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|Maybank on the Government Accounting Standards Board issued Statement No. 77, Tax Abatement Disclosures|
Burnet R. Maybank; Nexsen Pruet, LLC;
August 25, 2015, previously published on August 15, 2015Today, August 15, 2015, the Government Accounting Standards Board issued Statement No. 77, Tax Abatement Disclosures.
|The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims|
Cheryl I. Aaron, Travis Cole McCullough, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
August 25, 2015, previously published on August 24, 2015In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose between dozens of oil producers (the Producers) that sold oil to...
|Forbearance Agreements - When Can You Safely Walk Away From the Negotiation Table|
James J. Niemeier; McGrath North Mullin & Kratz, PC LLO;
August 24, 2015, previously published on Third Quarter 2015Lenders who find themselves with a troubled loan that requires modification and a formal workout agreement can end up spending several weeks negotiating terms of the final forbearance agreement that will govern the remainder of the parties’ lending relationship, or at least get them past the...
|Supreme Court Takes on Housing Discrimination|
Christopher A. Roach; Adams and Reese LLP;
August 20, 2015, previously published on August 17, 2015The U.S. Supreme Court recently ruled that certain actions that adversely affect minorities in poor neighborhoods violate the Fair Housing Act (FHA), even if there is no proof that discrimination was intentional. In a 5-4 decision, the Court formally recognized the availability of “disparate...
|Regulatory Review of In-Market Mergers|
Robert L. Carothers; Jones Walker LLP;
August 20, 2015, previously published on August 20, 2015 We have recently seen an increase in the number of conversations taking place between community banks located in the same market regarding whether it makes sense to pursue a merger. These conversations are being driven by various factors, including increasing compliance costs, lack of management...
|FSC Introduces Internet-Primary Bank in Korea|
August 19, 2015, previously published on August 18, 2015From January to April 2015, the Financial Services Commission (“FSC”) operated the Internet-Primary Bank Task Force (“TF”), which was a joint private and public sector effort. The TF reviewed related legislative bills and system reform plans regarding the introduction of the...
|CMBS Loans: Borrower (and Bondholder) Beware|
Adam H. Friedman; Olshan Frome Wolosky LLP;
August 18, 2015, previously published on August 2015As discussed in our prior Client Alert, the CMBS loan structure is rife with complexity and potential for abuse. Generally speaking, upon default or imminent default, the Controlling Class of bondholders (or the Directing Certificate Holder), can appoint a Special Servicer to administer the...
|International payment systems to transfer processing inside Russia|
Igor Gorokhov; Capital Legal Services;
August 13, 2015, previously published on March 12, 2015Operators of international payment systems are arranging interaction with Russian operations and clearing centers in order to avoid restrictions imposed by current e-payment laws that will become effective starting April 01, 2015.
|Pentagon Adopts Amendments of Military Lending Regulations|
Eric J. Dyas; Jones Walker LLP;
August 11, 2015, previously published on August 6, 2015Concluding a process initiated by the Pentagon in 2012, on July 22, the Department of Defense ("DOD") published in the Federal Register amendments to its regulations implementing the Military Lending Act ("MLA"). Background information concerning the adoption of these amendments...
|Federal Financial Institutions Legislative and Regulatory Reporter|
Jeffrey S. Graham; Borden Ladner Gervais LLP;
August 11, 2015, previously published on July 31, 2015The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments, although this information is tracked by...