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|Do Guarantors Fall Under the Protection of the Equal Credit Opportunity Act?|
Samantha Alves Orender; Rogers Towers, P.A.;
September 17, 2014, previously published on September 4, 2014We have discussed the Equal Credit Opportunity Act(“ECOA”), which makes it unlawful for a creditor to discriminate against an applicant in any aspect of a credit transaction on the basis of, among other things, the applicant’s marital status, religion, sex, race, or age. The...
|"Pay To Play" Rule Proposed for Municipal Advisors|
J. Andrew Gipson; Jones Walker LLP;
September 16, 2014, previously published on September 4, 2014On August 18, 2014, the Municipal Securities Rulemaking Board ("MSRB") issued a request for comment on proposed rule amendments expanding application of Rule G-37, its "pay to play" rule, to municipal advisors and municipal advisor third-party solicitors. The request for comment...
|UDAP/UDAAP: Goodbye Regulation, Hello Guidance|
Craig N. Landrum; Jones Walker LLP;
September 16, 2014, previously published on September 11, 2014In recognition that its authority to issue credit practices rules for insured institutions was repealed as a consequence of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), the Board of Governors of the Federal Reserve System (the "Board") is...
|Theories of Liability Against Principals of Debtor|
Joseph S. U. Bodoff; Rubin and Rudman LLP;
September 15, 2014, previously published on September 11, 2014All too often, businesses cease operating, leaving creditors with little or no ability to collect on their debts. Fortunate creditors may have collateral or personal guaranties signed by a person or entity that is not judgment-proof. For the vast majority of creditors, however, their recourse is...
|European Central Bank Publishes Final List of 'Significant Supervised Entities' in Preparation for Banking Union|
Patrick Brandt, Sven G. Mickisch, William J. Sweet; Skadden, Arps, Slate, Meagher & Flom LLP;
September 15, 2014, previously published on September 12, 2014On 4 September 2014, the EU’s European Central Bank (ECB) published its final list of significant supervised entities and less significant institutions for the purposes of the Eurozone’s single supervisory mechanism (SSM), which will come into effect on 4 November 2014. The list, which...
|Virtual Currency - New York State Extends Comment Deadline on BitLicense Proposal|
Michael A. Berlin, Carl A. Fornaris, William B. Mack, Jamey L. Tesler; Greenberg Traurig, LLP;
September 15, 2014, previously published on September 9, 2014On August 21, 2014, the New York State Department of Financial Services (DFS) agreed to double the length of the open-comment period for its proposed virtual currency regulatory framework, extending the period another 45 days, to October, 21, 2014.
|The Regulation of Virtual Currencies in Canada|
Jeffrey S. Graham, James Mathers, D. Ross McGowan, James Szumski; Borden Ladner Gervais LLP;
September 15, 2014, previously published on September 10, 2014Canada is engaged in an important effort to reform its payment system. In recent years, there have been important legislative measures to enhance the payment system including the adoption of the Payment, Clearing and Settlement Act, and the Payment Card Network Act. There was the appointment of an...
|Truth in Lending Act and Consumer Leasing Act Dollar Thresholds Raised: Fewer Transactions Exempt|
Timothy S. Crisp; Foley & Lardner LLP;
September 12, 2014, previously published on September 10, 2014More consumer credit and leasing transactions will be subject to the Truth in Lending Act (TILA) and Consumer Leasing Act (CLA) in 2015.
|Proposed Rules Published on Dodd-Frank Changes to Home Mortgage Disclosure Regulations|
Alan B. Clark, Edmund "Ed" D. Harllee; Williams Mullen;
September 12, 2014, previously published on September 8, 2014On August 29, 2014, the Bureau of Consumer Financial Protection (the “Bureau”) issued a proposed rule and request for public comment on changes to its Regulation C (Home Mortgage Disclosure) to implement changes to the Home Mortgage Disclosure Act (“HMDA”) required by the...
|SEC Adopts Rules Regarding Third-Party Due Diligence Reports in Connection With Offerings of Asset-Backed Securities, and Other Rules for Nationally Recognized Statistical Rating Organizations|
Charles A. Sweet; Bingham McCutchen LLP;
September 12, 2014, previously published on September 2, 2014The Securities and Exchange Commission (the “SEC”) has adopted a variety of rules (the “Adopting Release”) relating to nationally recognized statistical rating organizations (“NRSROs”), as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act...