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|CFPB, Virginia Attorney General Target Payday and Auto Title Lenders|
J.P. McGuire Boyd, Alan Bradley Clark; Williams Mullen;
May 6, 2015, previously published on April 27, 2015Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) authorizes the Consumer Financial Protection Bureau (“CFPB”) to issue rules to prevent unfair, deceptive, or abusive acts or practices in consumer financial markets. Under this broad...
|Financial Fraud Law Report: January 2015|
David A. Elliott, Seth I. Muse, Jordan Teague, Kristen Peters Watson; Burr Forman LLP;
May 6, 2015, previously published on February 13, 2015The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance industry. In the years since its enactment, the Dodd-Frank Act has led to...
|Ex-Im on Life Support?|
McDonald Hopkins LLC;
May 5, 2015, previously published on May 1, 2015House Majority Leader Kevin McCarthy said Tuesday he still believes the Export-Import Bank of the United States should be phased out, but on the question of whether that will happen, his answer was less certain.
|Polish Constitutional Tribunal Declared Bank Enforcement Title Unconstitutional|
Krzysztof Kazmierczyk, Bartosz Nojek, Jakub Podkowa, Mateusz Toczyski; Dentons Canada LLP;
May 4, 2015, previously published on April 16, 2015On 14 April 2015 the Polish Constitutional Tribunal considered the joint questions referred to it by the District Court in Konin, concerning the provisions of Banking Law allowing the banks to issue bank enforcement titles (BET) adjudicating that Article 96 item 1 and Article 97 item 1 of the...
|SAFE Circular 19: A Nationwide Liberalisation of Capital Account Settlement for FIEs|
Betty F. K. Tam; Johnson Stokes & Master Mayer Brown JSM;
May 1, 2015, previously published on April 17, 2015On 8 April 2015, the State Administration of Foreign Exchange (SAFE) issued the Circular of the SAFE on Relevant Issues Concerning the Reform of the Administrative Method of the Conversion of Foreign Exchange Funds by Foreign-invested Enterprises (Circular 19), which will come into effect on 1 June...
|New York Appellate Division Approves RMBS Settlement|
Christopher J. Houpt, Matthew D. Ingber; Mayer Brown LLP;
May 1, 2015, previously published on April 8, 2015The New York Appellate Division has decided the appeals in the Article 77 proceeding in which The Bank of New York Mellon (BNYM) sought approval relating to an $8.5 billion settlement covering 530 RMBS trusts.1 The settlement—between BNYM, Bank of America, and Countrywide—resolved...
|New York State Department of Financial Services Urges Tighter Cybersecurity at Banks’ Outside Vendors: Report Assesses Banking Industry’s Progress in Addressing Cybersecurity Risks Posed by Third-Party Service Providers|
Jay Clayton, H. Rodgin Cohen, Mitchell S. Eitel, John Evangelakos, Scott D. Miller; Sullivan & Cromwell LLP;
April 30, 2015, previously published on April 16, 2015On April 9, the New York State Department of Financial Services (“DFS”) released findings arising out of its study of measures banking organizations use to address cybersecurity risks posed by their third-party service providers. The April 9 report, which updates a May 2014 report, is...
|Fed Increases Asset Threshold and Applicability of Its Small Bank Holding Company Policy Statement|
Eric J. Dyas; Jones Walker LLP;
April 30, 2015, previously published on April 23, 2015In order to implement the requirements of legislation enacted on November 18, 2014 (Pub. L. 113-250), on April 15, 2015, the Federal Reserve published in the Federal Register a final rule amending its Small Bank Holding Company Policy Statement contained in Appendix C of the Federal Reserve's...
|Budget 2015: Financial Institutions Update|
James H. Archer, Ana Badour, Mathieu Dubord, Robert P. Metcalfe, Barry J. Ryan; McCarthy Tétrault LLP;
April 29, 2015, previously published on April 23, 2015The 2015 federal budget announces a number of measures directed to financial institutions. These include a new federal financial consumer code, a bail-in regime for domestic systemically important banks, a national securities regulator initiative (which our securities group will address separately...
|Update: The Consequences of Modifying Pennsylvania’s Powers of Attorney Statute Potential Impacts on Commercial Loans & Leases|
Christopher D. Hill; Obermayer Rebmann Maxwell & Hippel LLP;
April 28, 2015, previously published on April 17, 2015On April 14, 2015, pending legislation was passed by the Pennsylvania House Judiciary Committee to resolve the current state of flux of confession of judgment provisions and the bill was sent to the Pennsylvania House of Representatives for further approval; presently, there is no indication when...