News By Edition

The Supreme Court of the State of New York Appellate Division, First Judicial Department has dismissed the New York State Land Title Association’s suit against the New York State Department of Financial Services. The court had previously remanded the case to Justice Eileen Rakower, having found that the department’s 2017 title insurance regulation did not exceed NYSDFS’ regulatory authority. Read on for more details.

After terminating its agreement with an indexing company, an abstract company filed suit seeking damages caused by the delay in indexing records for two Oklahoma counties. The indexing company sought summary judgment, denying it was liable under the contract. Read on for the court’s decision.

In its 2019 overview and 2020 preview, Covius noted a trend in default servicing and foreclosure legislation being introduced in multiple states during 2019 and expects the trend to continue in 2020. Read on for more details.

The latest First American Loan Application Defect Index showed that the defect risk for purchase transactions rose in November for the first time since March. Read on for more insight.

A Malden, Mass., woman was arrested and charged in connection with a scheme to embezzle more than $795,000 from the law firm where she was employed. Read on for more details surrounding her arrest.

After the latest comment period and a hearing held Nov. 15, the Washington Office of the Insurance Commissioner on Dec. 16 adopted regulation R 2016-05, rules similar to the state’s Department of Financial Institutions, regulating the escrow practices of title agents. Read on for more details.

In the new year, the U.S. Supreme Court will be hearing a case that argues for abolishing the bureau and every regulation enacted by it. As the court prepares to hear the case, associations representing various facets of the real estate industry filed amicus briefs. Read on for the industry’s arguments before the court.

The NAIC Title Insurance Task Force has adopted its charges for the coming year. Read on to find out more about the task force’s focus for 2020.

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) launched the Financial Institution Crimes & Fines Database, a public record of the agency’s law enforcement impact that has protected securities markets, the banking industry, investors, consumers and taxpayers. Read on for more details.

The Portland Office of the FBI, in a recent Tech Tuesday segment, focused on building a digital defense for those traveling over the holidays. Read on for more tips from the FBI.

The mayor of City of Taylor, Mich., and two others were indicted with conspiracy to commit bribery, bribery and wire fraud in a real estate scheme that occurred from 2015 to 2019. Read on for more details.

On Dec. 13, the city of New Orleans experienced a cyberattack. Mayor LaToya Cantrell issued a proclamation declaring a state of emergency within hours. City Hall opened on Dec. 16, though regular nola.gov services were down. Read on for more details.

During a speech at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco shared the importance of collecting beneficial ownership information, noting FinCEN’s work with multiple parties, including Congress, to collect that information. Read on for more details.

Four federal agencies, in conjunction with the state bank regulators, issued a statement clarifying the legal status of hemp growth and production and the relevant requirements under the Bank Secrecy Act (BSA) for banks providing services to hemp-related businesses. Read on for more details.

The New Hampshire General Court will consider establishing a mortgage mediation procedure during its 2020 session. Read on for more details.

A formerly licensed real estate agent pleaded guilty to defrauding her clients by faking property sales, forging contracts and deeds, and then pocketing her victims’ money. Read on for more details.

A formerly licensed Georgia attorney was arraigned on charges of wire fraud and theft from a local government that receives federal funding through escrow fraud. Read on for more details.