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|Three Takeaways from the Recent Settlement in CFPB v. Bancorpsouth|
Thomas E. Walker; Brunini, Grantham, Grower & Hewes, PLLC;
August 5, 2016, previously published on July 22, 2016There were many things from the recent settlement of Fair Lending and Fair Housing Claims against BancorpSouth that didn’t surprised me (see United States of American and Consumer Financial Protection Bureau v. BancorpSouth Bank, Case No. 1:16cv118-GHD-DAS, U.S. District Court for the...
|New Cause of Action from Business Court?|
Ron Jones; Nexsen Pruet, LLC;
August 5, 2016, previously published on May 17, 2016In a recent case from the Business Court in Brunswick County, a North Carolina Judge held that Defendants could assert a claim for breach of the duty to negotiate in good faith finding that negotiations for a loan modification and renewal gave rise to a genuine issue of material fact as to whether...
|Cautionary Tale: Late Fees in Loan Documents Might Not Hold Up in Court|
Matthew Gerald DiMeglio; Lerch, Early & Brewer, Chartered;
August 5, 2016, previously published on July 20, 2016Banks and their attorneys go to great lengths to protect the lenders in case a nborrower fails to repay a loan. Sometimes, a court recently decided, those efforts go too far.
|Should Lenders Agree to Requests to Remove Late Fees From Promissory Notes?|
Lawrence G. Lerman; Lerch, Early & Brewer, Chartered;
August 5, 2016, previously published on July 26, 2016It is very common for a promissory note to provide that if a payment is not made within a certain number of days after the due date, the borrower will owe a late fee of 5 percent of the delinquent payment. That late fee can become very costly when the note is not self-amortizing and has a balloon...
|Chapter 13 Debtor Unable to Modify Confirmed Plan to Surrender Collateral|
Christine L. Myatt; Nexsen Pruet, LLC;
August 5, 2016, previously published on May 10, 2016The U.S. Bankruptcy Court for the Eastern District of North Carolina in In Re Reuben Samuel Royal, Case No, 14-07134-DMW (May 2, 2016) recently concluded that the Chapter 13 debtors cannot surrender a vehicle back to the lender after confirmation of a Chapter 13 plan even though the vehicle was...
|Delaware Bankruptcy Court Reaffirms the Viability of Class Proofs of Claim in PacSun Bankruptcy|
Kevin C. Maclay, Todd E. Phillips, Sally J. Sullivan; Caplin & Drysdale, Chartered;
August 1, 2016, previously published on July 18, 2016On June 22, 2016, the Bankruptcy Court for the District of Delaware allowed a putative creditor class to file a class proof of claim in the In re Pacific Sunwear of California, Inc., et al., bankruptcy proceedings.1 In granting the motion, the bankruptcy court applied its discretion to certify a...
|New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements|
Brian Barrett, Kristin Ward Cleare; Sutherland Asbill & Brennan LLP;
July 29, 2016, previously published on July 28, 2016On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address what the DFS called “shortcomings” in current practices...
|NYS Department of Financial Services Adopts Final Rule Imposing Enhanced BSA/AML Compliance Standards on Financial Institutions|
Michael A. Berlin, Carl A. Fornaris, Harold N. Iselin, William B. Mack, Niall E. O'Hegarty; Greenberg Traurig, LLP;
July 28, 2016, previously published on July 11, 2016On June 30, 2016, the New York State Department of Financial Services (DFS or the Department) announced its adoption of the final version of its new regulation (the Final Rule) setting forth the required elements of “Transaction Monitoring and Filtering Programs” maintained by New York...
|Loss Payee Versus Lender’s Loss Payee: One Word Can Make All The Difference|
Niel Alden; Burr & Forman LLP;
July 26, 2016, previously published on June 2016When a lender makes a loan secured by personal property, it will perfect its interest in the collateral under applicable law. To further protect the value of the collateral supporting its loan, the lender will also require proof of insurance and obtain an endorsement on the borrower’s...
|U.S. Aims to Increase Transparency in Order to Combat Offshore Abuses in Wake of Release of Panama Papers|
Duane Morris LLP;
July 23, 2016, previously published on May 6, 2016On May 5, 2016, the Obama administration announced a series of proposals that will be sent to Congress designed to combat the disguising of international financial dealings through the use of anonymous financial corporations in the United States. The proposals are a signal to both domestic and...