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|Federal Law Friday: You Better Safeguard My Identity From The Bad Guys!|
Maurice L. Shevin; Sirote & Permutt, P.C.;
March 19, 2015, previously published on December 5, 2014In our Federal Law Friday series, each week we review a different Federal law or regulation that should be covered by a finance company’s policies, procedures and compliance management system. This week, we review the Red Flags Rule.
|Nevada Supreme Court Clarifies That 'Consideration Paid' by Successor Note-Holders Can Limit Recovery in Deficiency Actions|
Leslie S. Godfrey, Kara B. Hendricks, Michael R. Hogue; Greenberg Traurig, LLP;
March 19, 2015, previously published on March 10, 2015In late 2013, the Nevada Supreme Court issued a 5-2 decision in Sandpointe Apartments v. Eighth Judicial Dist. Ct. which found that 2011 amendments modifying Nevada’s anti-deficiency protections created limitations on the amount a note-purchaser could recover as part of a deficiency judgment....
|HETA ASSET RESOLUTION AG: Austrian Financial Market Authority Imposes Temporary Debt Moratorium|
Dr. Simon Grieser, Andreas Lange, Dr. Jochen Seitz, Dr. Jorg Wulfken; Mayer Brown LLP;
March 18, 2015, previously published on March 11, 2015By an ordinance (Mandatsbescheid) issued on March 1, 2015, the Austrian Financial Market Authority (“FMA”) has initiated the resolution of HETA ASSET RESOLUTION AG (“HETA”). HETA is the “bad bank” that was established to assume and manage large parts of the...
|Understanding SwissLeaks: Considerations for Banks, Account Holders and Fiduciaries in Light of Possible Enforcement Action in India|
Saionton Basu; Duane Morris;
March 18, 2015, previously published on March 13, 2015Last month saw further disclosure of 1,195 account holders in HSBC Private Bank in Geneva, Switzerland, with Indian addresses. Whilst that by itself connotes no manner of wrongdoing, given the information now resides in the public domain, the following potential risks emerge for banks, account...
|Brazil’s CADE Executes Cooperation Agreement with IDB and World Bank|
Eduardo Molan Gaban; Mayer Brown LLP;
March 18, 2015, previously published on March 17, 2015The Administrative Council for Economic Defense (“CADE”) has recently executed a “Memorandum of Understanding” with the World Bank Group, as well as a “Covenant for Cooperation and Sharing of Information” with the Inter-American Development Bank...
|Virtual Credit Card Payments|
Patricia S. Hofstra; Duane Morris LLP;
March 18, 2015, previously published on February 6, 2015On January 30, 2015, several healthcare organizations sent a group letter to CMS protesting the use of virtual credit cards by health plans to pay providers. In a virtual credit card payment (a nonstandard type of electronic funds transfer EFT), a health plan or its payment vendor issues single-use...
|JOBS Act - Increased Thresholds for Exchange Act Registration: SEC Proposes Rule Amendments to Implement JOBS Act Provisions That Increased Thresholds for Registration and Reporting Obligations|
Robert Buckholz, Catherine M. Clarkin, Jay Clayton, Audra D. Cohen, H. Rodgin Cohen; Sullivan & Cromwell LLP;
March 18, 2015, previously published on December 23, 2014On December 18, 2014, the SEC issued a release proposing amendments to various Exchange Act rules to reflect the new, higher thresholds for Exchange Act registration by all issuers, and for termination of registration and suspension of reporting by banks and bank holding companies, that were set...
|Federal Reserve Bank of New York and Student Loans|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015If you enjoy pie charts, line graphs, bar graphs, and even histograms, like I do, then the Federal Reserve Bank of New York did us a favor last week with its 3 part student loan series in its blog, Liberty Street Economics. The continuous drumbeat from the press can be numbing. However, data...
|Pleading Requirements for Illinois Mortgage Foreclosure Complaints Altered|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on March 2, 2015Illinois law requires a Grace Period Notice ("GPN") to be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate. The GPN must include the date the notice was mailed, be headed in bold 14-point type "GRACE PERIOD NOTICE"...
|Prevailing-party Agents Entitled to Attorney's Fees|
Bryan E. Mouber; Baker Sterchi Cowden & Rice, L.L.C.;
March 13, 2015, previously published on February 9, 2015In Curo Enterprises, LLC v. Dunes Residential Services, Inc., No. 111,191, 2015 Kan. App. LEXIS 1 (Kan.App. January 2, 2015), Curo, in its capacity as DPW’s agent, brought suit against Dunes, in its capacity as DPW’s property manager, in order to terminate DPW’s agreement with...