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|Kentucky Court Recognizes Lien Based on Stock Purchase Agreement|
James A. Dressman; Dressman Benzinger LaVelle psc;
June 3, 2015, previously published on June 2015In a recent decision, the Kentucky Court of Appeals sent a clear message to lending institutions. Namely, to carefully examine existing due diligence practices prior to extending financing to borrowers. The case, Fifth Third Bank v. Rogers et al., concerned five brothers that organized multiple...
|Facet One of Social Media and Community Banks - Employees Just Say No|
Timothy R. Moore; Spilman Thomas & Battle, PLLC;
June 2, 2015, previously published on May 29, 2015Bankers care deeply about the communities they serve. I need look no further than recent CBE interviews or the good work in my own community funded by local banks or their employees. Stalwarts in community arts, fundraising and development, community bankers are not selfish about the giving of...
|Ex-Im Bank Deal Greases Wheel for Trade Vote|
McDonald Hopkins LLC;
June 2, 2015, previously published on May 22, 2015Legislation giving President Obama so-called "fast track" authority in negotiating new trade deals finally advanced in the Senate after a last-minute deal was struck, which includes an agreement to hold a vote on whether to reauthorize the Export-Import Bank.
|The Financial Accounting Standards Board Continues to Debate Final Asset Write-Down Rules|
Peter J. Rivas; Jones Walker LLP;
June 1, 2015, previously published on May 28, 2015In May 2015, the Financial Accounting Standards Board ("FASB") held a meeting of its Investor Advisory Committee ("IAC"). Panel members of the IAC told the FASB that a final standard for asset write-downs will improve disclosure if final rules require financial institutions to...
|The FFIEC Warns Financial Institutions of the Dangers of Cyberattacks Involving Destructive Malware|
Paul A. Carrubba, Jack Pringle; Adams and Reese LLP;
May 29, 2015, previously published on May 12, 2015On March 30th, the Federal Financial Institutions Examination Council (FFIEC) issued two Joint Statements1 on behalf of its members2 to warn financial institutions about the threats posed to various credentials by cyberattacks involving “destructive malware.”
|Neither a Borrower Nor a Lender be ...|
David H. Conaway; Shumaker, Loop & Kendrick, LLP;
May 27, 2015, previously published on April 2015Many lawyers have written articles about a February 27, 2015 U.S. Court of Appeals (11th Circuit) ruling (In re Maury Rosenberg) against petitioning creditors of an involuntary Chapter 7 proceeding.
|Harvard Report Finds Growing Regulatory Burdens Afflicting Community Banks|
George A. LeMaistre; Jones Walker LLP;
May 26, 2015, previously published on May 21, 2015While economies of scale and rising technology costs have contributed significantly to the decline that the community-bank sector has experienced since the onset of the recession, available data indicate that growing regulatory burdens since the 2010 enactment of the Dodd-Frank Act also have...
|Groundbreaking Merger Between Credit Union and Commercial Bank|
Robert L. Carothers; Jones Walker LLP;
May 26, 2015, previously published on May 14, 2015On May 5, Achieva Credit Union ("Achieva"), a Florida state-chartered credit union headquartered in Dunedin, Florida, announced that it had entered into an agreement to acquire Calusa Bank, a Florida state-chartered commercial bank headquartered in Punta Gorda, Florida. It is rare for a...
|Amendments to the First Nations Fiscal Management Act|
Tiffany Murray; Borden Ladner Gervais LLP;
May 26, 2015, previously published on May 15, 2015Back in 2006 the First Nations Fiscal Management Act (Canada) (FNFMA) came into force and established a framework that would enable First Nations to leverage tax and other revenue streams and access long term private capital through the First Nations Finance Authority (FNFA) at low rates to finance...
|Bank Fees Class Action in Australia Fails Before Full Federal Court|
John Emmerig, Michael Legg; Jones Day;
May 26, 2015, previously published on May 2015In Paciocco v Australia and New Zealand Banking Group Limited ("ANZ")  FCAFC 50, the Full Court of the Federal Court of Australia (the intermediate appeals court in the Federal Court hierarchy) overturned the trial judge's finding that ANZ credit card late payment fees were...