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|A Bank's Right of Set-off Against a Deposit Account|
Rick L. Knuth; Jones, Waldo, Holbrook & McDonough A Professional Corporation;
August 5, 2015, previously published on July 23, 2015Let’s get very clear about one thing: When you deposit money in a bank, your money doesn’t sit in the bank’s vault. It becomes the bank’s money upon deposit. The bank simply owes it back to you or to your order upon demand (a withdrawal or presentment of a check). You, in...
|The South Carolina Third Party Legal Opinion Report|
Laurie A. Becker; Nexsen Pruet, LLC;
August 5, 2015, previously published on August 4, 2015Lawyers are frequently asked to deliver legal opinions in a variety of business, corporate and commercial transactions to third parties who are not the lawyer¿s client in the transaction.
|Continued UDAP/UDAAP Warnings|
Craig N. Landrum; Jones Walker LLP;
August 4, 2015, previously published on July 30, 2015Many banks provide identity theft and credit monitoring products as add-ons to other consumer financial products such as credit cards or deposit accounts. Recent consent orders between the Consumer Financial Protection Bureau ("CFPB") and financial institutions or their third party...
|Lenders: Be Aware of Potentially Shorter Limitation Periods for Enforcing Demand Loans|
David A. Crerar, Parisa Gerami, Mark V. Lewis, Cherie Mah; Borden Ladner Gervais LLP;
July 31, 2015, previously published on July 20, 2015Are you a lender of a demand loan? The time limit you have to enforce payment of the loan may be shorter than expected pursuant to British Columbia’s current Limitation Act1 which came into effect June 1, 2013 (the “Current Act”).
|Technology and Banking|
HERDEM Attorneys At Law;
July 31, 2015, previously published on July 29, 2015The world is witnessing a transition from traditional way of living to technology-based lives all around the world. As technology is becoming more and more widespread, people use it in every aspect of their lives. One of these aspects is online banking which has significantly become prevalent since...
|Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ|
Brian Barrett, Steven B. Boehm, Harry S. Pangas, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
July 22, 2015, previously published on July 21, 2015On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment company (RIC), (ii) a business development company (BDC) that has elected to...
|CFPB Releases Spring 2015 Rulemaking Agenda|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
July 15, 2015, previously published on July 7, 2015The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings:
|FinCEN Issues Second South Florida GTO in Less Than Three Months|
Jared E. Dwyer, Carl A. Fornaris; Greenberg Traurig, LLP;
July 14, 2015, previously published on July 13, 2015Today, the Financial Crimes Enforcement Network (FinCEN), working in conjunction with U.S. Internal Revenue Service - Criminal Investigation (IRS-CI) and the United States Attorney’s Office for the Southern District of Florida, issued a Geographic Targeting Order (GTO) for Miami-Dade and...
|Legal Update Regarding Mortgage Insurance|
Simon R. Fitzpatrick; McCarthy Tetrault LLP;
July 14, 2015, previously published on June 22, 2015Canada’s regulatory and supervisory framework of its residential mortgage market has undergone significant change in the aftermath of the financial crisis
|Amendments To Regulations Under The Proceeds Of Crime (Money Laundering) And Terrorist Financing Act|
Stephen J. Redican, Christopher Savo; Borden Ladner Gervais LLP;
July 14, 2015, previously published on July 10, 2015On July 4th, 2015, the Canadian government published proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). The proposed Regulations are subject to a...