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|Fraudster Using Loans to Try to Get Around English Freezing Order|
Stephen Ross; Withers Bergman LLP;
November 5, 2015, previously published on October 30, 2015Does the standard form of English Freezing Order bite on loans held by the Defendant where he has the power to direct how the proceeds are disposed of? The Supreme Court recently looked at this question purely in terms of the interpretation and application of the standard form of English Freezing...
|UK Senior Managers Regime to Extend to All FSMA-Authorised Firms|
John Ahern, Christopher Dearie, Kristen DiLemmo; Jones Day;
November 5, 2015, previously published on October 2015On 15 October 2015, HM Treasury published a policy paper confirming that the Senior Managers Regime ("SMR") will extend to capture all Financial Services and Markets Act ("FSMA")-authorised firms in the UK—including interdealer brokers, hedge funds and asset...
|Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable|
Paul A. Carrubba, Andrew D. Frame; Adams and Reese LLP;
November 5, 2015, previously published on October 26, 2015Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more sophisticated, and banks and courts respond to attacks.
|House Passes Export-Import Bank Reauthorization|
McDonald Hopkins LLC;
November 4, 2015, previously published on October 30, 2015This week, after using a rarely used parliamentary procedure, the House passed a re-authorization of the Export-Import Bank.
|US Manufacturing and the Rift over the Ex-Im Bank|
Donald V. Orlandoni; McDonald Hopkins LLC;
October 29, 2015, previously published on October 23, 2015Manufacturing generates more revenue for the U.S. economy for each dollar it spends than any other industry. But with the global economy weak and a strong dollar stifling U.S. exports, domestic manufacturers face stiff headwinds. Against that backdrop a sharp divide has appeared in the House of...
|Prudential Regulators Release Final Margin Rules for Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
October 29, 2015, previously published on October 23, 2015On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps1 and (ii) an interim final rule to implement statutory amendments excluding certain entities from the...
|5.6 Million Fingerprints Compromised In OPM Breach - You Can't Change Your Fingerprint!|
Dominic A. Paluzzi; McDonald Hopkins LLC;
October 29, 2015, previously published on September 24, 2015Move over credit cards, you aren't the hot item anymore. Hackers and the black market are flooded with credit card information and the banks and card brands are getting better at spotting fraudulent credit card transactions. Consistent with the hacker trend, they move on to bigger and better. And...
|Remedies Proposed in UK Retail Banking Sector to Address Lack of Competition|
Alan Davis, Matt Evans; Jones Day;
October 28, 2015, previously published on October 2015The UK Competition and Markets Authority (“CMA”) has provisionally concluded there is a lack of effective competition in the UK retail banking market and has proposed a number of remedies to improve customers’ knowledge and awareness, encourage them to switch providers, and make...
|CFPB Issues Proposal to Prohibit Class Action Waivers in Consumer Arbitration Provisions|
Robert L. Carothers; Jones Walker LLP;
October 26, 2015The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") included a requirement that the Consumer Financial Protection Bureau ("CFPB") conduct a study on the use and impact of pre-dispute arbitration agreements in connection with consumer financial...
|An Interview with James C. Cherry, CEO, Park Sterling Bank|
Timothy R. Moore; Spilman Thomas & Battle, PLLC;
October 26, 2015, previously published on October 20, 2015With more than three decades of experience in banking in North Carolina and Virginia, Park Sterling’s CEO James C. Cherry has a lot to say about the state of community banks and their future. He graciously took the time to address his successes, leadership philosophy, and some of the best...