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|Bank Capital Plans and Stress Tests: Federal Reserve Issues Instructions and Guidance for the 2015 Comprehensive Capital Analysis and Review Program|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 29, 2014On October 16, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its summary instructions and guidance (the “CCAR 2015 Instructions”) for its supervisory Comprehensive Capital Analysis and Review program for 2015 (“CCAR 2015”)...
|The Rise of a Regulator - New York’s Department of Financial Services Takes Matters Into Its Own Hands|
Adam S. Kaufmann, Arthur D. Middlemiss, Hillary Rosenberg, A. Katherine Toomey; Lewis Baach PLLC;
November 12, 2014, previously published on October 2014New York’s state-level financial regulator - the Department of Financial Services (“DFS”) - regulates all banks and insurance companies located in New York. It has always been a robust regulator, but until lately, it has operated largely in the background, particularly in high...
|A Bank Divided: The “Separate Entity” Rule Lives|
H. Bradford Glassman, Bruce R. Grace, A. Katherine Toomey; Lewis Baach PLLC;
November 12, 2014, previously published on October 2014New York’s Court of Appeals issued a decision today in Motorola Credit Corporation v. Standard Chartered Bank, resolving, at least for the time being, whether foreign branches of a bank are entities separate from that bank’s US branches for the purpose of serving and enforcing...
|Complying with the Florida Consumer Collection Practice Act|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
November 12, 2014, previously published on October 16, 2014In addition to ensuring compliance with the federal Fair Debt Collection Practices Act (FDCPA), lenders should take precautions to limit its exposure to claims under the Florida Consumer Collection Practices Act (FCCPA).
|Usury in Florida: Penalties|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
November 12, 2014, previously published on October 7, 2014There are two “tiers” of penalties for violation of the Florida usury statutes, one civil and the other criminal, and both are severe. Civil penalties usually involve forfeiture of the entire interest charged (or contracted to be charged), such that only the principal balance may be...
|Recent Decision Creates Split in Middle District Regarding Whether 11 U.S.C. § 707(b)(2) Applies to Cases Converted to Chapter 7|
Armando Nozzolillo, Michael S. Waskiewicz; Rogers Towers, P.A.;
November 12, 2014, previously published on October 14, 2014In the last 2 years, three judges of the Middle District of Florida (Judges Funk, Delano and Williamson) have each issued opinions finding 11 U.S.C. § 707(b)(2) inapplicable in cases converted from a Chapter 13 to a Chapter 7. These Courts have based their findings on the “plain...
|New NBU “Anti-crisis” Measures|
Natalia Selyakova; Dentons Canada LLP;
November 5, 2014, previously published on October 6, 2014Resolution No. 626 of the Board of the National Bank of Ukraine dated 3 October 2014, which entered into force as of 4 October 2014, has introduced changes to the Resolution No. 540 of the Board of the National Bank of Ukraine dated 29 August 2014, concerning additional “anti-crisis...
|Risk Retention for Commercial Mortgage-Backed Securities: Fact Sheet|
David Burkholder, Michael S. Gambro, Anna H. Glick, Stuart N. Goldstein, Robert Kim; Cadwalader, Wickersham & Taft LLP;
November 3, 2014, previously published on October 29, 2014On October 22, 2014, the federal regulatory agencies responsible for implementing regulations under Dodd-Frank finalized the risk retention rules for ABS transactions, including CMBS transactions. The final rules come more than three years after risk retention rules were originally proposed, and...
|Regulators Expect Continued Focus on Fair Lending|
H. Gary Pannell; Jones Walker LLP;
November 3, 2014, previously published on October 16, 2014Compliance with fair lending requirements continues to rank as a high priority among federal financial regulators. A panel discussion at a meeting of the Mortgage Bankers Association in late September featured representatives of the U.S. Department of Justice, the Consumer Financial Protection...
|CFPB Finalizes Rule on Annual Privacy Notices|
Robert L. Carothers; Jones Walker LLP;
November 3, 2014, previously published on October 23, 2014On October 20, the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized a rule to allow financial institutions that meet certain requirements to post their privacy policies online in lieu of mailing annual privacy notices to their customers.