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|All Is Good With Bad Boy Guaranties|
Douglas Turner Coats, Y. Jeffrey Spatz; Gordon Feinblatt LLC;
August 5, 2016, previously published on April 2016Implicitly overruling its conclusion in memorandum 201606027 dated February 7, 2016 (the "Prior Memorandum"), on March 31, 2016, the Internal Revenue Service (the "Service") Office of Chief Counsel released memorandum 2016-001 (the "Memorandum") which concludes that...
|Three Takeaways from the Recent Settlement in CFPB v. Bancorpsouth|
Thomas E. Walker; Brunini, Grantham, Grower & Hewes, PLLC;
August 5, 2016, previously published on July 22, 2016There were many things from the recent settlement of Fair Lending and Fair Housing Claims against BancorpSouth that didn’t surprised me (see United States of American and Consumer Financial Protection Bureau v. BancorpSouth Bank, Case No. 1:16cv118-GHD-DAS, U.S. District Court for the...
|Should Lenders Agree to Requests to Remove Late Fees From Promissory Notes?|
Lawrence G. Lerman; Lerch, Early & Brewer, Chartered;
August 5, 2016, previously published on July 26, 2016It is very common for a promissory note to provide that if a payment is not made within a certain number of days after the due date, the borrower will owe a late fee of 5 percent of the delinquent payment. That late fee can become very costly when the note is not self-amortizing and has a balloon...
|It’s a Mad, Mad, Madden World|
Scott A. Cammarn; Cadwalader, Wickersham & Taft LLP;
August 5, 2016, previously published on June 29, 2016On Monday, June 27, 2016, the Supreme Court of the United States denied the petition for certiorari in Midland Funding LLC v. Madden, No. 15-610. The Supreme Court’s denial leaves intact the unusual - and troubling - decision by the U.S. Court of Appeals for the Second Circuit, Midland...
|BSA/AML: The More Things Stay the Same, the More They Change|
Craig N. Landrum; Jones Walker LLP;
July 30, 2016, previously published on July 7, 2016On May 11, the Financial Crimes Enforcement Network (FinCEN) released a final rule on new customer due diligence (CDD) requirements for financial institutions, including banks and broker/dealers. Because of the potential compliance challenges the new rules impose, the requirements do not become...
|Florida Second District Court of Appeal Weighs In on Consumer Collection Practices Laws|
Duane Morris LLP;
July 30, 2016, previously published on February 3, 2016Many states have enacted consumer collection practices laws that impose additional hurdles for lenders in their efforts to collect debts and foreclose mortgages. A Florida appellate court has just addressed what it considers may be a case of first impression in Florida: whether a collection...
|New Mississippi Law Allows Venue Selection for Shareholder Claims|
Jefferson K.B. Stancill; Butler Snow LLP;
July 29, 2016, previously published on May 20, 2016The Mississippi legislature has created a new mechanism for Mississippi corporations to require that derivative and other shareholder claims be brought in the county of the corporation’s principal office instead of some other court. The new law becomes effective on July 1, 2016, and a...
|New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements|
Brian Barrett, Kristin Ward Cleare; Sutherland Asbill & Brennan LLP;
July 29, 2016, previously published on July 28, 2016On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address what the DFS called “shortcomings” in current practices...
|Brexit Myth-Busting: A Brief Analysis for Business|
M. Ridgway Barker, David Guin, Anthony Indaimo, Denis Petkovic, Chris Priestley; Withers Bergman LLP;
July 29, 2016, previously published on July 13, 2016The lead up to the UK's referendum on EU membership was characterised by contradictory claims and resulted in widespread confusion amongst businesses. This has continued post-vote, with even more political indecision, which is frustrating for clients trying to process the results of the referendum...
|NYS Department of Financial Services Adopts Final Rule Imposing Enhanced BSA/AML Compliance Standards on Financial Institutions|
Michael A. Berlin, Carl A. Fornaris, Harold N. Iselin, William B. Mack, Niall E. O'Hegarty; Greenberg Traurig, LLP;
July 28, 2016, previously published on July 11, 2016On June 30, 2016, the New York State Department of Financial Services (DFS or the Department) announced its adoption of the final version of its new regulation (the Final Rule) setting forth the required elements of “Transaction Monitoring and Filtering Programs” maintained by New York...