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|Discussed with Examiners: Common Issues in Examinations|
Randall L. Harbour; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014I recently had the opportunity to lead a discussion of prudential regulators and examiners at a meeting of the Banking Law Committee of the American Bar Association. Our topic was identifying the more frequent issues and problems they are seeing in their examinations of smaller financial...
|“Backoff” Update — More Widespread, PCI Council Issues Call to Action — If You Accept Credit Cards Via Point-of-Sale, You Need to Read This|
Cynthia J. Larose; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 1, 2014, previously published on August 28, 2014Some weeks ago, we wrote a piece “What You Need to Know About Backoff Malware: The New Threat Targeting Retailers” . It’s apparently gotten worse. Any business utilizing point-of-sale (POS) terminals for “swiping” credit cards needs to pay attention to this threat and...
|Non-Dischargeable Tax Debt Not Special Class of Unsecured Creditors|
Scott St. Amand, J. Ellsworth Summers; Rogers Towers, P.A.;
August 28, 2014, previously published on August 26, 2014In numerous previous posts, we have noted that the purpose of the Bankruptcy Code is to help the “honest but unfortunate debtor.” Like gerrymandering, certain “creative” debtors have attempted to classify their non-dischargeable debt as a separate, special class of unsecured...
|Restructuring of Unlisted EU Companies: AIFMD Applies to Non-EU Fund Managers on Acquisitions of Substantial Stakes|
Robert Cannon, Assia Damianova, Mitzi Huang, Nick Shiren; Cadwalader, Wickersham & Taft LLP;
August 28, 2014, previously published on August 27, 2014The Alternative Investment Fund Managers Directive ("AIFMD") imposes restrictions on "asset stripping" on managers ("AIFMs") of alternative investment funds ("AIFs") that acquire control of EU companies. The rules contain new notification requirements (as low...
|Finally Certainty About Licensing SPVs Under the FCA Consumer Credit Regime|
Bruce C. Bloomingdale, Stephen Day, Angus Duncan, Daniel Marcus, Jeremiah M. Wagner; Cadwalader, Wickersham & Taft LLP;
August 28, 2014, previously published on August 20, 2014From 1 April 2014, responsibility for the regulation of consumer credit in the UK was transferred from the Office of Fair Trading ("OFT") to the Financial Conduct Authority ("FCA"), drawing certain activities relating to consumer credit within the authorisation and regulated...
|Beyond the Rent Roll - Retail Lease Agreements|
Heather Sue Nason; Rogers Towers, P.A.;
August 28, 2014, previously published on August 19, 2014Commercial mortgage lenders of non-owner occupied property need to be adept at reviewing leases to protect themselves from risk. Although the rent roll is a useful tool, some lenders learned during the economic downturn that it was a mistake to rely solely on the rent roll for a picture of the...
|Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)|
Timothy S. Crisp; Foley & Lardner LLP;
August 27, 2014, previously published on August 22, 2014The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit practices.
|Florida Passes New Law for Loan Compliance|
Richard Lawrence Pearlman; Adams Reese LLP;
August 27, 2014, previously published on August 8, 2014On July 1, 2014, a number of changes to Florida banking laws went into effect. Despite the Florida legislature’s stated desire to decrease regulation on businesses, a new law serves to greatly increase regulation on community banks with respect to loans-to-one-borrower limits.
|Be Careful With Fixed Rate Credit Cards|
Michael M. Bell, Steven M. Van Beek; Howard Howard Attorneys PLLC;
August 27, 2014One of the many changes from the Credit CARD Act of 2009 was the limitation on using the term "fixed" in relation to credit card rates. Credit unions that want the ability to increase the APRs on their credit cards in the future need to very carefully manage their advertising and...
|7th Cir. Leaves Distressed-Asset Investor With No Remedy, or Exactly What it Bargained for|
Eric G. Pearson; Foley & Lardner LLP;
August 27, 2014, previously published on August 21, 2014It’s rare that a party to a contract can breach it but not be liable for a remedy. Yet that’s precisely what happened last week in Southern Financial Group, LLC v. McFarland State Bank, No. 13-3378 (7th Cir. Aug. 15, 2014), a Wisconsin-law decision from the Seventh Circuit (written by...