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|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...
|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.
|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.
|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...
|Incentive Compensation for Employees: Instead of Increasing Banks' Bottom Lines, These Arrangements May Increase the Risk of Fines|
Peter J. Anderson, Sarah Q. Chaudhry, Meghana D. Shah, W. Scott Sorrels, Ronald W. Zdrojeski; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 26, 2016The New York State Department of Financial Services (DFS) recently issued guidance to regulated banking institutions (Institutions) prohibiting them from implementing incentive-based compensation programs unless these programs are accompanied by appropriate mechanisms designed to prevent employees...
|Treasury Releases Final Debt/Equity Regulations|
Andrew M. Eisenberg, Joseph A. (Joe) Goldman, Edward T. (Ed) Kennedy, Scott M. Levine; Jones Day;
October 26, 2016, previously published on October 2016On October 13, 2016, the U.S. Treasury Department released final debt/equity regulations under section 385 of the Internal Revenue Code aimed primarily at preventing earnings stripping by U.S. corporations. These final regulations generally follow regulations first proposed on April 4, 2016, but...
|FINRA, SEC Renew Focus on Senior Investors in Immediate Aftermath of FINRA Submission of Proposed Rulemaking to SEC|
Bruce M. Bettigole, Clifford E. Kirsch, Brian L. Rubin, Sarah Razaq Sallis, Holly H. Smith; Sutherland Asbill & Brennan LLP;
October 25, 2016, previously published on October 25, 2016On October 22-23, members of the securities industry, academia, regulators, and public policy experts gathered in Washington, D.C., at the joint Financial Industry Regulatory Authority (FINRA) and Securities Industry and Financial Markets Association (SIFMA) Senior Investor Protection Conference....
|Comptroller of the Currency Issues Guidance, Best Practices, Relating to BSA/AML Compliance|
George A. LeMaistre; Jones Walker LLP;
October 19, 2016, previously published on October 13, 2016The Office of the Comptroller of the Currency (OCC) last week issued guidance relating to compliance with the Bank Secrecy Act, and with requirements for the adoption and implementation of effective anti-money laundering programs, for depository institutions supervised by the OCC that hold...
|U.S. Government Designates an International Payments Processing Network as Specially Designated Nationals, Continuing its Aggressive Use of Targeted Sanctions Against Non-U.S. Financial Firms that Allegedly Facilitate Unlawful Business Activities|
Carl A. Fornaris, Sandra K. Jorgensen, Renee A. Latour; Greenberg Traurig, LLP;
October 17, 2016, previously published on October 12, 2016On Sept. 22, 2016, the U.S. Department of the Treasury through its Office of Foreign Assets Control (OFAC) imposed sanctions against the PacNet Group (PacNet), a Canada-based international payments processor and money services business, and the entire PacNet operation, including a global network of...
|First it was Enron ...Then Big Banks .... Is the Nonprofit Next?|
Gary R. Pannone; Pannone Lopes Devereaux & West LLC;
October 14, 2016It has been more than a decade since the American Competitiveness and Corporate Accountability Act of 2002 ("Sarbanes-Oxley Act") was signed into law and we have now had another recession caused in large part by irresponsible lending by banks. It was the same type of actions by Enron,...