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|Cross-Border Recognition of Resolution Actions: Financial Stability Board’s Consultative Document Regarding Cross-Border Recognition of Resolution Actions Represents an Important Step Towards Removal of Impediments to Resolution|
Sullivan Cromwell LLP;
October 10, 2014, previously published on October 2, 2014 On September 29, 2014, the Financial Stability Board (the “FSB”) published a consultative document concerning cross-border recognition of resolution actions and the removal of impediments to the resolution of globally active, systemically important financial institutions (the...
|Supreme Court of Canada Rules that Provincial Consumer Protection Laws Apply to Bank-Issued Credit Cards|
Suhuyini Abudulai; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 1, 2014On September 19, 2014, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Bank of Montreal v. Marcotte and two companion cases (Amex Bank of Canada v. Adams and Marcotte v. Fédération des caisses Desjardins du Québec). Significantly, the...
|Bankruptcy Trustee Lacks Standing to Bring Derivative Claim Against Bank’s Directors After Bank’s Closure and Receivership by FDIC|
Scott St. Amand; Rogers Towers, P.A.;
October 8, 2014, previously published on September 25, 2014In April of 2010, the Office of the Comptroller of the Currency closed First National Bank Myrtle Beach, S.C., a wholly-owned subsidiary of Beach First National Bancshares, a bank holding company, and named the FDIC as its receiver. As a consequence of the bank’s failure, Bancshares filed for...
|Creditors Beware: Married Couples Claiming Homestead Protection on Two Residences May Avoid a Forced Sale|
Karl Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
October 8, 2014, previously published on September 30, 2014Florida’s homestead exemption protects a married couple’s primary residence from forced sale to satisfy a judgment lien, but what happens when spouses retain two properties as their individual primary residences, claiming homestead protection on each? The answer comes down to whether...
|Holding a Deed in Lieu in Escrow|
Heather Sue Nason, Jonathan R. Sacks; Rogers Towers, P.A.;
October 8, 2014, previously published on September 24, 2014To avoid foreclosure, a borrower might agree to execute a deed in lieu of foreclosure to be held in escrow. In these circumstances, the borrower would execute a deed-in-lieu of foreclosure to the mortgaged property in favor of the lender. The deed would be held by the lender or other third party in...
|If Community Comes First, Customers Will Follow! An Interview with Lyn Hayth, President and CEO of the Bank of Botetourt|
Hugh B. Wellons; Spilman Thomas & Battle, PLLC;
October 7, 2014, previously published on September 18, 2014We interviewed Lyn Hayth, President and CEO of the Bank of Botetourt, for Community Banking Excellence this issue. Lyn has been a banker for more than 30 years. His bank, with about $312 million in assets and $248 million in loans, operates primarily in the Virginia counties of Botetourt, Roanoke,...
|Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps|
James M. Cain, Warren N. Davis, Daphne G. Frydman, David T. McIndoe, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
October 2, 2014, previously published on September 24, 2014On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap dealers, major swap participants and major security-based swap...
|MARCOTTE - The Banks and Provincial Laws|
James H. Archer, Ana Badour, Robert P. Metcalfe; McCarthy Tétrault LLP;
September 26, 2014, previously published on September 23, 2014On September 19, 2014, the Supreme Court of Canada delivered decisions in three related appeals from the Québec Court of Appeal that have come to be known collectively as ”Marcotte.” These class actions arose out of a very narrow issue concerning the requirements under the...
|House Passes Bill Modifying Points and Fees Determination for Qualified Mortgages|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
September 25, 2014, previously published on September 24, 2014On September 16th, by a margin of 327-97, the U.S. House of Representatives passed a consolidated bill, the “Insurance Capital Standards Clarification Act of 2014” (H.R. 5461), that would make adjustments to various provisions of the Dodd-Frank Act. The vote was taken under a procedure...
|FCA MiFID II Conference Summary|
Harvey Knight, Kirsten Lapham; Withers Bergman LLP;
September 25, 2014, previously published on September 24, 2014On 18 September, the Financial Conduct Authority (FCA) held a conference which addressed the agenda for Markets in Financial Instruments Directive (MiFID) II. Among other key speakers, David Lawton, the FCAs director of markets, and Maggie Craig, acting head of savings and investments, talked about...