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|Federal Banking Agencies Propose Enhanced Cyber Risk Management Standards|
Jennifer C. Everett, Lisa M. Ledbetter; Jones Day;
November 21, 2016, previously published on November 2016The Board of Governors of the Federal Reserve System ("Federal Reserve Board"), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, "the agencies") recently issued a joint advance notice of proposed rulemaking...
|FDIC Holds De Novo Outreach Conference|
Daniel H. Burd, John J. Spidi; Jones Walker LLP;
November 16, 2016, previously published on October 27, 2016As part of its recent efforts to encourage de novo bank applications, on October 13, 2016, the Federal Deposit Insurance Corporation (FDIC) held a Community Banking De Novo Outreach Meeting in its New York Regional Office. The program was entitled "Strategies for Successful De Novo Bank...
|Cybersecurity Certifications Now Required to Access Death Master File|
Wilson G. Barmeyer, Robert D. Owen, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
November 14, 2016, previously published on November 10, 2016Tough cybersecurity certification requirements for parties seeking access to certain information in the Social Security Death Master File (DMF) take effect on November 28.
|Regulating Fintech in Canada|
Robert Dawkins, Jeffrey S. Graham, Anthony Milazzo, Manoj Pundit, Stephen J. Redican; Borden Ladner Gervais LLP;
November 11, 2016, previously published on October 2016Many believe that Canada has the potential to become a leading, if not the leading, global fintech hub. While the Canadian financial services regulatory system has helped to protect Canadians and their financial institutions from disruption and financial setbacks, our regulatory system has also...
|Québec Superior Court Confirms Strict Liability for Cheque Bearing Forged Endorsement, in a Case of Identity Theft and Mortgage Fraud|
Josiane Brault, Alexander De Zordo; Borden Ladner Gervais LLP;
November 9, 2016, previously published on November 1, 2016In Gescoro inc. v. Notaire Francis-Pierre Rémillard (available in French), the Québec Superior Court ruled that a notary's cheque remitted to a fictitious vendor who had stolen the identity of an individual, in order to perpetrate a mortgage fraud in a property sale, can be reversed...
|Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest Foreclosure|
Mark D. Hildreth; Shumaker, Loop & Kendrick, LLP;
November 3, 2016, previously published on October 28, 2016Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor intends to retain or surrender property encumbered by a mortgage. In its...
|CFPB’s Structure is Unconstitutional, D.C. Circuit Court Holds|
Meghan O. Serrano; Shumaker, Loop & Kendrick, LLP;
November 3, 2016, previously published on October 21, 2016Lenders and their attorneys have been closely monitoring the enforcement actions and rules promulgated by the Consumer Financial Protection Bureau or CFPB, which was created under the Dodd-Frank Act. The CFPB’s three goals are to educate consumers, enforce federal consumer financial laws, and...
|Lendors and Venders Need to Protect Interests When Dealing With Consignment Transactions|
Arnold D. Spevack; Lerch, Early & Brewer, Chartered;
November 2, 2016, previously published on October 21, 2016The Sports Authority bankruptcy filing in March 2016 was a wake-up call to lenders and vendors of the company. It should set off an alarm for all lenders, vendors, and their attorneys to focus on steps to protect their respective interests when it comes to consignment transactions.
|Are Your Loan Documents Executed by the Correct Party?|
Alison W. Rind; Lerch, Early & Brewer, Chartered;
November 2, 2016, previously published on October 21, 2016Loan documents are only as good as the authority granted to the signatory to execute the document on behalf of your entity borrowers and guarantors. Yet, lenders will often rely on their customer’s verbal confirmation or informal written communication of authorized signatories.
|FinCEN Issues Advisory to Financial Institutions on Suspicious Activity Reports of Cyber-Events and Cyber Enabled Crime|
Peter J. Anderson, Brian L. Rubin, Amelia Toy Rudolph, W. Scott Sorrels, Ronald W. Zdrojeski; Sutherland Asbill & Brennan LLP;
October 31, 2016, previously published on October 31, 2016On October 25, the Financial Crimes Enforcement Network (FinCEN), one of the U.S. Department of the Treasury’s lead agencies in the fight against money laundering, issued an Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime and associated Frequently Asked Questions...