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|China Further Opens Up to Foreign Banks|
Patrick H. Hu, Peilin Liu; Jones Day;
February 27, 2015, previously published on January 2015Following the recent announcement of several crucial economic reforms by the People's Republic of China ("PRC") leadership, and eight years since the promulgation of China's Administrative Regulations on Foreign-Invested Banks (the "foreign banks regulations"), the PRC State...
|The Final Word on Mwangi—the Ninth Circuit Holds Debtor Cannot Recover Alleged Damages for a Stay Violation Arising From an Administrative Freeze on the Debtor’s Bank Account|
Mona Lyman Burton, Kirk Cheney, Clarissa M. Collier; Holland & Hart LLP;
February 27, 2015, previously published on December 22, 2014The Ninth Circuit Court of Appeals recently rendered its decision in the Mwangi case, dealing whether a debtor can assert a claim against his bank for placing an administrative freeze on his bank account pending a determination of the debtor’s exemption claim as to the funds in the account.
|AML Developments - FDIC Announces That It Will End Its Supervisory Trend of Expecting Regulated Institutions to 'De-Risk' Entire Categories of Customers|
Carl A. Fornaris, Jennifer H. Weddle; Greenberg Traurig, LLP;
February 27, 2015, previously published on January 30, 2015On Jan. 28, 2015, the Federal Deposit Insurance Corporation (FDIC) in a Financial Institutions Letter (FIL) announced that it would, in effect, do an about-face on its supervisory expectation that banks strongly consider discontinuing the provision of financial services to entire categories of...
|Community Banks Adding Prepaid Products Face New Imperatives|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on December 18, 2014It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now arrived, and the Proposed Rule from the CFPB is extensive and...
|Discussing the Two Pillars of America's Main Street Economy - An Interview with Larry F. Mazza, CEO of MVB Bank, Inc.|
Amy King Condaras; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on Deceber 18, 2014Larry Mazza is Chief Executive Officer of MVB Financial Corp., the parent of West Virginia-based MVB Bank, Inc. Mr. Mazza also serves on the MVB Financial Corp. Board of Directors. He is a recognized name in West Virginia banking with over 25 years of experience in both large banks and community...
|CFPB Observer: Recent Developments from Jan. 26-30, 2015|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
February 27, 2015, previously published on February 4, 2015On Jan. 29, the CFPB issued a proposed rule that would amend various provisions of its Title XIV mortgage rules relating to small creditors. The purpose of the proposed changes is to “increase the number of financial institutions able to offer certain types of mortgages in rural and...
|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:
|US Second Circuit Eases Banks’ Garnishment Burdens in Recent TRIA and FSIA Decisions|
Mark G. Hanchet, Christopher J. Houpt; Mayer Brown LLP;
February 26, 2015, previously published on November 14, 2014In recent years, banks have found themselves named as parties in their capacities as garnishees in enforcement litigation brought by judgment creditors of governments or entities that have been designated as terrorist parties. Two decisions from the US Court of Appeals for the Second Circuit spell...
|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...
|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...