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|Issuance of Guidance for Banks with HELOCs Nearing End-of-Draw Period|
Craig N. Landrum; Jones Walker LLP;
July 15, 2014, previously published on July 10, 2014In anticipation of some home equity lines of credit ("HELOC") borrowers having difficulty meeting higher payments resulting from principal amortization or interest rate reset or renewing existing loans due to changes in financial circumstances or property values, the federal financial...
|Ninth Circuit Rules That Redbox's Collection of Customer Zip Codes Falls under "Deposit" Exception to California's Song-Beverly Act|
Michael L. Mallow, Christine M. Reilly; Loeb & Loeb LLP;
July 14, 2014, previously published on July 2014In a 2-1 decision, a Ninth Circuit panel has affirmed a district court's dismissal of a putative class action against Redbox - the company with the bright red DVD-rental kiosks - alleging violations of California's Song-Beverly Credit Card Act, which prohibits retailers from collecting personal...
|CFPB Debt Collection (Regulation F) Rulemaking FAQs|
Andrew E. Bigart, Kristen R. Brown, Alexandra Megaris, Jonathan L. Pompan; Venable LLP;
July 14, 2014, previously published on July 2014On November 12, 2013, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) seeking comment, data, and information from the public about debt collection practices, and in January 2014, the CFPB...
|US Supreme Court Expands (and Potentially Limits) the Reach of the Bank Fraud Statute|
Vincent J. Connelly, William Michael, Richard E. Nowak; Mayer Brown LLP;
July 14, 2014, previously published on July 9, 2014The US Supreme Court has unanimously held that federal prosecutors can use the federal bank fraud statute, 18 U.S.C. § 1344, against offenders in cases where a bank is not the intended target of a fraud.
|CFPB Seeks Comment on the Use of Mobile Financial Services|
John B. Beaty, Frederick M. Joyce, Jonathan L. Pompan, D. E. Wilson; Venable LLP;
July 14, 2014, previously published on July 2014On June 12, 2014, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a notice and request for information (RFI) about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals (with a focus on...
|Change is Coming to the Way Americans Pay with Credit/Debit Cards: Is Your Business Ready for the Liability Shift?|
Jeffrey Leventhal; Holland Hart LLP;
July 11, 2014, previously published on July 8, 2014Beginning in October of 2015, merchants, card issuers, and payment processors must comply with new technical requirements (known as the EMV standard) for debit and credit cards and the accompanying point of sale (POS) infrastructure, or risk being held responsible for the cost of fraudulent...
|The Landmark Tsilhqot’in Nation Decision: What it Means for Project Developers in Canada|
Laura Easton, Heather L. Treacy; Davis LLP;
July 11, 2014, previously published on July 3, 2014On June 26, 2014, the Supreme Court of Canada (the “Court”) issued a landmark ruling in the area of aboriginal law with its decision in Tsilhqot’in Nation v British Columbia, 2014 SCC 44 (the “Decision”). The Court declared that the Tsilhqot’in Nation, a...
|Bank Capital Plans and Stress Tests: Federal Reserve Proposes New Submission Deadlines and Other Revisions to Its Capital Plan Rule; Federal Banking Agencies Propose New Submission Deadlines for Dodd-Frank Act Company-Run Stress Tests|
Sullivan Cromwell LLP;
July 9, 2014, previously published on June 30, 2014The Board of Governors of the Federal Reserve System (the “FRB”) recently released a notice of proposed rulemaking (the “FRB NPR”, and the rules set forth therein, the “FRB Proposed Rules”) that would amend the FRB’s capital plan rule (the “Capital...
|Permanent Municipal Advisor Registration Rules Effective July 1, 2014|
J. Andrew Gipson; Jones Walker LLP;
July 8, 2014, previously published on June 26, 2014Following a five-month temporary stay, the Securities and Exchange Commission's permanent municipal advisor registration rules will take effect July 1, 2014. A number of banks (or separately identifiable departments or divisions) providing municipal advice may be required to register as municipal...
|Eleventh Circuit Rules Post-Confirmation Settlement Proceeds are Property of Chapter 13 Estate|
Armando Nozzolillo, Michael S. Waskiewicz; Rogers Towers, P.A.;
July 8, 2014, previously published on July 1, 2014A recent case out of the Eleventh Circuit Court of Appeals (the “Court”) concluded that proceeds stemming from a post-confirmation settlement agreement between a chapter 13 debtor and its mortgagor related to a violation of the automatic stay become property of the bankruptcy estate. In...