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|Recent Consent Order Enhances Fair Lending Risks to Financial Institutions|
Craig N. Landrum; Jones Walker LLP;
January 4, 2016, previously published on December 17, 2015In late September 2015, the Department of Justice (DOJ), the Consumer Financial Protection Bureau (CFPB), and Hudson City Savings Bank, Paramus, New Jersey, entered into a Consent Order to settle allegations of violations of the Equal Credit Opportunity Act and the Fair Housing Act. The terms of...
|U.S. Supreme Court Rules Fair Housing Act May Be Violated Without Intent|
Floyd Boone, Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
January 4, 2016, previously published on July 7, 2015On Thursday, June 25, in a decision long-awaited by the banking and financial services community, the United States Supreme Court ruled that the Fair Housing Act ("FHA") may be violated without establishing that a defendant intended or was motivated to discriminate based upon race, color,...
|Getting the Deal Through Loans and Secured Financing, Greece Chapter|
Athanasia Tsene; M. & P. Bernitsas Law Offices;
December 23, 2015, previously published by Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through: Loans & Secured Financing 2016, (published in August 2015; contributing editor: George E Zobitz, Cravath, Swaine & Moore LLP). For further information please visit www.gettingthedealthrough.com. on August 2015The title covers all aspects of the leveraged loan and secured lending markets and includes expert analysis on: advantages and disadvantages of bank loans versus debt securities; common forms of bank loan facilities; loan terms and structures; disclosure requirements; investor limitations; limits...
|Foreign Banks, U.S. Branches, and Equity Swaps|
John Kaufmann; Greenberg Traurig, LLP;
December 22, 2015, previously published on December 08, 2015When foreign banks doing business in the U.S. calculate gain or loss from equity swaps, they would do well to pay attention to common law doctrines of beneficial ownership. This is the case even though these doctrines have recently lost much of their relevance for withholding tax purposes.
|Québec's New Regime Concerning Security on Monetary Claims|
Lise Morissette; Borden Ladner Gervais LLP;
December 9, 2015, previously published on November 30, 2015On April 21, 2015, Bill 28, which amends certain provisions of the Civil Code of Québec (the "CCQ") in order to allow the creation of movable hypothecs with delivery (pledges) on certain monetary claims, was assented to. These amendments will come into force on January 1, 2016.
|Greater Clarity for Secured Lenders: New Rules taking effect December 31|
Diane P.L. Brooks; Blaney McMurtry LLP;
December 7, 2015, previously published on December 1, 2015You lend money to a technology company so that it can research, develop and market a new software package. As security for your loan, you take a security interest in that company’s intellectual property and accounts receivable. The company runs into trouble. You conclude, reluctantly, that...
|We Agreed to What? Lease Extensions & The Standard Form Lease in 1251614 Ontario Ltd. v Gurudutt Inc.|
Brennan M. Carroll, Mario Pedro; Borden Ladner Gervais LLP;
December 3, 2015, previously published on November 26, 2015The Ontario Superior Court of Justice's contentious judgement in 1251614 Ontario Ltd. v. Gurudutt Inc., 2015 ONSC 2141 provides a cautionary lesson for tenants entering into leases and those exercising lease extension or renewal options (referred to as extensions hereafter). The judgment is the...
|UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay|
Cheryl I. Aaron, James M. Cain, Warren N. Davis, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
November 25, 2015, previously published on November 24, 2015On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These final rules create restrictions on contractual...
|House Votes to Rollback Mortgage Regulations|
McDonald Hopkins LLC;
November 24, 2015, previously published on November 20, 2015On Wednesday, the House passed the Portfolio Lending and Mortgage Access act - introduced by Rep. Andy Barr (R-KY) - that seeks to roll back some of the mortgage regulations put in place after the financial crisis of 2008.
|Last Week's Budget Bill Drastically Changed the Audit Rules for Partnerships|
Amanda Wilson, Joseph W. Zitzka; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
November 20, 2015, previously published on November 9, 2015Last week, President Obama signed into law the Bipartisan Budget Act of 2015. While there has been news coverage about the budget agreement, little attention has been paid to the fact that it dramatically changed the manner in which partnerships (including LLCs that are taxed as partnerships) are...