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|FINRA Announces Creation of Arbitration Task Force|
August 21, 2014, previously published on August 2014On July 17, 2014, the Financial Industry Regulation Authority (“FINRA”) announced the formation of a task force to consider and recommend changes to the FINRA arbitration process. The task force’s stated mission is to “consider possible enhancements to its arbitration forum...
|SEC Approves FINRA Rule to Prohibit Conditioning Settlements on Expungement|
Dan F. Laney, Brett A. "Ben" Rogers, Robert H. "Rob" Snyder, Jeffrey W. Willis; Rogers & Hardin;
August 21, 2014, previously published on August 2014On July 22, 2014, the Securities and Exchange Commission (“SEC”) approved the adoption of a new FINRA rule dealing with broker expungements. Rule 2081 prohibits the conditioning of settlement of a securities dispute on the customer’s agreement to consent to a request to expunge...
|Bankruptcy Court Lacks Subject Matter Jurisdiction to Determine Tax Refund Claim Requested by Post-Confirmation Liquidating Trustee|
Scott M. Grossman; Greenberg Traurig, LLP;
August 21, 2014, previously published on August 18, 2014A bankruptcy court lacks subject matter jurisdiction to determine a tax refund claim under Section 505(a)(2)(B) of the Bankruptcy Code where the refund was requested by a liquidating trustee appointed pursuant to a plan, as opposed to a pre-confirmation bankruptcy trustee or debtor-in-possession,...
|CFPB Proposes Changes to Reg C|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
August 19, 2014, previously published on August 7, 2014The Home Mortgage Disclosure Act (“HMDA”), implemented through Regulation C, is the next target for changes by the Consumer Financial Protection Bureau (“CFPB”). The CFPB’s proposed rule claims to simplify the reporting process for financial institutions while also...
|Connecticut District Court Suggests Automatic Stay May Apply To Non-debtor Junior Lienholders In Foreclosure Action|
Elizabeth J. Austin, Irve J. Goldman, Jessica Grossarth, Jonathan A. Kaplan; Pullman & Comley, LLC;
August 18, 2014, previously published on August 8, 2014On July 22, 2014, the Connecticut District Court issued an opinion, Eastern Savings Bank FSB v. St. Germain, et al, 2014 WL 3687740 (D. Conn. 2014), which could impact the applicability of the automatic stay of 11 U.S.C. §362(a) to non-debtor parties.
|Consequences of the Louisiana Public Records Doctrine Exception|
Wm. Blake Bennett, James L. Breaux; Liskow & Lewis A Professional Law Corporation;
August 18, 2014, previously published on August 11, 2014A recent Louisiana Fifth Circuit Court of Appeal decision has brought to our attention a long-established, but perhaps not as well known, exception to the public records doctrine.
|CFPB Releases Overdraft Study|
Robert L. Carothers; Jones Walker LLP;
August 18, 2014, previously published on August 14, 2014On July 31, 2014, the Consumer Financial Protection Bureau ("CFPB") released the results of a study prepared by its Office of Research on the topic of checking account overdrafts. The study was based on a sampling of data from several large banks supervised by the CFPB. It contains a...
|Multi-Million Dollar Settlements Prompt Record Filing of TCPA Lawsuits|
Wilson G. Barmeyer, Thomas M. Byrne, Ellen M. Dunn, Allegra J. Lawrence-Hardy, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
August 18, 2014, previously published on August 12, 2014High-dollar settlements of class actions filed under the Telephone Consumer Protection Act appear to have prompted the filing of a record number of new TCPA cases in federal courts nationwide. In the largest TCPA settlement announced to date, on July 29, 2014, a federal court in Illinois...
|Businesses Around the United States Being Targeted for Alleged Inaccessible Websites|
Duane Morris LLP;
August 18, 2014, previously published on August 14, 2014While plaintiff's lawyers have been busy the past two years filing lawsuits around the United States alleging violations of the Americans with Disabilities Act (ADA) related to physical barriers—including a wave of class action lawsuits against banks for inaccessible ATMs and against...
|SANCTIONS UPDATE - New Treasury Guidance on Aggregation of Ownership Interests|
Mark D. Herlach, Beverly J. Rudy; Sutherland Asbill & Brennan LLP;
August 18, 2014, previously published on August 14, 2014On August 13, the U.S. Department of the Treasury published revised guidance on the treatment of entities owned by persons whose property and interests in property are blocked under the Executive Orders and regulations administered by the Office of Foreign Assets Control (OFAC). Under its new...