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|New Guidance on Customer Identification in Prepaid and Other Card Programs|
David F. Adler, Lisa M. Ledbetter, Ralph F. (Chip) MacDonald, Heith D. Rodman, Albert J. (Al) Rota; Jones Day;
April 26, 2016, previously published on April 2016The U.S. federal banking regulators and the Financial Crimes Enforcement Network ("FinCEN") recently released guidance (the "Guidance") clarifying the applicability of the "know-your-customer" or "customer identification program" regulations (the...
|Mortgage Servicer Successfully Wields Bona Fide Error Defense Against FDCPA Claim: Would Your Procedures Hold Up, Too?|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
April 19, 2016, previously published on March 22, 2016A mortgage servicer servicing loans for another entity is generally subject to the Fair Debt Collection Practices Act (FDCPA), which imposes liability for communications to a borrower containing false, deceptive or misleading representations. The FDCPA affords a narrow carve-out to the general rule...
|Proposed Swiss International Insolvency Law Reforms|
Mark G. Douglas; Jones Day;
April 15, 2016, previously published on March/April 2016In October 2015, the Swiss Federal Department of Justice and Police (Eidgenössisches Justiz- und Polizeidepartement) published a preliminary draft of reforms to title 11 of the Swiss Private International Law Act (“SPILA”), which governs insolvency proceedings and compensation...
|The Final Version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives — What’s New?|
Arthur Nahas, Stephen J. Redican; Borden Ladner Gervais LLP;
April 14, 2016, previously published on March 21, 2016On February 29, 2016, the Office of the Superintendent of Financial Institutions (OSFI) published the final version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives. The purpose of the Guideline is to provide clear and comprehensive guidance to all...
|When Is a Deed in Lieu of Foreclosure Not a Deed?|
Lawrence D. Coppel; Gordon Feinblatt LLC;
April 13, 2016, previously published on March 2016A deed in lieu of foreclosure may be taken by a lender under a workout agreement after its loan goes into default. However, depending upon the terms of the agreement, the lender’s deed may be no better than the mortgage or deed of trust that it was granted in the first place.
|Madden 2016: U.S. Supreme Court Calls for the Views of the Solicitor General in Case with Significant Implications for the Consumer Debt Market|
Traci L. Lovitt, Matthew A. Martel, Anthony M. (Tony) Masero, Joseph B. Sconyers; Jones Day;
April 12, 2016, previously published on March 2016On March 21, 2016, the U.S. Supreme Court announced that it has called for the views of the Solicitor General in connection with the certiorari petition in Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), a decision restricting non-bank loan purchasers from benefitting from the National...
|Loans Granted by Securitization Vehicles: The Bank of Italy's New Implementing Measures|
Francesco Squerzoni, Vinicio Trombetti; Jones Day;
April 6, 2016, previously published on March 2016On March 8, 2016, after a public consultation process, the Bank of Italy published the implementing measures relating to the supervisory regulations for loans granted by securitization vehicles incorporated under the Italian securitization law (Law No. 130 of April 30, 1999).
|Chief Financial Officers Focus on Today and the Future: An Interview|
Hugh B. Wellons; Spilman Thomas & Battle, PLLC;
April 5, 2016, previously published on March 3, 2016We interviewed Michelle Crook, CFO of the Bank of Botetourt, and Chris Snodgrass, CFO for Bank of Marion, for our Community Banking Excellence this quarter. We wanted to know what primary forces are affecting chief financial officers of community banks in our region. Michelle and Chris both have...
|UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps|
Brian M. Murphy, Robert J. Pile, Marc A. Rawls; Sutherland Asbill & Brennan LLP;
April 1, 2016, previously published on March 31, 2016On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The guidance was issued pursuant to European Union legislation adopted in...
|Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards|
Brian Barrett, Brian M. Murphy, Robert J. Pile, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
March 30, 2016, previously published on March 29, 2016On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (collectively, the...