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|Mais Reversed: If You Give Me Your Number, I Can Call It, However I Want|
Michael C. Lueder; Foley & Lardner LLP;
October 15, 2014, previously published on October 1, 2014“If you give me your number, I can call it, however I want.” For more than twenty years this statement has summarized the Federal Communications Commission view of prior express consent under the Telephone Consumer Protection Act. On September 29, 2014, the United States Court of...
|Massachusetts Treasurer Demands National Mutual Fund Records in Multistate Unclaimed Property Audit|
Sutherland Asbill Brennan LLP;
October 14, 2014, previously published on October 8, 2014Late this summer, the Massachusetts Treasurer demanded mutual fund records on a nationwide basis as part of a multistate unclaimed property audit. Thirty-five (35) states are involved in the audit, but the Treasurer has sought records pertaining to all fifty (50) states.
|FCA MiFID II Conference Summary|
Harvey Knight, Kirsten Lapham; Withers Bergman LLP;
October 13, 2014, previously published on September 24, 2014On 18 September, the Financial Conduct Authority (FCA) held a conference which addressed the agenda for Markets in Financial Instruments Directive (MiFID) II. Among other key speakers, David Lawton, the FCAs director of markets, and Maggie Craig, acting head of savings and investments, talked about...
|Lenders Beware: the Nevada Supreme Court Holds That Foreclosures of Homeowners’ Association Liens May Extinguish First Priority Deeds of Trust|
Bob L. Olson; Snell & Wilmer L.L.P.;
October 13, 2014, previously published on September 26, 2014Nevada has adopted the Uniform Common Interest Ownership Act of 1982 (the “Act”) which governs homeowners’ associations (“HOA”).
|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....
|Credit Unions' Responsibility to Reasonably Investigate Disputes under the Fair Credit Reporting Act|
Matthew M. Young; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 26, 2014 While the Fair Credit Reporting Act (FCRA) is many decades old, originally passed in 1970, credit unions should give renewed focus to the Act to ensure its compliance. Under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) was provided authority to enforce the terms of the FCRA....
|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...
|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...
|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...