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|The CFPB to Regulate Payday Lending Practices|
Courtney Blowers; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015Payday lenders and possibly other short-term loan lenders will soon be subject to federal regulations. Although the Consumer Financial Protection Bureau (“CFPB”) has not released its proposal yet, it is no secret that one is in the works.
|Recovery Framework for Central Counterparties Proposed by ISDA |
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
March 13, 2015, previously published on February 5, 2015Central counterparties (CCPs) are a fundamental part of global financial markets, facilitating most over-the-counter (OTC) derivatives transaction flow and risk positions. If a CCP shuts down, it may not be able to continue its important services without the help of resolution authorities or public...
|Prevailing-party Agents Entitled to Attorney's Fees|
Bryan E. Mouber; Baker Sterchi Cowden & Rice, L.L.C.;
March 13, 2015, previously published on February 9, 2015In Curo Enterprises, LLC v. Dunes Residential Services, Inc., No. 111,191, 2015 Kan. App. LEXIS 1 (Kan.App. January 2, 2015), Curo, in its capacity as DPW’s agent, brought suit against Dunes, in its capacity as DPW’s property manager, in order to terminate DPW’s agreement with...
|Federal Reserve Bank of New York and Student Loans|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015If you enjoy pie charts, line graphs, bar graphs, and even histograms, like I do, then the Federal Reserve Bank of New York did us a favor last week with its 3 part student loan series in its blog, Liberty Street Economics. The continuous drumbeat from the press can be numbing. However, data...
|Pleading Requirements for Illinois Mortgage Foreclosure Complaints Altered|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on March 2, 2015Illinois law requires a Grace Period Notice ("GPN") to be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate. The GPN must include the date the notice was mailed, be headed in bold 14-point type "GRACE PERIOD NOTICE"...
|Second Circuit Denies Petition for En Banc Review of Fairfield Decision|
Ingrid Bagby, Daniel Gwen, David E. Kronenberg; Cadwalader, Wickersham & Taft LLP;
March 12, 2015, previously published on January 16, 2015On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the propriety of a Chapter 15 debtor’s transfers of property interests...
|Truth In Lending Act Requires Notice, Not Suit|
Pessin Katz Law P.A.;
March 12, 2015, previously published on January 27, 2015In a unanimous and brief five page opinion, both rarities for the U.S. Supreme Court, the decision in Jesinoski v. Countrywide Home Loans (Docket 13-684, Jan. 13, 2015) made clear that the Federal Truth in Lending Act (“TILA”) only requires an aggrieved borrower to provide a notice of...
|Supreme Court Upholds DOL's Rulemaking Procedure in Reclassifying Mortgage Loan Officers|
David A. Prather, Salvador P. Simao; Ford & Harrison LLP;
March 12, 2015, previously published on March 11, 2015Executive Summary: On March 9, 2015 the U.S. Supreme Court held that a federal agency is not required to engage in notice-and-comment rulemaking when it issues an interpretation of a regulation that is significantly different from its prior interpretation. In Nickols v. Mortgage Bankers...
|High Court Rules that Borrowers May Exercise Right To Rescind Mortgage Loans By Providing Notice To Lender of Intent to Rescind Within Three Years of Loan Closing|
Robert Freund, Jennifer L. Gray, Kimberly A. Mello; Greenberg Traurig, LLP;
March 12, 2015, previously published on January 20, 2015On Jan. 13, 2015, the United States Supreme Court issued its long-awaited ruling in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, 2015 WL 144681 (U.S. Jan. 13, 2015) resolving a circuit split over the notice requirements that must be complied with under the Truth In Lending Act (TILA), 15...
|Proposed Amendments to the Civil Code Of Québec Concerning Hypothecs|
Pierre Côté, Joëlle Girard; Borden Ladner Gervais LLP;
March 9, 2015, previously published on February 19, 2015On November 26, 2014, Bill 28, entitled An Act mainly to implement certain provisionsof the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016, was introduced in the National Assembly of Québec by the Minister of Finance.