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|Cross-Border Recognition of Resolution Actions: Financial Stability Board’s Consultative Document Regarding Cross-Border Recognition of Resolution Actions Represents an Important Step Towards Removal of Impediments to Resolution|
Sullivan Cromwell LLP;
October 10, 2014, previously published on October 2, 2014 On September 29, 2014, the Financial Stability Board (the “FSB”) published a consultative document concerning cross-border recognition of resolution actions and the removal of impediments to the resolution of globally active, systemically important financial institutions (the...
|CFPB Releases New Mortgage Servicing Bulletin|
Robert Lieber; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 26, 2014 The Consumer Financial Protection Bureau (CFPB) has issued a new compliance bulletin that addresses new mortgage servicing rules as well as examiner expectations.
|Holding Guardianship Accounts: Best Practices|
John B. C. Porter; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 25, 2014 I don't know if it's the result of our aging population (fueled by the Baby Boomer generation), but it seems credit unions are increasingly being presented with guardianship papers and asked to convert existing accounts into guardianship accounts. As the number of calls and questions I have...
|Reaffirmation and the Advantages for Credit Unions|
Joseph M. McCandlish; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 25, 2014 For many creditors, when a debtor files a Chapter 7 bankruptcy, getting the debtor to sign and return a reaffirmation agreement is only the first challenge. Depending on the debtor's financial situation, a hearing may be held at which the debtor would need to prove he or she can make the payments....
|Yet Again, the Supreme Court Narrows Patent Eligibility, This Time Targeting Computer-Related Inventions|
Bruce D. Sunstein; Sunstein Kann Murphy & Timbers LLP;
October 10, 2014, previously published on July 1, 2014In the wake of its decisions denying eligibility for patent protection to diagnostic procedures (Mayo Collaborative Services v. Prometheus Laboratories, 2012), and isolated genomic DNA (Association for Molecular Pathology v. Myriad Genetics, 2013), the Supreme Court has denied patent eligibility to...
|Pentagon Proposes Amendments to Military Lending Regulations|
Eric J. Dyas; Jones Walker LLP;
October 10, 2014, previously published on October 2, 2014On Monday, September 29, the Department of Defense ("DOD") published in the Federal Register proposed amendments to its regulations implementing the Military Lending Act ("MLA"). The MLA, 10 U.S.C. § 987, and its implementing regulations, 32 C.F.R. Part 232, impose various...
|Disaster Recovery and Preparedness: Does Your Credit Union have a Plan?|
Matthew D. Urban; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 25, 2014Each day there are news reports of natural or man made disasters that impact hundreds, if not thousands, of lives and businesses in the areas where the event is occurring. Whether it is a headline grabbing event like a hurricane or a localized event such as a flash flood, any event that impacts...
|CFTC Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank: The CFTC Reproposes Rules for Minimum Margin Requirements for Swap Dealers and Major Swap Participants, Largely Aligned with Prudential Regulators’ Recent Reproposed Rules|
Sullivan Cromwell LLP;
October 10, 2014, previously published on September 30, 2014 On September 23, 2014, the Commodity Futures Trading Commission (“CFTC”) issued a proposed rule to establish minimum initial and variation margin collection requirements for uncleared swaps entered into by certain swap dealers and major swap participants. With some exceptions, as...
|Supreme Court of Canada Rules that Provincial Consumer Protection Laws Apply to Bank-Issued Credit Cards|
Suhuyini Abudulai; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 1, 2014On September 19, 2014, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Bank of Montreal v. Marcotte and two companion cases (Amex Bank of Canada v. Adams and Marcotte v. Fédération des caisses Desjardins du Québec). Significantly, the...
|The Indoor Management Rule and Security Grant in a Signed Purchase Order Upheld|
Jonathan Fleisher, Keri Wallace; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 7, 2014A question that we are often asked as finance lawyers is what level of support is needed to confirm that a document was properly executed, such that it would be binding on, and enforceable against, the corporate signatory. Our general advice is to obtain a certificate of incumbency, together with...