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|First Recommended Decision in Contested CFPB Adjudication issued by US Securities and Exchange Commission ALJ|
Catherine A. Bernard, Reginald R. Goeke, Jeffrey H. Redfern; Mayer Brown LLP;
February 26, 2015, previously published on December 16, 2014On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever “recommended decision” in a contested Consumer Financial Protection Bureau (CFPB) adjudication.
|Guardianship Over the Person and their Financial Affairs|
Timothy K. Spencer; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 22, 2015An individual who is unable to take care of him or herself due to either infirmity or age requires a responsible guardian to oversee the personal and/or financial affairs of that individual. "A guardian is a person lawfully invested with the power, and charged with the duty, of taking care of...
|The 8th Circuit Opens the Door to Partial Discharge of Student Loans and Upends the Totality of Circumstances Test|
Monette Cope; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on November 20, 2014Most student loans are nondischargeable in bankruptcy unless a student can show that repayment of the loans will cause the student an “undue hardship”. Undue hardship is not defined in the statute, so courts have developed criteria to determine whether an undue hardship exists. Most...
|U.S. Senate to Conduct Hearings Directly Affecting Community Banks and Credit Unions|
Jon J. Lieberman; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 09, 2015 Senator Richard Shelby (R-AL), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Sherrod Brown (D-OH), will hold public hearings during the week of February 9, 2015 of great relevance to community banks and credit unions nationwide. The...
|Cooperative Bank Makes Large Donation to the NRECA International Foundation|
Sutherland Asbill Brennan LLP;
February 25, 2015, previously published on February 24, 2015CoBank, a national cooperative bank, recently donated $250,000 to the National Rural Electric Cooperative (NRECA) International Foundation.
|The Importance of Consideration in Loan Guarantees|
Rick L. Knuth; Jones, Waldo, Holbrook & McDonough A Professional Corporation;
February 25, 2015, previously published on November 17, 2014As do all contracts, the loan guaranty must be supported by consideration. "Consideration" is the benefit or the detriment to one or both parties that separates an enforceable contract from a mere casual agreement. Consideration is often recited in contracts, using some nominal amount,...
|Court of Appeal for Ontario Upholds Reduction of Legal Fees in Insolvency Matter|
Brett Kenworthy, Daanish Samadmoten; Aird & Berlis LLP;
February 20, 2015, previously published on December 17, 2014On December 1, 2014, the Court of Appeal for Ontario (the “Court of Appeal”) released its decision, written for the Court of Appeal by Madam Justice Pepall, in Bank of Nova Scotia v. Diemer, 2014 ONCA 851 (“Diemer”). The Court of Appeal dismissed the court-appointed...
|7 Advertising Compliance Tips for Financial Institutions (Wednesday, February 04, 2015)|
Howard Howard P.C.;
February 19, 2015, previously published on February 4, 2015Every financial institution advertises. And, each one faces the same question: what disclosures are required on my advertisement? Often, there are internal discussion and meetings (fights?) at the bank or credit union - most likely involving those responsible for marketing and those responsible for...
|Congress Enacts Bill to Increase Small Bank Holding Company Policy Statement Asset Threshold|
Robert L. Carothers; Jones Walker LLP;
February 19, 2015, previously published on December 22, 2014On December 11, both the U.S. House of Representatives and the U.S. Senate passed H.R. 3329, and the bill was signed into law by the President on December 18. The act increases the asset threshold with respect to the applicability of the Federal Reserve's Small Bank Holding Company Policy Statement...
|Wire Transfer Fraud in Massachusetts: Basic Risk Allocation Principles|
Jennifer E. Greaney; Sally Fitch LLP;
February 18, 2015Fraudulent wire transfers initiated by sophisticated cyber criminals pose a significant risk to businesses and financial institutions. Technologically savvy fraudsters can steal confidential information through a variety of mechanisms, including malicious software installed on an unwitting victim's...