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|Truth-In-Lending Rescission Not Possible Before Consummation|
Marjorie A. Corwin, Travis W. Dalton; Gordon Feinblatt LLC;
November 14, 2014, previously published on November 2014On October 23, 2014, the Maryland Court of Appeals reversed a Court of Special Appeals decision that would have let a consumer rescind a credit transaction by exercising Truth-in-Lending Act ("TILA") rescission rights before consummation of the transaction. The facts upon which the case...
|Bank Capital Plans and Stress Tests: Federal Reserve Approves Final Rule Amending Certain Aspects of Existing Capital Plan and Stress Test Rules|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 24, 2014Last Friday, the Board of Governors of the Federal Reserve System approved a final rule (the “Final Rule”) amending certain aspects of the existing capital plan (the “Capital Plan Rule”) and stress test rules (the “Stress Test Rules”) applicable to bank holding...
|New York’s Highest Court Endorses Application of “Separate Entity Rule” to International Banks: Landmark Ruling by Court of Appeals Confirms that Service of Asset Freeze Order on New York Branch of International Bank Does Not Reach Overseas Branches|
Bruce E. Clark, Justin J. DeCamp, Robert J. Giuffra, Sharon L. Nelles, Bradley P. Smith; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 23, 2014In Motorola Credit Corporation v. Standard Chartered Bank, the New York Court of Appeals confirmed that the separate entity rule, which has existed for nearly 100 years, remains a valid rule of law. Specifically, the Court of Appeals held that “a judgment creditor’s service of a...
|Termination Statement Causes Loss of Lien, Even If Erroneous|
Lawrence D. Coppel; Gordon Feinblatt LLC;
November 14, 2014, previously published on November 2014On October 17, 2014 the Delaware Supreme Court, in response to a question certified to it by the United States Court of Appeals for the Second Circuit, held that under Delaware Uniform Commercial Code § 9-513, a secured creditor lost its lien in collateral when it authorized the filing of a...
|IRS Issues Audit Directive on Worthless Debt Deductions for Banks and Bank Affiliates: LBI Directs Its Auditors Not to Challenge Certain Worthless Debt Deductions|
Judith R. Fiorini, Donald L. Korb, Andrew S. Mason, Eric S. Wang; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 29, 2014The Large Business and International Division (“LBI”) at the IRS issued an audit directive (the “Directive”) to its revenue agents relating to bad debt deductions claimed by banks and regulated bank affiliates. The Directive clarifies the application of the presumption rules...
|Pontiac General Employees Retirement System v. Healthways, Inc.: Delaware Chancery Court Declines to Dismiss Fiduciary Duty Claims Against Directors and Aiding and Abetting Claims Against Lender in Connection with Dead Hand Change of Control Provision in Credit Agreement|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Mitchell S. Eitel, John E. Estes; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 27, 2014In a bench ruling issued on October 14, 2014, the Delaware Court of Chancery (VC Laster) declined to dismiss fiduciary duty claims against the directors of Healthways, Inc. (“Healthways”) and an aiding and abetting claim against SunTrust Bank (“SunTrust”), the lender...
|“Separate Entity” Rule Alive and Well in New York|
James Ancone, Mark G. Hanchet, Christopher J. Houpt, Alex C. Lakatos; Mayer Brown LLP;
November 14, 2014, previously published on October 28, 2014In a much anticipated decision, New York’s highest court, the Court of Appeals, confirmed on October 23, 2014, that the so-called “separate entity” rule continues to exist as a vibrant doctrine in the State of New York. Under the separate entity rule, a bank’s branches in...
|The Rise of a Regulator - New York’s Department of Financial Services Takes Matters Into Its Own Hands|
Adam S. Kaufmann, Arthur D. Middlemiss, Hillary Rosenberg, A. Katherine Toomey; Lewis Baach PLLC;
November 12, 2014, previously published on October 2014New York’s state-level financial regulator - the Department of Financial Services (“DFS”) - regulates all banks and insurance companies located in New York. It has always been a robust regulator, but until lately, it has operated largely in the background, particularly in high...
|Usury in Florida: Penalties|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
November 12, 2014, previously published on October 7, 2014There are two “tiers” of penalties for violation of the Florida usury statutes, one civil and the other criminal, and both are severe. Civil penalties usually involve forfeiture of the entire interest charged (or contracted to be charged), such that only the principal balance may be...
|Complying with the Florida Consumer Collection Practice Act|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
November 12, 2014, previously published on October 16, 2014In addition to ensuring compliance with the federal Fair Debt Collection Practices Act (FDCPA), lenders should take precautions to limit its exposure to claims under the Florida Consumer Collection Practices Act (FCCPA).