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|UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps|
Brian M. Murphy, Robert J. Pile, Marc A. Rawls; Sutherland Asbill & Brennan LLP;
April 1, 2016, previously published on March 31, 2016On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The guidance was issued pursuant to European Union legislation adopted in...
|Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards|
Brian Barrett, Brian M. Murphy, Robert J. Pile, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
March 30, 2016, previously published on March 29, 2016On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (collectively, the...
|Legal Liability of Banks as Trustworthy Institutions|
Eda Uludere; Erdem Erdem Law Office;
March 24, 2016, previously published on March 10, 2016A bank is an institution of trust whose fields of activity, foundation, management, internal auditing systems, financial reporting, equity, capital sufficiency ratios and auditing is determined by Banking Law numbered 5411 (“Banking Law” or “BL”). The legal liability of...
|Use Caution with Loans Secured by Holding Company Stock|
Michael D. Waters; Jones Walker LLP;
March 18, 2016, previously published on March 3, 2016A crucial element for a bank director’s satisfaction of board duties is to be alert to regulatory issues that may impair the bank’s safety and soundness and lead to regulatory sanctions. One area where this is particularly true is affiliate transactions.
|Georgia Supreme Court Answers “Yes”—A Guarantor May Waive Foreclosure Confirmation|
Michael G. Kerman, Adam L. Sonenshine; Sutherland Asbill & Brennan LLP;
March 16, 2016, previously published on March 16, 2016In a decision issued on February 22, 2016, the Supreme Court of Georgia ruled that a guarantor can waive by contract the requirement for a lender to obtain confirmation of a foreclosure sale before pursuing the guarantor for a deficiency. PNC Bank, National Association v. Smith, 2016 WL 690406.
|New Jersey Supreme Court to Review Appellate Division Decision Affecting Lien Priority|
Jessica A. Goldfinger; Greenbaum, Rowe, Smith & Davis LLP;
March 8, 2016, previously published on March 2016During this term, the New Jersey Supreme Court will decide whether a New Jersey law firm’s subsequently recorded mortgage for unpaid legal fees has priority over a factor’s earlier recorded mortgages.
|Codere S.A. Surety Bonds - Gambling with Unfunded Commitments|
Adam Colman, Tawnee Harker, Louisa Watt; Cadwalader, Wickersham & Taft LLP;
March 8, 2016, previously published on March 02, 2016Mr Justice Robin Knowles CBE handed down his judgment on 29 January 2016 in GSO Credit - A Partners L.P. (and other GSO funds) v Barclays Bank PLC and HCC International Company PLC  EWHC 146 (Comm) concerning the application of the Loan Market Association (“LMA”) Standard Terms...
|Highmark Properties Revisited: Lender Credit Bids|
Andrew J. Darcy; Spilman Thomas & Battle, PLLC;
March 7, 2016, previously published on March 1, 2016The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and drastic mortgage reform, an overview of North Carolina’s...
|Further Loosening of Cuban Sanctions to Expand Access to Finance, Trade and Travel|
Ira Gonzalez; Adams and Reese LLP;
March 4, 2016, previously published on February 1, 2016The Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce announced new amendments to Cuban policy to "further implement the new direction toward Cuba" announced by President Obama in December 2014.
|Italian NPL Guaranteed by the Italian Government: Law Decree Approved|
Francesco Squerzoni, Mario Todino, Vinicio Trombetti; Jones Day;
March 3, 2016, previously published on February 2016On February 14, 2016, the Italian Government approved the law decree ("decreto-legge" or the "Decree") that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan ("NPL") transactions.