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|FRB Requests Comments on Proposed Single-Counterparty Credit Limits|
Scott A. Cammarn, Evan Weller; Cadwalader, Wickersham & Taft LLP;
June 3, 2016, previously published on March 17, 2016The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies with $50 billion or more in total consolidated assets....
|Treasury White Paper Portends Greater Federal Oversight of Marketplace Lending|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 3, 2016, previously published on May 2016On May 10, 2016, the U.S. Department of the Treasury ("Treasury") released a highly anticipated white paper recommending greater transparency and borrower protections for the marketplace lending industry. The white paper, titled Opportunities and Challenges in Online Marketplace Lending,...
|FinTech Market Study May Lead to Important Regulatory Changes in Canada|
Davit D. Akman, Zirjan Derwa, Denes A. Rothschild; Borden Ladner Gervais LLP;
June 2, 2016, previously published on May 30, 2016The Canadian Competition Bureau has launched a market study into technology-led innovation and emerging services in the Canadian financial services sector. The study is in keeping with the Bureau's commitment in its 2015-2018 Strategic Vision document to "promote and advocate for a more...
|Proposed Amendments to the Credit Unions and Caisses Populaires Act, 1994 (Ontario)|
Jill E. McCutcheon, Kelly J. Morris, Grace Patenall; Borden Ladner Gervais LLP;
May 26, 2016, previously published on April 27, 2016The Ontario Minister of Finance has recently recommended a number of changes to the Ontario legislation governing credit unions, some of which will have a significant impact on the credit union sector. These include a recommendation that the deposit insurance coverage limit be set at $250,000, an...
|Termination of a Commercial Lease May be an "Avoidable Transfer” in Bankruptcy, holds Seventh Circuit|
Christopher R. Thompson; Burr & Forman LLP;
May 25, 2016, previously published on April 2016In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an “avoidable transfer” under the Bankruptcy Code.1 The opinion...
|FINCEN Customer Due Diligence Rules Exclude Most Private Funds from Definition of Legal Entity Customers|
Sutherland Asbill Brennan LLP;
May 25, 2016, previously published on May 24, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued final rules (the “Final Rules”) on customer due diligence requirements for banks, broker-dealers, mutual funds, and futures commission merchants and introducing...
|Canadian Government Tables Bail-In Legislation|
Jeffrey S. Graham, Stephen J. Redican, Olivier Tardif; Borden Ladner Gervais LLP;
May 23, 2016, previously published on April 29, 2016On April 20, 2016, the Government of Canada tabled Bill C-15 entitled An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures (hereinafter "Bill C-15").
|Do Insurers Have a Duty to Defend as a Result of a Failure to Comply with PCI — DSS|
Roberto Ghignone; Borden Ladner Gervais LLP;
May 23, 2016, previously published on May 2, 2016On April 4, 2016, the Québec Court of Appeal issued its decision in Aldo Group Inc. c. Chubb Insurance Company of Canada 2016 QCCA 554 which addressed the question of whether Chubb had a duty to defend and indemnify Aldo in respect of penalties assessed against it for its breaches of PCI DSS.
|FinCEN Customer Due Diligence Final Rules|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Holly H. Smith; Sutherland Asbill & Brennan LLP;
May 20, 2016, previously published on May 19, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules (the Final Rules) on customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities...
|State Targets Money Scams Against Seniors|
Susan Tompor; Law Offices of Peter C. Rageas Associates P.C.;
May 19, 2016, previously published by Detroit Free Press on October 1, 2009Money Scams