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|Michigan's Amended Periodic Garnishment Statute|
David A. Wolfe; Weltman, Weinberg & Reis Co., L.P.A.;
May 18, 2015, previously published on May 6, 2015Michigan allows judgment creditors to garnish funds owed to a judgment debtor through a periodic garnishment (which is typically sent to an employer), a non-periodic garnishment (which typically seeks to seize funds in a bank account) and a tax garnishment. Recently, Michigan amended its statute...
|What Next for Bank Capital and the IRB Approach?|
Michael Wainwright; Dentons Canada LLP;
May 14, 2015, previously published on April 21, 2015Financial Services analysis: Could changes to the internal ratings based (IRB) regulatory framework result in substantial burdens for banks and national regulators? Michael Wainwright, partner in Dentons' Financial Services and Funds practice, comments on the European Banking Authority's (EBA)...
|CDFI Fund Opens FY 2015 Bank Enterprise Award|
Craig N. Landrum, Neal C. Wise; Jones Walker LLP;
May 14, 2015, previously published on May 7, 2015On May 4, the Community Development Financial Institutions ("CDFI") Fund opened up the fiscal year 2015 application round for the Bank Enterprise Award Program ("BEA Program"). Like last year, the CDFI Fund made $18 million available to eligible FDIC-insured banks. The deadline...
|Limitations on Foreign Exchange in Kazakhstan|
Aigoul Kenjebayeva; Dentons Canada LLP;
May 14, 2015, previously published on May 5, 2015On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution No 321 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia regulate foreign exchange operations, the regime of foreign investments...
|New Local Currency Regulations Issued in Indonesia|
Mae Shan Chong, Sushma Jobanputra, Steven Potter; Jones Day;
May 13, 2015, previously published on May 1, 2015The end of March 2015 saw the Republic of Indonesia's central bank, Bank Indonesia, issue new regulations to supplement and clarify Indonesia's 2011 Currency Law and to further seek to stabilize Indonesia's currency, the rupiah.
|Amendments To Québec Law Concerning Hypothecs; Québec Adopts New Rules|
Pierre Côté, Joëlle Girard; Borden Ladner Gervais LLP;
May 12, 2015, previously published on May 07, 2015The Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (the "Act") was adopted by the Québec National Assembly on April 20, 2015 and received assent the next day, on April 21, 2015. We have already shared our...
|CFPB To Consider Rules Restricting Certain Payday, Deposit Advance, Vehicle Title and Other Short-Term Lending: CFPB Proposal Would Require Lenders To Assess Customers’ Ability To Repay, Impose Cooling-Off Periods for Consecutive Loans, and Require Disclosures and Limits on Repayment Through Customer Accounts|
Darrell S. Cafasso, H. Rodgin Cohen, Mitchell S. Eitel, Robert J. Giuffra, Sharon L. Nelles; Sullivan & Cromwell LLP;
May 8, 2015, previously published on March 30, 2015On March 26, 2015, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) announced that it will be considering rules imposing significant structural limitations and other requirements on payday and similar loans: (1) short-term (45 days or less) loans to...
|Recent Developments in BSA/AML and Sanctions: Commerzbank AG Settles Criminal and Civil BSA/AML and Sanctions Charges with U.S. Government|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
May 8, 2015, previously published on March 26, 2015On March 12, 2015, Commerzbank AG (“Commerzbank”), Germany’s second largest bank, reached a multi-agency criminal and civil resolution of allegations that Commerzbank engaged in a practice of remitting “non-transparent” cross-border payments involving sanctioned...
|Caught in the Tangled Web|
Richard Caird, Alexandra Doucas; Dentons Canada LLP;
May 7, 2015, previously published on April 27, 2015This is a case in which the claimant alleged that a bank held money on constructive trust for her. The bank said that it was a bona fide purchaser for value, with no notice which would suggest the existence of a prior proprietary claim. The bank failed. However, the Privy Council's judgment...
|FCA Business Plan Released: Supervision And Financial Crime Remains Key Focus For 2015|
Kirsten Lapham; Withers Bergman LLP;
May 7, 2015, previously published on March 30, 2015The Financial Conduct Authority (FCA) released its business plan and risk outlook for 2015 and 2016. It sets out the key risks identified; the areas of focus for the upcoming year; and its approach to addressing the risks to its objectives.