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|Written Document Retention and Destruction Policy Saves the Day (Again)|
Scott St. Amand, J. Ellsworth Summers; Rogers Towers, P.A.;
November 2, 2014, previously published on October 21, 2014As we mentioned in our previous posts regarding document preservation, establishing a written document retention and destruction policy is essential to any company, large or small. As with the Pradaxa case out of the Southern District of Illinois, a recent case out of the Northern District of New...
|Some Gramm-Leach-Bliley Notices Can Now Be Posted Online|
Chanley T. Howell, Steven M. Millendorf; Foley & Lardner LLP;
October 31, 2014, previously published on October 23, 2014Some banks and other organizations covered under the Gramm-Leach-Bliley Act (GLBA) may now post their privacy policies online rather than having to mail them annually. Earlier this week, the Consumer Financial Protection Bureau (CFPB) finalized a rule to provide more effective and efficient privacy...
|Banker Bonuses: UK and EU Remain on Collision Course|
James Anderson, Patrick Brandt, Helena J. Derbyshire, Gregory P. Norman, Stephen G. Sims; Skadden, Arps, Slate, Meagher & Flom (UK) LLP;
October 31, 2014, previously published on October 22, 2014Since 1 January 2014, the EU’s Capital Requirements Directive (CRD) has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent with approval of a super majority of non-staff shareholders) —...
|Delaware Supreme Court Rules Mistakenly Filed UCC Termination Statement Is Effective in $1.5 Billion Secured Loan Transaction|
Charles Tabb, Mark J. Wolfson; Foley & Lardner LLP;
October 30, 2014, previously published on October 20, 2014Lenders need to exercise great caution when filing a UCC-3 termination statement. They must make sure that the list of security interests terminated is accurate and that the statement does not mistakenly include other, unrelated loans and security interests. A recent ruling by the Delaware Supreme...
|Quebec’s c Act is Constitutionally Applicable to Banks|
Daniel Everall; Aird Berlis LLP;
October 28, 2014, previously published on October 1, 2014On September 9, 2014, the Supreme Court of Canada (the “Court”) issued a trilogy of decisions involving the application of Quebec’s Consumer Protection Act (“CPA”) fee disclosure rules to credit card agreements. In Bank of Montreal v Marcotte, Amex Bank of Canada v...
|EU Disclosure Requirements for Structured Finance Instruments|
John Ahern, Neil J. Hamilton, Ulf Kreppel, Drew Salvest, Michelle Taylor; Jones Day;
October 23, 2014, previously published on October 2014The European Commission has adopted a final regulation that sets out wide-ranging disclosure requirements for structured finance instruments ("SFIs") in circumstances where the issuer, originator or sponsor is established in the European Union ("EU").
|Canadian Back-to-Back Loan Proposals|
Nigel P.J. Johnston, Gabrielle M.R. Richards; McCarthy Tétrault LLP;
October 22, 2014, previously published on October 15, 2014The 2014 federal budget included measures (Budget Measures) intended to eliminate the use of back-to-back loans to avoid the thin capitalization rules and/or withholding tax on interest paid to non-arm’s length non-residents so as to protect the Canadian tax base from erosion by limiting the...
|Consumer Compliance Risks in Social Media|
E. Andrew Keeney; Kaufman & Canoles A Professional Corporation;
October 22, 2014, previously published on Fall 2014Recently, the Federal Financial Institutions Examination Council (FFIEC), which includes NCUA, released new guidelines to help financial institutions, “understand and successfully manage the potential risks regarding the use of social media.” It is important for credit unions, including...
|Views from the Footprint - Banking, Collateral, Default and Foreclosure Question|
Angela D. Herdman, Nathaniel C. Hunter, Travis A. Knobbe, Victoria D. Summerfield; Spilman Thomas & Battle, PLLC;
October 22, 2014, previously published on October 7, 2014In this issue of Community Banking Excellence, we pose a question to Spilman’s banking law professionals throughout the firm’s geographical footprint, focusing on Virginia, Pennsylvania, North Carolina and West Virginia. The answers vary based on individual state laws.
|West Virginia Modifies As-Extracted Collateral Filing Requirements|
Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
October 22, 2014A new law passed by the West Virginia legislature and signed by the governor on April 1, 2014, clarifies that a secured party's lien on as-extracted collateral will last as long as a deed of trust, filed as a financing statement covering as-extracted collateral, remains enforceable. The new law,...