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|Reaffirmation and the Advantages for Credit Unions|
Joseph M. McCandlish; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 25, 2014 For many creditors, when a debtor files a Chapter 7 bankruptcy, getting the debtor to sign and return a reaffirmation agreement is only the first challenge. Depending on the debtor's financial situation, a hearing may be held at which the debtor would need to prove he or she can make the payments....
|CFPB Releases New Mortgage Servicing Bulletin|
Robert Lieber; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 26, 2014 The Consumer Financial Protection Bureau (CFPB) has issued a new compliance bulletin that addresses new mortgage servicing rules as well as examiner expectations.
|Holding Guardianship Accounts: Best Practices|
John B. C. Porter; Weltman, Weinberg & Reis Co., L.P.A.;
October 10, 2014, previously published on September 25, 2014 I don't know if it's the result of our aging population (fueled by the Baby Boomer generation), but it seems credit unions are increasingly being presented with guardianship papers and asked to convert existing accounts into guardianship accounts. As the number of calls and questions I have...
|Yet Again, the Supreme Court Narrows Patent Eligibility, This Time Targeting Computer-Related Inventions|
Bruce D. Sunstein; Sunstein Kann Murphy & Timbers LLP;
October 10, 2014, previously published on July 1, 2014In the wake of its decisions denying eligibility for patent protection to diagnostic procedures (Mayo Collaborative Services v. Prometheus Laboratories, 2012), and isolated genomic DNA (Association for Molecular Pathology v. Myriad Genetics, 2013), the Supreme Court has denied patent eligibility to...
|Pentagon Proposes Amendments to Military Lending Regulations|
Eric J. Dyas; Jones Walker LLP;
October 10, 2014, previously published on October 2, 2014On Monday, September 29, the Department of Defense ("DOD") published in the Federal Register proposed amendments to its regulations implementing the Military Lending Act ("MLA"). The MLA, 10 U.S.C. § 987, and its implementing regulations, 32 C.F.R. Part 232, impose various...
|OSFI Issues Revised Capital Requirements for Property and Casualty Insurers|
Ana Badour, Nancy J. Carroll, Frédéric Cotnoir, Barry J. Ryan; McCarthy Tétrault LLP;
October 9, 2014, previously published on October 7, 2014On September 24, 2014, the Office of the Superintendent of Financial Institutions (OSFI) issued the revised Minimum Capital Test Guideline (Guideline) setting forth more robust risk-based capital requirements applicable to federally regulated property and casualty insurance companies (P&C Insurers)...
|The Indoor Management Rule and Security Grant in a Signed Purchase Order Upheld|
Jonathan Fleisher, Keri Wallace; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 7, 2014A question that we are often asked as finance lawyers is what level of support is needed to confirm that a document was properly executed, such that it would be binding on, and enforceable against, the corporate signatory. Our general advice is to obtain a certificate of incumbency, together with...
|Supreme Court of Canada Rules that Provincial Consumer Protection Laws Apply to Bank-Issued Credit Cards|
Suhuyini Abudulai; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 1, 2014On September 19, 2014, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Bank of Montreal v. Marcotte and two companion cases (Amex Bank of Canada v. Adams and Marcotte v. Fédération des caisses Desjardins du Québec). Significantly, the...
|Debt Collectors Beware: Venue Provision of FDCPA Reinterpreted|
Brian C. Langs, Joseph R. Marconi; Johnson & Bell, Ltd.;
October 8, 2014, previously published on September 2014In Suesz v. Med-1 Solutions, LLC, 2014 U.S. App. LEXIS 12562 (7th Cir. 2014), the Seventh Circuit recently reinterpreted the venue provision of the federal Fair Debt Collection Practices Act (“FDCPA”). The issue for the court was whether township small claims courts in Marion County,...
|Bankruptcy Trustee Lacks Standing to Bring Derivative Claim Against Bank’s Directors After Bank’s Closure and Receivership by FDIC|
Scott St. Amand; Rogers Towers, P.A.;
October 8, 2014, previously published on September 25, 2014In April of 2010, the Office of the Comptroller of the Currency closed First National Bank Myrtle Beach, S.C., a wholly-owned subsidiary of Beach First National Bancshares, a bank holding company, and named the FDIC as its receiver. As a consequence of the bank’s failure, Bancshares filed for...