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|Changes to Mortgage Servicing Rules|
Brooks Bossong; Nexsen Pruet, LLC;
January 30, 2015, previously published on November 20, 2014Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules relating to servicing mortgages.
|Leaving America for Good - Record Numbers of American Expatriate after IRS Crackdown on Americans Living Abroad|
Withers Bergman LLP;
January 22, 2015, previously published on December 19, 2014Each quarter, the United States publishes a list of the names of each individual losing United States citizenship. This list includes certain long-term residents who are treated as if they were citizens of the United States who lost citizenship. The quarter ending June 30, 2014 saw another 576...
|June is Coming - a Brief Reminder that FBAR E-Filing is Now Mandatory|
Withers Bergman LLP;
January 20, 2015, previously published on December 19, 2014July 1, 2013 marked the expiration of the general exemption from mandatory electronic filing of the Report of Foreign Bank and Financial Accounts (Form 114, colloquially known as the 'FBAR'). Recent updates from the Financial Crimes Enforcement Network ('FinCEN') make clear that, despite previously...
|New Canadian Sanctions Target Russian Oil Exploration and Production Activity|
John W. Boscariol; McCarthy Tétrault LLP;
January 16, 2015, previously published on December 22, 2014On December 19, 2014, Canada significantly expanded its economic sanctions against Russia by imposing restrictions on the supply of certain goods and related technical, financial and other services for use in offshore, Arctic or shale oil exploration or production.
|Regulators Expect Continued Focus on Fair Lending|
H. Gary Pannell; Jones Walker LLP;
January 16, 2015Compliance with fair lending requirements continues to rank as a high priority among federal financial regulators. A panel discussion at a meeting of the Mortgage Bankers Association in late September featured representatives of the U.S. Department of Justice, the Consumer Financial Protection...
|CFPB Finalizes Rule on Annual Privacy Notices|
Robert L. Carothers; Jones Walker LLP;
January 16, 2015, previously published on October 23, 2014On October 20, the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized a rule to allow financial institutions that meet certain requirements to post their privacy policies online in lieu of mailing annual privacy notices to their customers.
|The U.K. Supreme Court Revisits Equitable Compensation in Commercial Transactions|
Sam Rogers; McCarthy Tétrault LLP;
January 14, 2015, previously published on December 2, 2014Trusts are widely used in commercial transactions. But, as creatures of equity, trusts raise issues that may not be immediately familiar to everyone who relies on them in the commercial world. Indeed, the interrelationship between equitable doctrines and remedies and common law principles and...
|Restructurings - Don't Forget the Tax Man|
Hayley Capani, Sonia Jordan; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014When undergoing a restructuring, a borrower/officeholder's main focus is often the company's lenders. However, there are occasions when HMRC's agreement can be just as key to ensuring any process runs smoothly. In this article, Sonia Jordan and Hayley Çapani discuss some key areas where...
|CFPB Proposes Rules For Prepaid Products|
Erich M. Hellmold, Aaron M. Kaslow, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on November 24, 2014On November 13, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule (the “Proposal”) that would provide significant consumer protections for prepaid accounts through substantial amendments to Regulation E (Electronic Fund Transfer Act) and Regulation Z...
|CSBS and NYDFS Issue Cyber Security Guidance for Banks|
Christina M. Gattuso, Erich M. Hellmond, Erich G. Oliffer, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on December 19, 2014The Conference of State Bank Supervisors (the ¿CSBS¿) and the New York Department of Financial Services (the ¿NYDFS¿) recently issued valuable guidance for financial institutions regarding cyber security. On December 10, 2014, the NYDFS issued a guidance letter to all NYDFS-regulated banks...