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|Update on PRC Cross-Border Lending Transactions|
H. John Kao, Graham G. Lim, Wilson L.K. Sung, Jessie Chenghui Tang, Michelle Taylor; Jones Day;
August 27, 2014, previously published on August 2014The State Administration of Foreign Exchange (“SAFE”) of the People’s Republic of China (“PRC”) is the body that supervises the country’s foreign exchange transactions. SAFE recently issued two circulars to encourage cross-border transactions: Circular No. 29...
|Supreme Court’s Latest Interpretation on Late Payment Interest|
Sharon Xu; Sheppard, Mullin, Richter & Hampton LLP;
August 27, 2014, previously published on August 20, 2014The Supreme People’s Court of China recently issued an interpretation on how to calculate the interest accrued on delayed payment - Interpretation of the Supreme People’s Court of Several Issues Concerning the Applicable Law for Calculating Interest On Delayed Payment in the Enforcement...
|Be Careful With Fixed Rate Credit Cards|
Michael M. Bell, Steven M. Van Beek; Howard Howard Attorneys PLLC;
August 27, 2014One of the many changes from the Credit CARD Act of 2009 was the limitation on using the term "fixed" in relation to credit card rates. Credit unions that want the ability to increase the APRs on their credit cards in the future need to very carefully manage their advertising and...
|Consider Becoming a Mortgagee-In-Possession When Your Borrower with Income-Producing Property Defaults|
Edward J. Levin, Seth M. Rotenberg; Gordon Feinblatt LLC;
August 27, 2014, previously published on August 2014Lenders’ counsel typically take steps to prevent their clients from being deemed to be mortgagees-in-possession of distressed real property. However, under some circumstances it may be advantageous for a lender to become a mortgagee-in-possession.
|7th Cir. Leaves Distressed-Asset Investor With No Remedy, or Exactly What it Bargained for|
Eric G. Pearson; Foley & Lardner LLP;
August 27, 2014, previously published on August 21, 2014It’s rare that a party to a contract can breach it but not be liable for a remedy. Yet that’s precisely what happened last week in Southern Financial Group, LLC v. McFarland State Bank, No. 13-3378 (7th Cir. Aug. 15, 2014), a Wisconsin-law decision from the Seventh Circuit (written by...
|FinCEN Customer Due Diligence Rule Proposal|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Yasho Lahiri; Sutherland Asbill & Brennan LLP;
August 27, 2014, previously published on August 19, 2014On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures...
|Federal Court Strikes MERS System in Pennsylvania but Maryland Deeds of Trust Differ From Pennsylvania Mortgages|
Travis W. Dalton, Edward J. Levin; Gordon Feinblatt LLC;
August 27, 2014, previously published on August 2014On June 30, 2014, in Montgomery County, Pennsylvania, Recorder of Deeds v. MERSCORP, Inc. and Mortgage Electronic Registration Systems, Inc., No. 11-CV-6968, 2014 WL 2957494 (E.D. Pa. 2014), the United States District Court for the Eastern District of Pennsylvania ruled that assignments of...
|OCC Issues New Guidance On Bank Sales of Consumer Debt|
George A. LeMaistre; Jones Walker LLP;
August 27, 2014, previously published on August 21, 2014Earlier this month, the Office of the Comptroller of the Currency ("OCC") released a new guidance discussing the practices that the agency expects banks and thrifts under its supervision to follow in selling consumer debt instruments.
|Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)|
Timothy S. Crisp; Foley & Lardner LLP;
August 27, 2014, previously published on August 22, 2014The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit practices.
|Presumption Against Extraterritoriality in Morrison v. National Australia Bank Extended to Private Party Whistleblower Retaliation Cases|
Matthew Bisanz, Marcus Christian, Mark G. Hanchet, Alex C. Lakatos, Richard M. Rosenfeld; Mayer Brown LLP;
August 27, 2014, previously published on August 25, 2014The US Court of Appeals for the Second Circuit has ruled that the presumption against extraterritoriality applies to private party actions under Section 21(h) of the Securities Exchange Act of 1934 (“Exchange Act”). The Second Circuit’s August 14, 2014 decision in Liu v. Siemens...