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|SEC Adopts Regulation AB II|
Cheryl D. Barnes, Joseph W. Beach, David Burkholder, Michael S. Gambro, Anna H. Glick; Cadwalader, Wickersham & Taft LLP;
September 2, 2014, previously published on August 28, 2014Yesterday morning the Securities and Exchange Commission in an open meeting voted to adopt long-awaited final rules (the "Final Rules") implementing a series of changes to the registration and offering process for asset-backed securities (“ABS”) and expanded disclosure and...
|Court Finds Settlement Obligations to Pay Mortgagor Are Not Discharged By Sending Co-Payable Check to Insured|
Martin Disiere Jefferson Wisdom L.L.P.;
September 2, 2014, previously published on August 12, 2014Last Thursday, in Viewpoint Bank v. Allied Property and Cas. Ins. Co., 2014 WL 3867810 (Tex.App.-Dallas August 7, 2014), the Dallas Court of Appeals examined the insurer’s duty to pay a mortgage company in relation to the settlement of an insurance claim arising out of Hurricane Ike. Allied...
|Understanding Risks Unque to Personal Loan Guarantees|
Kohrman Jackson Krantz PLL;
September 2, 2014, previously published on September 2, 2014Personal guarantees are commonplace in loans of all types and sizes. However, there are issues that are unique to personal guarantees provided by individuals that need to be taken into consideration when negotiating a loan.
|New York State Department of Financial Services Proposes Comprehensive Bitcoin Regulations|
Robert W. Gaffey, Harold K. Gordon, Henry Klehm, Howard F. Sidman, Jayant W. Tambe; Jones Day;
September 2, 2014, previously published on August 2014The New York State Department of Financial Services ("DFS") recently became the first state regulator to propose a regulatory framework for the bitcoin virtual currency industry. DFS posted its "Regulation of the Conduct of Virtual Currency Business" on its website, as well as...
|Discussed with Examiners: Common Issues in Examinations|
Randall L. Harbour; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014I recently had the opportunity to lead a discussion of prudential regulators and examiners at a meeting of the Banking Law Committee of the American Bar Association. Our topic was identifying the more frequent issues and problems they are seeing in their examinations of smaller financial...
|USA PATRIOT Act/AML Update: FinCEN Issues Long-Awaited Proposed Regulations Regarding Beneficial Ownership Disclosure|
Carl A. Fornaris, Wendy Li, Micah Schwalb; Greenberg Traurig, LLP;
September 1, 2014, previously published on August 25, 2014On July 23, 2014, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) published highly-anticipated proposed regulations that, if adopted into final regulations, would require banks, securities broker dealers, mutual funds, futures commission merchants, and...
|“Backoff” Update — More Widespread, PCI Council Issues Call to Action — If You Accept Credit Cards Via Point-of-Sale, You Need to Read This|
Cynthia J. Larose; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 1, 2014, previously published on August 28, 2014Some weeks ago, we wrote a piece “What You Need to Know About Backoff Malware: The New Threat Targeting Retailers” . It’s apparently gotten worse. Any business utilizing point-of-sale (POS) terminals for “swiping” credit cards needs to pay attention to this threat and...
|Financing the Creative|
Deanna Swisher; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014It is time to turn around the phrase “creative financing” to consider financing the creative. Lansing Michigan’s newest incubator, The Runway, will open in August. At The Runway, ten fashion designers-in-residence will be learning how to get their creative ideas to market and move...
|Florida Consumer Collection Practices Act Applies to Anyone Collecting a Debt|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
September 1, 2014, previously published on August 28, 2014The Florida Consumer Collection Practices Act (“FCCPA”) prohibits anyone attempting to collect a debt from using certain types of abusive, deceptive, and misleading tactics. In a recent decision, Florida’s Second District Court of Appeals ruled that the FCCPA applies not just to...
|Beyond the Rent Roll - Retail Lease Agreements|
Heather Sue Nason; Rogers Towers, P.A.;
August 28, 2014, previously published on August 19, 2014Commercial mortgage lenders of non-owner occupied property need to be adept at reviewing leases to protect themselves from risk. Although the rent roll is a useful tool, some lenders learned during the economic downturn that it was a mistake to rely solely on the rent roll for a picture of the...