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|FINRA Announces Creation of Arbitration Task Force|
August 21, 2014, previously published on August 2014On July 17, 2014, the Financial Industry Regulation Authority (“FINRA”) announced the formation of a task force to consider and recommend changes to the FINRA arbitration process. The task force’s stated mission is to “consider possible enhancements to its arbitration forum...
|United States Court of Appeals for the Second Circuit Provides Clarification on Definition of Customer Under FINRA Rules|
Dan F. Laney, Brett A. "Ben" Rogers, Robert H. "Rob" Snyder; Rogers & Hardin;
August 21, 2014, previously published on August 2014Rogers & Hardin partner Ben Rogers was a panelist at the 2014 SIFMA Compliance and Legal Society Annual Seminar and presented on the topic of how courts define a “customer” for purposes of arbitration of customer disputes under applicable FINRA rules. As discussed by that panel,...
|CFPB Proposes Changes to Reg C|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
August 19, 2014, previously published on August 7, 2014The Home Mortgage Disclosure Act (“HMDA”), implemented through Regulation C, is the next target for changes by the Consumer Financial Protection Bureau (“CFPB”). The CFPB’s proposed rule claims to simplify the reporting process for financial institutions while also...
|CFPB Releases Overdraft Study|
Robert L. Carothers; Jones Walker LLP;
August 18, 2014, previously published on August 14, 2014On July 31, 2014, the Consumer Financial Protection Bureau ("CFPB") released the results of a study prepared by its Office of Research on the topic of checking account overdrafts. The study was based on a sampling of data from several large banks supervised by the CFPB. It contains a...
|SANCTIONS UPDATE - New Treasury Guidance on Aggregation of Ownership Interests|
Mark D. Herlach, Beverly J. Rudy; Sutherland Asbill & Brennan LLP;
August 18, 2014, previously published on August 14, 2014On August 13, the U.S. Department of the Treasury published revised guidance on the treatment of entities owned by persons whose property and interests in property are blocked under the Executive Orders and regulations administered by the Office of Foreign Assets Control (OFAC). Under its new...
|Multi-Million Dollar Settlements Prompt Record Filing of TCPA Lawsuits|
Wilson G. Barmeyer, Thomas M. Byrne, Ellen M. Dunn, Allegra J. Lawrence-Hardy, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
August 18, 2014, previously published on August 12, 2014High-dollar settlements of class actions filed under the Telephone Consumer Protection Act appear to have prompted the filing of a record number of new TCPA cases in federal courts nationwide. In the largest TCPA settlement announced to date, on July 29, 2014, a federal court in Illinois...
|Connecticut District Court Suggests Automatic Stay May Apply To Non-debtor Junior Lienholders In Foreclosure Action|
Elizabeth J. Austin, Irve J. Goldman, Jessica Grossarth, Jonathan A. Kaplan; Pullman & Comley, LLC;
August 18, 2014, previously published on August 8, 2014On July 22, 2014, the Connecticut District Court issued an opinion, Eastern Savings Bank FSB v. St. Germain, et al, 2014 WL 3687740 (D. Conn. 2014), which could impact the applicability of the automatic stay of 11 U.S.C. §362(a) to non-debtor parties.
|Businesses Around the United States Being Targeted for Alleged Inaccessible Websites|
Duane Morris LLP;
August 18, 2014, previously published on August 14, 2014While plaintiff's lawyers have been busy the past two years filing lawsuits around the United States alleging violations of the Americans with Disabilities Act (ADA) related to physical barriers—including a wave of class action lawsuits against banks for inaccessible ATMs and against...
|Consequences of the Louisiana Public Records Doctrine Exception|
Wm. Blake Bennett, James L. Breaux; Liskow & Lewis A Professional Law Corporation;
August 18, 2014, previously published on August 11, 2014A recent Louisiana Fifth Circuit Court of Appeal decision has brought to our attention a long-established, but perhaps not as well known, exception to the public records doctrine.
|Chile and the United States Sign the Inter-Governmental Agreement ("IGA") Within the Scope of the Foreign Account Tax Compliance Act ("FATCA")|
Diego Peralta, Jessica Power, Elena Yubero; Carey;
August 15, 2014FATCA is a United States Act that requires US persons, including individuals who live outside the United States, to report their financial accounts held outside of the US, and requires foreign financial institutions ("FFIs") to report information regarding their US clients to the US...