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|Brazil’s CADE Executes Cooperation Agreement with IDB and World Bank|
Eduardo Molan Gaban; Mayer Brown LLP;
March 18, 2015, previously published on March 17, 2015The Administrative Council for Economic Defense (“CADE”) has recently executed a “Memorandum of Understanding” with the World Bank Group, as well as a “Covenant for Cooperation and Sharing of Information” with the Inter-American Development Bank...
|Prevailing-party Agents Entitled to Attorney's Fees|
Bryan E. Mouber; Baker Sterchi Cowden & Rice, L.L.C.;
March 13, 2015, previously published on February 9, 2015In Curo Enterprises, LLC v. Dunes Residential Services, Inc., No. 111,191, 2015 Kan. App. LEXIS 1 (Kan.App. January 2, 2015), Curo, in its capacity as DPW’s agent, brought suit against Dunes, in its capacity as DPW’s property manager, in order to terminate DPW’s agreement with...
|Pleading Requirements for Illinois Mortgage Foreclosure Complaints Altered|
Casey Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on March 2, 2015Illinois law requires a Grace Period Notice ("GPN") to be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate. The GPN must include the date the notice was mailed, be headed in bold 14-point type "GRACE PERIOD NOTICE"...
|Recovery Framework for Central Counterparties Proposed by ISDA |
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
March 13, 2015, previously published on February 5, 2015Central counterparties (CCPs) are a fundamental part of global financial markets, facilitating most over-the-counter (OTC) derivatives transaction flow and risk positions. If a CCP shuts down, it may not be able to continue its important services without the help of resolution authorities or public...
|The Quebec Court of Appeal Rules that Information Exchanged Between Financial Institutions and the OSFI May be Disclosed to a Plaintiff in a Litigious Context|
Patrick Plante; Borden Ladner Gervais LLP;
March 13, 2015, previously published on February 2, 2015The Quebec Court of Appeal, in a recent 2-to-1 decision, has upheld a judgment from the Superior Court forcing Manulife Financial to disclose a number of confidential documents exchanged between the insurance company and the Office of the Superintendent of Financial Institutions ("OSFI")....
|Federal Reserve Bank of New York and Student Loans|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015If you enjoy pie charts, line graphs, bar graphs, and even histograms, like I do, then the Federal Reserve Bank of New York did us a favor last week with its 3 part student loan series in its blog, Liberty Street Economics. The continuous drumbeat from the press can be numbing. However, data...
|Update On Amendments To The Personal Property Security Act (Ontario)|
Shane B. Pearlman; Borden Ladner Gervais LLP;
March 13, 2015, previously published on January 13, 2015The Government of Ontario has proposed three significant amendments to the Personal Property Security Act (Ontario) (the “PPSA”) in recent years which have not yet been brought into force. The changes are: (1) to perfection of security interests in cash collateral; (2) to the conflict...
|The CFPB to Regulate Payday Lending Practices|
Courtney Blowers; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015Payday lenders and possibly other short-term loan lenders will soon be subject to federal regulations. Although the Consumer Financial Protection Bureau (“CFPB”) has not released its proposal yet, it is no secret that one is in the works.
|High Court Rules that Borrowers May Exercise Right To Rescind Mortgage Loans By Providing Notice To Lender of Intent to Rescind Within Three Years of Loan Closing|
Robert Freund, Jennifer L. Gray, Kimberly A. Mello; Greenberg Traurig, LLP;
March 12, 2015, previously published on January 20, 2015On Jan. 13, 2015, the United States Supreme Court issued its long-awaited ruling in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, 2015 WL 144681 (U.S. Jan. 13, 2015) resolving a circuit split over the notice requirements that must be complied with under the Truth In Lending Act (TILA), 15...
|Supreme Court Upholds DOL's Rulemaking Procedure in Reclassifying Mortgage Loan Officers|
David A. Prather, Salvador P. Simao; Ford & Harrison LLP;
March 12, 2015, previously published on March 11, 2015Executive Summary: On March 9, 2015 the U.S. Supreme Court held that a federal agency is not required to engage in notice-and-comment rulemaking when it issues an interpretation of a regulation that is significantly different from its prior interpretation. In Nickols v. Mortgage Bankers...