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|Regulators are Aiming Enforcement Oversight at Your Bank|
Molly Z. Brown, Mary I. Edquist, Richik Sarkar; McDonald Hopkins LLC;
June 22, 2015, previously published on June 16, 2015As a financial institution, regulators see you as the first line of defense against criminal activity. You have a duty to ferret out your customers’ questionable business—and not taking enough action can carry significant and costly consequences.
|Perfect Your Security Interest By Filing Before A Closing |
Michael D. Smith; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015In most commercial loan transactions, a lender will secure a loan by filing a Uniform Commercial Code (UCC) financing statement to perfect its security interest in the borrower’s personal property. A loan is perfected when the lender receives priority over other creditors wishing to obtain a...
|California Court of Appeal Mandates that Issue of Ostensible Agency in Emergency Room Setting is for Trier of Fact|
Constance A. Endelicato, Brian Hoffman; Wood, Smith, Henning & Berman LLP;
June 19, 2015, previously published on June 10, 2015Hospitals may not escape liability for its emergency room physicians and other independent contractor practitioners, despite giving notice of independent contractor status through admission papers, signage in emergency room, and insignia on clothing.
|Pledging a Residence to Secure a Commercial Loan|
Matthew G. DiMeglio, Arnold D. Spevack; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015When a borrower requests a commercial loan for a new business or a business acquisition, lenders frequently require the borrower to secure the business loan with a mortgage on a personal residence. The residence may be taken as additional collateral, or because of the insufficiency of other...
|Lenders, Be Wary When Extending Credit on Rental Income Stream|
Alison W. Rind; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015A recent 7th U.S. Circuit Court of Appeals case reminds lenders that it is incumbent upon the lender to verify the income stream before extending credit based on rental income. In Wells Fargo Equipment Finance Inc. v Titan Leasing, Inc., the bank extended non-recourse credit (a loan secured only by...
|Spain Passes New Securitization Act|
Andres Lorrio, Ivan Martin Barbon; Jones Day;
June 18, 2015, previously published on June 2015On April 27, 2015, the Promotion of Business Financing Act (Ley de Fomento de la Financiación Empresarial, "Act 5/2015") was passed in Spain, introducing, inter alia, a new simplified and consolidated regime for securitization transactions.
|Ontario Court of Appeal Interest Act Decision Has Lessons for Both Lenders and Borrowers|
Kym Stasiuk; Blaney McMurtry LLP;
June 17, 2015, previously published on June 9, 2015The Ontario Court of Appeal has delivered important messages to lenders who take mortgages on real property as security and to borrowers who provide such security.
|Final Standards for Assessing Diversity Policies and Practices|
Craig N. Landrum; Jones Walker LLP;
June 16, 2015, previously published on June 11, 2015On June 9, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission jointly issued a...
|Senate Banking Committee Approves Changes to Dodd-Frank on Party-line Vote|
Nanette Aguirre, Tim Hutchinson, Alan Slomowitz, Albert Wynn; Greenberg Traurig, LLP;
June 15, 2015, previously published on June 8, 2015On May 21, 2015, the Senate Banking Committee approved by a 12-10 vote a financial regulatory reform package developed by the Committee’s Chairman, Richard Shelby (R-AL) that includes the most significant changes to Dodd-Frank since the law was enacted nearly five years ago.
|The Latest on Export-Import Bank|
McDonald Hopkins LLC;
June 15, 2015, previously published on June 5, 2015Traditional business groups like the Chamber of Commerce and the National Association of Manufacturers can usually count on Republicans to support their agenda on the Hill. However, that's not the case at all when it comes to reauthorizing the Export-Import Bank.