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|Consumer Finance Update: New Ginnie Mae minimum net worth, liquidity and demonstrated participation Requirements for Issuers approved for certain Ginnie Mae programs|
John Holahan, Richard Horn, Matthew S. Yoon; Dentons Canada LLP;
November 17, 2014, previously published on October 23, 2014Ginnie Mae has announced several new requirements in response to the continued transformation of the housing market and the growing number of entities that are granted Issuer approval, yet fail to actively participate in a Ginnie Mae MBS program. In the new year, Ginnie Mae will (1) adjust its...
|Recent Judgment Handed Down in Swaps Litigation|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
November 17, 2014, previously published on October 1, 2014In the continuing march of swaps litigation, each new judgment handed down represents a fresh carcass over whose bones those involved in such litigation inevitably pick for insights as to how future cases are likely to be decided. The recent judgment in the Crestsign litigation may well prompt the...
|Visa and MasterCard Voluntarily Commit to Reduce their Credit Card Fees|
Susan Kacaba, Anna I. MacMillan; Davis LLP;
November 15, 2014, previously published on November 6, 2014On November 4, 2014, Canada’s Minister of Finance, Joe Oliver, announced that Visa Canada Corporation and MasterCard Canada, Inc. had submitted separate and individual voluntary proposals to reduce their net consumer credit card interchange rates to an average effective rate of 1.50% for a...
|US Securities and Exchange Commission Adopts Amendments to Money Market Fund Rule (Rule 2a-7)|
Leslie S. Cruz, Peter M. McCamman, Amy Ward Pershkow; Mayer Brown LLP;
November 15, 2014, previously published on October 27, 2014On July 23, 2014, the US Securities and Exchange Commission (“SEC”) by a 3-2 vote, adopted amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”), as amended (“Rule 2a-7” or the “Rule”).1 Rule 2a-7 imposes quality, liquidity,...
|Derivatives Reporting Commences in Canada|
Michael Brown, Brian P. Koscak; Cassels Brock & Blackwell LLP;
November 15, 2014, previously published on November 06, 2014Effective as of October 31, 2014, securities legislation in each of Ontario, Québec and Manitoba came into force that requires “local counterparties” which engage in derivative transactions to report certain derivatives transaction data to a designated trade repository. OSC Rule...
|New York’s Highest Court Endorses Application of “Separate Entity Rule” to International Banks: Landmark Ruling by Court of Appeals Confirms that Service of Asset Freeze Order on New York Branch of International Bank Does Not Reach Overseas Branches|
Bruce E. Clark, Justin J. DeCamp, Robert J. Giuffra, Sharon L. Nelles, Bradley P. Smith; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 23, 2014In Motorola Credit Corporation v. Standard Chartered Bank, the New York Court of Appeals confirmed that the separate entity rule, which has existed for nearly 100 years, remains a valid rule of law. Specifically, the Court of Appeals held that “a judgment creditor’s service of a...
|IRS Issues Audit Directive on Worthless Debt Deductions for Banks and Bank Affiliates: LBI Directs Its Auditors Not to Challenge Certain Worthless Debt Deductions|
Judith R. Fiorini, Donald L. Korb, Andrew S. Mason, Eric S. Wang; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 29, 2014The Large Business and International Division (“LBI”) at the IRS issued an audit directive (the “Directive”) to its revenue agents relating to bad debt deductions claimed by banks and regulated bank affiliates. The Directive clarifies the application of the presumption rules...
|Bank Capital Plans and Stress Tests: Federal Reserve Approves Final Rule Amending Certain Aspects of Existing Capital Plan and Stress Test Rules|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 24, 2014Last Friday, the Board of Governors of the Federal Reserve System approved a final rule (the “Final Rule”) amending certain aspects of the existing capital plan (the “Capital Plan Rule”) and stress test rules (the “Stress Test Rules”) applicable to bank holding...
|Truth-In-Lending Rescission Not Possible Before Consummation|
Marjorie A. Corwin, Travis W. Dalton; Gordon Feinblatt LLC;
November 14, 2014, previously published on November 2014On October 23, 2014, the Maryland Court of Appeals reversed a Court of Special Appeals decision that would have let a consumer rescind a credit transaction by exercising Truth-in-Lending Act ("TILA") rescission rights before consummation of the transaction. The facts upon which the case...
|U.S. Regulatory Update-Final Rules: Credit Risk Retention for CLOS|
Grant E. Buerstetta, Jaiho Cho; Blank Rome LLP;
November 14, 2014, previously published on October 2014Call to Action: The final risk retention rules will change the status quo for nearly all CLO managers beginning in the fourth quarter of 2016. All managers should begin assessing whether and how they will comply with the final rules once they come into effect and monitor ongoing market developments...