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|Regulators Expect Continued Focus on Fair Lending|
H. Gary Pannell; Jones Walker LLP;
November 3, 2014, previously published on October 16, 2014Compliance with fair lending requirements continues to rank as a high priority among federal financial regulators. A panel discussion at a meeting of the Mortgage Bankers Association in late September featured representatives of the U.S. Department of Justice, the Consumer Financial Protection...
|CFPB Finalizes Rule on Annual Privacy Notices|
Robert L. Carothers; Jones Walker LLP;
November 3, 2014, previously published on October 23, 2014On October 20, the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized a rule to allow financial institutions that meet certain requirements to post their privacy policies online in lieu of mailing annual privacy notices to their customers.
|Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent|
John W. Benson, Robert E. Copps, Eric R. Fenichel, Peter A. Fozzard, Dorothy Black Franzoni; Sutherland Asbill & Brennan LLP;
November 2, 2014, previously published on October 28, 2014On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending that result, when it authorized the filing of a termination statement to...
|Written Document Retention and Destruction Policy Saves the Day (Again)|
Scott St. Amand, J. Ellsworth Summers; Rogers Towers, P.A.;
November 2, 2014, previously published on October 21, 2014As we mentioned in our previous posts regarding document preservation, establishing a written document retention and destruction policy is essential to any company, large or small. As with the Pradaxa case out of the Southern District of Illinois, a recent case out of the Northern District of New...
|New Provisions Concerning Thin Capitalization in Poland|
BSJP Brockhuis Jurczak Prusak Sp.k.;
October 31, 2014On the 1st January 2015 the provisions regarding tax deduction of the interest paid for the loans provided by the related companies (thin capitalization) are about to change.
|Don't Make the $1.5 Billion Mistake|
Jeffrey S. Grasl, Stephen M. Gross; McDonald Hopkins LLC;
October 31, 2014, previously published on October 24, 2014In what is many times considered a ministerial task, the careful preparation and review of UCC-3 termination statements in transactions between debtors and lenders should not be taken lightly. Secured creditors and their professionals would be wise to make sure that the identification of security...
|Banker Bonuses: UK and EU Remain on Collision Course|
James Anderson, Patrick Brandt, Helena J. Derbyshire, Gregory P. Norman, Stephen G. Sims; Skadden, Arps, Slate, Meagher & Flom (UK) LLP;
October 31, 2014, previously published on October 22, 2014Since 1 January 2014, the EU’s Capital Requirements Directive (CRD) has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent with approval of a super majority of non-staff shareholders) —...
|Some Gramm-Leach-Bliley Notices Can Now Be Posted Online|
Chanley T. Howell, Steven M. Millendorf; Foley & Lardner LLP;
October 31, 2014, previously published on October 23, 2014Some banks and other organizations covered under the Gramm-Leach-Bliley Act (GLBA) may now post their privacy policies online rather than having to mail them annually. Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule to provide more effective and efficient privacy...
|UDAAP Council Weekly UDAAP Standards Report - 10/23/2014|
Martin J. Bishop; Foley & Lardner LLP;
October 30, 2014, previously published on October 23, 2014Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims.
|Delaware Supreme Court Rules Mistakenly Filed UCC Termination Statement Is Effective in $1.5 Billion Secured Loan Transaction|
Charles Tabb, Mark J. Wolfson; Foley & Lardner LLP;
October 30, 2014, previously published on October 20, 2014Lenders need to exercise great caution when filing a UCC-3 termination statement. They must make sure that the list of security interests terminated is accurate and that the statement does not mistakenly include other, unrelated loans and security interests. A recent ruling by the Delaware Supreme...