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SFA News

SFA Submits Comment Letter to OCC on Valid-When-Made Proposal

On Tuesday, January 21st, SFA and the Bank Policy Institute (BPI) submitted a joint letter to the Office of the Comptroller of the Currency (OCC) on its Valid-When-Made proposed rule.

Industry News

Moody’s views OCC/FDIC Proposal as a Credit Positive

Moody’s Analytics recently published commentary analyzing the FDIC’s and OCC’s proposals that aim to fix the legal uncertainty surrounding the “valid-when-made” doctrine.

SFA News

Valid-When-Made Doctrine Discussed in Congressional Hearings

This week the House Financial Services Committee and Senate Banking Committees held oversight hearings with Prudential Regulators. Perhaps the most contentious topic in the hearings was the FDIC’s and OOC’s recent proposed regulation in response to the valid-when-made doctrine and the Madden decisions.

SFA News

Statement by Michael Bright, Chief Executive Officer, Structured Finance Association, on the OCC and FDIC Rulemaking Proposals, November 20, 2019

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) this week have proposed changes to rules that would reaffirm the power of national banks and federal savings associations, and state-chartered banks, respectively, to securitize, sell, assign or transfer loans without impacting the enforceability of the interest rate on a loan.

Industry News

How the Supreme Court’s Decision on the CFPB Could Impact the FHFA

As the Supreme Court agreed to rule on the Consumer Protection Financial Bureau’s (CFPB) “for cause” provision, which requires the President to provide evidence of poor performance before firing a CFPB director, experts debate whether the ruling will have impact on the FHFA.

Industry News

Trump’s Department of Justice Asks for Supreme Court Ruling on GSE Net Worth Sweep

Earlier this year, an appeals court ruled the government’s “net worth sweep,” or the FHFA’s practice of claiming all GSE profits, to be unconstitutional. Despite this decision, the Department of Justice has asked the Supreme Court to hear the case, arguing that the Court of Appeals “erred” in its decision.

Industry News

Supreme Court Agrees to Take Case Challenging the Constitutionality of the CFPB

The Supreme Court has agreed to hear a case that challenges the constitutionality of the Consumer Financial Protection Bureau (CFPB) based on the ability of the President to only dismiss the CFPB director “for cause”.

SFA News

SFA Files Amicus Brief in Case of Cohen v. Capital One

On Friday, October 4, SFA, jointly with BPI, served a joint amicus brief on the parties in Cohen v. Capital One, a case that was filed in the U.S. District Court for the Eastern District of New York on June 12, 2019.

SFA News

SFA Files Amicus Brief in Case of Petersen v. Chase Card Funding

On Tuesday, August 13th, SFA, jointly with BPI, filed a motion in the US District Court in the Western District of New York for leave to file an amicus brief in the matter of Peterson v. Chase Card Funding.

Industry News

Ninth Circuit Rules CFPB’s Structure is Constitutional

A unanimous Ninth Circuit Court rules in favor of CFPB, citing Supreme Court precedent.