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|Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest Foreclosure|
Mark D. Hildreth; Shumaker, Loop & Kendrick, LLP;
November 3, 2016, previously published on October 28, 2016Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor intends to retain or surrender property encumbered by a mortgage. In its...
|Are Your Loan Documents Executed by the Correct Party?|
Alison W. Rind; Lerch, Early & Brewer, Chartered;
November 2, 2016, previously published on October 21, 2016Loan documents are only as good as the authority granted to the signatory to execute the document on behalf of your entity borrowers and guarantors. Yet, lenders will often rely on their customer’s verbal confirmation or informal written communication of authorized signatories.
|Lendors and Venders Need to Protect Interests When Dealing With Consignment Transactions|
Arnold D. Spevack; Lerch, Early & Brewer, Chartered;
November 2, 2016, previously published on October 21, 2016The Sports Authority bankruptcy filing in March 2016 was a wake-up call to lenders and vendors of the company. It should set off an alarm for all lenders, vendors, and their attorneys to focus on steps to protect their respective interests when it comes to consignment transactions.
|FinCEN Issues Advisory to Financial Institutions on Suspicious Activity Reports of Cyber-Events and Cyber Enabled Crime|
Peter J. Anderson, Brian L. Rubin, Amelia Toy Rudolph, W. Scott Sorrels, Ronald W. Zdrojeski; Sutherland Asbill & Brennan LLP;
October 31, 2016, previously published on October 31, 2016On October 25, the Financial Crimes Enforcement Network (FinCEN), one of the U.S. Department of the Treasury’s lead agencies in the fight against money laundering, issued an Advisory to Financial Institutions on Cyber-Events and Cyber-Enabled Crime and associated Frequently Asked Questions...
|Incentive Compensation for Employees: Instead of Increasing Banks' Bottom Lines, These Arrangements May Increase the Risk of Fines|
Peter J. Anderson, Sarah Q. Chaudhry, Meghana D. Shah, W. Scott Sorrels, Ronald W. Zdrojeski; Sutherland Asbill & Brennan LLP;
October 27, 2016, previously published on October 26, 2016The New York State Department of Financial Services (DFS) recently issued guidance to regulated banking institutions (Institutions) prohibiting them from implementing incentive-based compensation programs unless these programs are accompanied by appropriate mechanisms designed to prevent employees...
|Treasury Releases Final Debt/Equity Regulations|
Andrew M. Eisenberg, Joseph A. (Joe) Goldman, Edward T. (Ed) Kennedy, Scott M. Levine; Jones Day;
October 26, 2016, previously published on October 2016On October 13, 2016, the U.S. Treasury Department released final debt/equity regulations under section 385 of the Internal Revenue Code aimed primarily at preventing earnings stripping by U.S. corporations. These final regulations generally follow regulations first proposed on April 4, 2016, but...
|FINRA, SEC Renew Focus on Senior Investors in Immediate Aftermath of FINRA Submission of Proposed Rulemaking to SEC|
Bruce M. Bettigole, Clifford E. Kirsch, Brian L. Rubin, Sarah Razaq Sallis, Holly H. Smith; Sutherland Asbill & Brennan LLP;
October 25, 2016, previously published on October 25, 2016On October 22-23, members of the securities industry, academia, regulators, and public policy experts gathered in Washington, D.C., at the joint Financial Industry Regulatory Authority (FINRA) and Securities Industry and Financial Markets Association (SIFMA) Senior Investor Protection Conference....
|Canadian Bank Regulators Clarify Promotion of Comprehensive Credit Insurance in Bank Branches|
Jeffrey S. Graham, Jill E. McCutcheon, Kelly J. Morris, Samantha Tom; Borden Ladner Gervais LLP;
October 20, 2016, previously published on October 13, 2016The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance (“CCI”) within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the...
|Comptroller of the Currency Issues Guidance, Best Practices, Relating to BSA/AML Compliance|
George A. LeMaistre; Jones Walker LLP;
October 19, 2016, previously published on October 13, 2016The Office of the Comptroller of the Currency (OCC) last week issued guidance relating to compliance with the Bank Secrecy Act, and with requirements for the adoption and implementation of effective anti-money laundering programs, for depository institutions supervised by the OCC that hold...
|First it was Enron ...Then Big Banks .... Is the Nonprofit Next?|
Gary R. Pannone; Pannone Lopes Devereaux & West LLC;
October 14, 2016It has been more than a decade since the American Competitiveness and Corporate Accountability Act of 2002 ("Sarbanes-Oxley Act") was signed into law and we have now had another recession caused in large part by irresponsible lending by banks. It was the same type of actions by Enron,...