The couple filed suit against the servicer and others and the servicer sought a motion for summary judgment.
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NYSDFS proposes cybersecurity regulation amendments
Posted Date: Monday, November 14, 2022
The New York State Department of Financial Services proposed amendments to its cybersecurity regulation in response to increasingly sophisticated technologies and threats. Interested parties have 60 days to provide comments on the proposed regulation.
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Escrow company caught in parties’ failed sale dispute
Posted Date: Monday, November 14, 2022
After an agreement for the sale of property in New Orleans, the parties to the sale disagreed on who canceled the sale. Each party sought the earnest money held by the escrow agent.
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Insureds seek to remand title insurance suit
Posted Date: Monday, November 14, 2022
After a couple filed suit against a title insurer in New York state court, the title insurer moved the case to federal court. The couple later moved to remand the case to state court for alleged improper removal.
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Insured assignee seeks remand of coverage case
Posted Date: Wednesday, November 9, 2022
The beneficiary of a deed of trust seeks to remand a dispute regarding the coverage of a homeowners’ association’s foreclosure of property in Nevada back to state court from the U.S. District Court for the District of Nevada.
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Utah proposes amendments to email address requirement
Posted Date: Wednesday, November 9, 2022
The Utah Insurance Department proposed amendments to R590-258, Email Address Requirement. Comments on the amendments will be accepted until Jan. 3, 2023. The earliest possible effective date would be Jan. 10, 2023.
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CoreLogic: HELOCs may be next mortgage fraud threat
Posted Date: Wednesday, November 9, 2022
In a recent blogpost, CoreLogic stated it estimated that one in 131 mortgage applications had indications of fraud in the second quarter of 2022. It further noted that HELOC loans seem to be an increasing concern for fraud.
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Bank, insurer dispute coverage of lien priority
Posted Date: Monday, November 7, 2022
A bank loaned money to one partner in an LLC to buy out the other partners, including purchasing property in Izard County, Ark. When the bank later foreclosed on the property, one of the other partners argued it had a priority stake in the property based on the membership interest purchase agreement. The bank filed a claim with its title insurer, which was denied. The bank then sued the underwriter for breach of the policies for failing to provide coverage.
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FinCEN report shows ransomware reporting increased in 2021
Posted Date: Monday, November 7, 2022
The Financial Crimes Enforcement Network issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public.
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Connecticut Insurance Department restructures actuarial division
Posted Date: Monday, November 7, 2022
The Connecticut Insurance Department has consolidated all actuarial and data science functions to improve regulatory oversight and better protect consumers as the insurance industry’s usage of artificial intelligence, big data, and machine learning expands.
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