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|Ninth Circuit Rejects Challenge to Bonus Annuity|
Eric A. Arnold, Tracey K. Ledbetter, Stephen E. Roth, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill Brennan LLP;
February 26, 2015, previously published on February 26, 2015The U.S. Court of Appeals for the Ninth Circuit has affirmed summary judgment for the insurer in a putative RICO class action relating to a bonus indexed annuity. Rejecting the plaintiff’s claims, the court held that the insurer had adequately disclosed and accurately described certain...
|U.S. Senate to Conduct Hearings Directly Affecting Community Banks and Credit Unions|
Jon J. Lieberman; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 09, 2015 Senator Richard Shelby (R-AL), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Sherrod Brown (D-OH), will hold public hearings during the week of February 9, 2015 of great relevance to community banks and credit unions nationwide. The...
|Bad Checks: Know Your Options|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 05, 2015From a business perspective, there's not much worse than believing you've resolved a troubled account, only to receive a notice of no sufficient funds ("NSF") from your bank after depositing payment. Suddenly, the account that you thought you resolved is a problem again. Additionally, you...
|Vacant and Abandoned: Can Creditors Discard Personal Property Following a Foreclosure in Ohio?|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 27, 2015Personal property is often left by the prior owner or a tenant following a foreclosure. Sometimes it is difficult to determine whether the personal property has been abandoned. I am often asked what must be done with the personal property left behind once the creditor takes possession of an...
|The CFPB Changes the Rules...Again|
Stephen Franks; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on November 26, 2014In an effort to level the playing field for consumers, the CFPB released a proposal for expanded foreclosure protections on November 20, 2014. The following are a summary of the topics the CFPB’s proposed rule changes cover:
|Cooperative Bank Makes Large Donation to the NRECA International Foundation|
Sutherland Asbill Brennan LLP;
February 25, 2015, previously published on February 24, 2015CoBank, a national cooperative bank, recently donated $250,000 to the National Rural Electric Cooperative (NRECA) International Foundation.
|OFAC Issues Cuban Asset Control Regulations Focused on the U.S. Financial Sector|
Curtis M. Dombek, J. Scott Maberry; Sheppard, Mullin, Richter & Hampton LLP;
February 25, 2015, previously published on January 22, 2015On January 15, 2015, the Department of Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations to implement changes in U.S. policy toward Cuba announced by President Obama on December 17, 2014.
|The Importance of Consideration in Loan Guarantees|
Rick L. Knuth; Jones, Waldo, Holbrook & McDonough A Professional Corporation;
February 25, 2015, previously published on November 17, 2014As do all contracts, the loan guaranty must be supported by consideration. "Consideration" is the benefit or the detriment to one or both parties that separates an enforceable contract from a mere casual agreement. Consideration is often recited in contracts, using some nominal amount,...
|California Joins Maryland and Ohio in Addressing “Price Optimization”|
Thomas W. Curvin, John S. Pruitt, Stephen E. Roth, Cynthia R. Shoss, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
February 24, 2015, previously published on February 23, 2015The California Insurance Commissioner issued a notice on February 18, 2015 to more than 750 property and casualty insurers doing business in California, announcing that “any use of Price Optimization in the ratemaking/pricing process or in a rating plan is unfairly discriminatory in violation...
|Court of Appeal for Ontario Upholds Reduction of Legal Fees in Insolvency Matter|
Brett Kenworthy, Daanish Samadmoten; Aird & Berlis LLP;
February 20, 2015, previously published on December 17, 2014On December 1, 2014, the Court of Appeal for Ontario (the “Court of Appeal”) released its decision, written for the Court of Appeal by Madam Justice Pepall, in Bank of Nova Scotia v. Diemer, 2014 ONCA 851 (“Diemer”). The Court of Appeal dismissed the court-appointed...