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|New York Delays Cybersecurity Rules for Banks/Insurers Until March 1, 2017|
Cynthia J. Larose, Natalie Prescott; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
March 24, 2017, previously published on January 5, 2017The New York State Department of Financial Services has announced - much to the relief of the multitude of financial services companies and insurers regulated by DFS - that it will revamp its recently proposed cybersecurity rule. After receiving more than 150 letters and taking into account recent...
|Customer Complaints as Competitive Intelligence|
Elena A. Lovoy; Adams and Reese LLP;
March 23, 2017, previously published on January 19, 2017There will always be complaints about banks and other financial services companies and some of those complaints result in fodder for jokes:
|Will 2017 Mark the End of the Regulatory Era for Community and Regional Banks?|
Neal C. Wise; Jones Walker LLP;
March 22, 2017, previously published on February 2, 2017Community and regional banks have been struggling for years to keep up with new rules and regulations. According to Independent Community Bankers of America President and CEO Cam Fine, discrete regulatory requirements have increased 40 percent since 2005, U.S. banks have shrunk from 18,000 strong...
|85th Legislature Considers Measures to Protect Elders from Financial Exploitation|
The Posey Law Firm P.C.;
March 22, 2017, previously published by HG.org on Winter 2017The Texas Banker's Association recently prepared their legislative agenda for the new session, and at the top of the list was work on legislative authorities for banks to protect elders from financial exploitation.
|Loan Documents May Waive Creditor Bankruptcy Rights|
Lawrence D. Coppel; Gordon Feinblatt LLC;
March 10, 2017, previously published on January 06, 2017While it is universally recognized that a debtor cannot waive its right to file for bankruptcy, there is little authority concerning whether a creditor can waive its bankruptcy rights in pre-bankruptcy agreements. The issue was raised in a bankruptcy case in the Northern District of Illinois.
|Foreclosure Trustee Cannot Be "Debt Collector" Under FDCP|
Robert A. Gaumont; Gordon Feinblatt LLC;
March 10, 2017, previously published on January 6, 2017The 9th Circuit Court of Appeals recently rejected reasoning provided by both the 4th Circuit and 6th Circuit and affirmed a district court's holding that a trustee of a deed of trust is not a "debt collector" under the Fair Debt Collection Practices Act (FDCPA). The 9th Circuit reasoned...
|Mandated Interest Rates Increase For Escrow/Special Purpose Accounts|
Marjorie A. Corwin; Gordon Feinblatt LLC;
March 10, 2017, previously published on January 6, 2017Maryland law requires depository institutions doing business in Maryland that make first lien residential real property loans and maintain escrow accounts for those loans to pay a minimum rate of interest on the escrow accounts. Maryland law also requires Maryland-chartered banks that offer certain...
|Liability Under FDCPA for Filing Time-Barred Proofs of Claim?|
Robert A. Gaumont; Gordon Feinblatt LLC;
March 10, 2017, previously published on January 6, 2017We previously reported how the United States Supreme Court has granted review of a case from the 11th Circuit to determine if a debt buyer violates the Fair Debt Collection Practices Act (FDCPA) by filing a proof of claim in a bankruptcy proceeding concerning a debt where the underlying statute of...
|Second Circuit Reverses Lower Court's Restrictions on the Restructuring of Bondholder Rights in Marblegate|
Paul D. Moore, Keri L. Wintle; Duane Morris LLP;
March 9, 2017, previously published on February 16, 2017Recently, in a split (2-1) decision, the United States Court of Appeals for the Second Circuit overturned the United States District Court for the Southern District of New York’s decision in Marblegate Asset Management, LLC v. Education Management Finance Corp., 111 F. Supp.3d 542 (S.D.N.Y....
|Nevada Supreme Court Departs From Ninth Circuit Ruling And Finds HOA Lien Statute Does Not Implicate Due Process|
Jacob D. Bundick, Jennifer L. Gray, Michael R. Hogue; Greenberg Traurig, LLP;
March 8, 2017, previously published on February 3, 2017On Jan. 26, 2017, the Nevada Supreme Court issued a 5-0-2 decision in Saticoy Bay LLC Series 350 Durango 104 v. Wells Fargo Home Mortgage, 133 Nev. Adv. Op. 5, holding that Nevada’s HOA “super priority” lien statute, NRS § 113.3116, et seq., (1) does not violate the due...