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|Community Banks Adding Prepaid Products Face New Imperatives|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on December 18, 2014It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now arrived, and the Proposed Rule from the CFPB is extensive and...
|Guardianship Over the Person and their Financial Affairs|
Timothy K. Spencer; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 22, 2015An individual who is unable to take care of him or herself due to either infirmity or age requires a responsible guardian to oversee the personal and/or financial affairs of that individual. "A guardian is a person lawfully invested with the power, and charged with the duty, of taking care of...
|Ninth Circuit Rejects Challenge to Bonus Annuity|
Eric A. Arnold, Tracey K. Ledbetter, Stephen E. Roth, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill Brennan LLP;
February 26, 2015, previously published on February 26, 2015The U.S. Court of Appeals for the Ninth Circuit has affirmed summary judgment for the insurer in a putative RICO class action relating to a bonus indexed annuity. Rejecting the plaintiff’s claims, the court held that the insurer had adequately disclosed and accurately described certain...
|The CFPB Changes the Rules...Again|
Stephen Franks; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on November 26, 2014In an effort to level the playing field for consumers, the CFPB released a proposal for expanded foreclosure protections on November 20, 2014. The following are a summary of the topics the CFPB’s proposed rule changes cover:
|Bad Checks: Know Your Options|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 05, 2015From a business perspective, there's not much worse than believing you've resolved a troubled account, only to receive a notice of no sufficient funds ("NSF") from your bank after depositing payment. Suddenly, the account that you thought you resolved is a problem again. Additionally, you...
|New York Department of Financial Services Cyber Security Examination|
Rebecca S. Eisner, Lawrence R. Hamilton, Alex C. Lakatos, A. John P. Mancini, James R. Woods; Mayer Brown LLP;
February 26, 2015, previously published on December 11, 2014On December 10, 2014, the New York Department of Financial Services (NYDFS) issued a letter to banking institutions chartered or licensed in New York notifying them of an expansion of the NYDFS information technology examination procedures to focus on cyber security issues as an integral aspect of...
|Federal Reserve Board Issues Volcker Rule Conformance Period Extension|
Scott A. Anenberg, Michael D. Lewis, Jerome J. Roche, David R. Sahr, Donald S. Waack; Mayer Brown LLP;
February 26, 2015, previously published on December 19, 2014On December 18, 2014, the Federal Reserve Board (“Board”) announced that it is extending the Volcker Rule conformance period for certain fund investments and relationships from July 21, 2015, until July 21, 2016, and that it intends next year to grant a further extension of the...
|U.S. Senate to Conduct Hearings Directly Affecting Community Banks and Credit Unions|
Jon J. Lieberman; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 09, 2015 Senator Richard Shelby (R-AL), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Sherrod Brown (D-OH), will hold public hearings during the week of February 9, 2015 of great relevance to community banks and credit unions nationwide. The...
|First Recommended Decision in Contested CFPB Adjudication issued by US Securities and Exchange Commission ALJ|
Catherine A. Bernard, Reginald R. Goeke, Jeffrey H. Redfern; Mayer Brown LLP;
February 26, 2015, previously published on December 16, 2014On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever “recommended decision” in a contested Consumer Financial Protection Bureau (CFPB) adjudication.
|US Second Circuit Eases Banks’ Garnishment Burdens in Recent TRIA and FSIA Decisions|
Mark G. Hanchet, Christopher J. Houpt; Mayer Brown LLP;
February 26, 2015, previously published on November 14, 2014In recent years, banks have found themselves named as parties in their capacities as garnishees in enforcement litigation brought by judgment creditors of governments or entities that have been designated as terrorist parties. Two decisions from the US Court of Appeals for the Second Circuit spell...