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|OCC Continues Focus on BSA/AML|
Katharine F. Musso; Jones Walker LLP;
March 30, 2015, previously published on March 5, 2015The Office of the Comptroller of the Currency ("OCC") announced a civil money penalty of $1.5 million against a large community bank on February 27. The OCC found the bank had willfully failed to file suspicious activity reports ("SARs") and, as a result, hampered law...
|Foreign Fund Was Engaged in a Trade or Business in the United States as a Result of Lending and Underwriting Activities|
Jeffrey D. Hochberg, Donald L. Korb, Eric M. Lopata, Andrew P. Solomon, David C. Spitzer; Sullivan & Cromwell LLP;
March 27, 2015, previously published on January 26, 2015On January 2, 2015, the Internal Revenue Service (the “IRS”) released Advice Memorandum 201501013 (the “Advice Memorandum”) from the Office of Chief Counsel. The Advice Memorandum concludes that a partnership was engaged in a U.S. trade or business through lending and...
|US Congress Passes 1-year Retroactive "Extenders" Package|
Kathryn L. Anderson, John L. Harrington, Marc D. Teitelbaum; Dentons Canada LLP;
March 27, 2015, previously published on December 17, 2014It's been called "a terrible way to make tax policy" and "not that great a deal for families, individuals, and businesses"--and that's just by its supporters. Still, even though far from ideal, the "Tax Increase Prevention Act of 2014" is an early Christmas present for...
|Spinach for the Strong Arm Power|
G. Ray Warner; Greenberg Traurig, LLP;
March 26, 2015, previously published on March 20, 2015In a little-noticed November opinion, the Seventh Circuit greatly expanded the ability of a bankruptcy trustee to avoid a security interest for documentation errors under section 544(a)(1) of the Bankruptcy Code. See State Bank of Toulon v. Covey (In re Duckworth), 776 F.3d 453 (7th Cir. 2014).
|Draft Federal P&C Insurer Demutualization Regulations Issued|
Ana Badour, Nancy J. Carroll, Frédéric Cotnoir; McCarthy Tétrault LLP;
March 26, 2015, previously published on March 18, 2015On February 28, 2015, the Department of Finance issued draft regulations under the Insurance Companies Act (Canada) providing the process to enable federally regulated mutual property and casualty insurance companies (Mutual P&Cs) to demutualize. Demutualization is the process of converting a...
|Lawyer in Vietnam Oliver Massmann Transformation of the Financial Market Management|
Oliver Massmann; Duane Morris Vietnam LLC;
March 25, 2015, previously published on February 24, 2015Vietnam is one of the most dynamic markets of Asia. Since the financial institutions and authorities are a part of the general economic system, they are not only strongly involved in the changes, but also have a more solid financial basis for the competitiveness of the country. The financial sector...
|Anti-Money Laundering Remains at Forefront of Compliance in Nevada Gaming Industry|
Jennifer Roberts; Duane Morris LLP;
March 25, 2015, previously published on February 27, 2015There is a lot of talk in the Nevada gaming industry about anti-money laundering efforts. In 1970, Congress passed the Bank Secrecy Act, which required banks to report large cash transactions in order to help find drug trafficking and tax evaders. The Bank Secrecy Act is enforced by FinCEN, the...
|It’s a Bird, It’s a Plane, It’s...Super Priority! A Brief Primer on Purchase Money Security Interests|
Jamie Watkins Bruno; Williams Mullen;
March 24, 2015, previously published on March 5, 2015A “purchase-money security interest” (or “PMSI”) is a security interest securing a “purchase-money obligation”, or an obligation incurred by a debtor to buy collateral (known as “purchase-money collateral”). Such obligation can be in the form of...
|Can Mortgage Loan Officers Still be Exempt from FLSA Overtime Requirements?|
J.P. McGuire Boyd, Robert Dean Perrow; Williams Mullen;
March 24, 2015, previously published on March 13, 2015On March 9, 2015, the United States Supreme Court issued an opinion upholding a 2010 Department of Labor (DOL) interpretative rule finding that mortgage loan officers are generally not administratively exempt from Fair Labor Standards Act (FLSA) overtime requirements. This decision, however, does...
|Secure Your Rights in the New, More Secure ".BANK" Domain Registry|
Micah J. Fincher, A. Justin Ourso; Jones Walker LLP;
March 24, 2015, previously published on March 19, 2015Soon banks and savings associations may apply for a ".bank" domain name. Top-level domains are the suffix that comes at the end of an internet address, such as ".com" or ".edu".