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|Further Clarification from OFAC Relating to the Lifting of Certain U.S. Sanctions Under Joint Comprehensive Plan of Action on Implementation Day|
Duane Morris LLP;
July 22, 2016, previously published on June 9, 2016On June 8, 2016, in an effort to provide further clarity on the scope of the lifting of sanctions that occurred on Implementation Day on January 16, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) added certain guidance relating to financial and banking...
|SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies|
Cynthia R. Beyea, Steven B. Boehm, Michael B. Koffler, Cynthia M. Krus, Lisa A. Morgan; Sutherland Asbill & Brennan LLP;
July 15, 2016, previously published on July 15, 2016On June 27, the staff of the Securities and Exchange Commission’s (Commission or SEC) Division of Investment Management (IM) issued a Guidance Update on business continuity planning for registered investment companies (funds).1 The Guidance Update provides the staff’s view on what funds...
|EU-U.S. Privacy Shield Adopted|
Sutherland Asbill Brennan LLP;
July 14, 2016, previously published on July 12, 2016The European Commission has adopted the EU-U.S. Privacy Shield data transfer procedure, which replaces the safe harbor arrangement that was struck down by the European Court of Justice in October 2015. The Privacy Shield provides for additional protection of personal data, including dispute...
|Current Expected Credit Losses Methodology|
Craig N. Landrum; Jones Walker LLP;
July 12, 2016, previously published on June 23, 2016The Current Expected Credit Losses Methodology (CECL) for estimating allowances for credit losses, unlike poor Cecil the lion, lives. On June 16 after much contentious debate, the Financial Accounting Standards Board (FASB) issued ASU (No. 2016-13) Financial Instruments - Credit Losses (Topic 326):...
|Eleventh Circuit Holds That Bankruptcy Rules Apply to Adversary Proceedings in District Court, Orders Reinstatement of $6-Million Verdict on Procedural Grounds|
Sutherland Asbill Brennan LLP;
July 8, 2016, previously published on July 1, 2016When a federal district court oversees adversary bankruptcy proceedings, is the post-trial deadline to request judgment as a matter of law governed by Federal Rule of Civil Procedure 50(b), which allows 28 days to file such a motion—or by Bankruptcy Rule 9015(c), which allows only 14 days?...
|Federal Bank Regulators Propose New Long-Term Liquidity Standards|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 23, 2016, previously published on June 2016The Board of Governors of the Federal Reserve System ("Board"), Office of the Comptroller of the Currency ("OCC"), and Federal Deposit Insurance Corporation ("FDIC") (collectively, the "Agencies") each recently released a joint proposed rule, Net Stable...
|Revisions to Ohio's Foreclosure Procedures Are Coming Soon|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
June 21, 2016, previously published on June 2, 2016On May 25, 2016, in an abrupt move to beat the summer recess, the Ohio House and Senate agreed to revisions to the Ohio foreclosure process, and the bill is now pending the Governor's signature.
|CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 20, 2016, previously published on June 8, 2016The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective borrowers have the ability to repay them.1 The proposed rules, which...
|SBA Lending Alert: Reauthorization of the 504 Debt Refinancing Program|
Alison W. Rind; Lerch, Early & Brewer, Chartered;
June 20, 2016, previously published on May 27, 2016The day has finally come! The SBA issued SBA Policy Notice 5000-1382 on May 26 announcing the Reauthorization of the 504 Debt Refinancing Program.
|CFPB Proposes New Rule on Mandatory Consumer Arbitration Clauses|
Lisa M. Ledbetter, Sanjay Narayan; Jones Day;
June 16, 2016, previously published on May 2016Arbitration as a means of dispute resolution is intended to help consumers and businesses save time and money and achieve fair results when compared to traditional litigation. Millions of contracts for consumer financial products and services have a pre-dispute arbitration clause that requires...