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|5.6 Million Fingerprints Compromised In OPM Breach - You Can't Change Your Fingerprint!|
Dominic A. Paluzzi; McDonald Hopkins LLC;
October 29, 2015, previously published on September 24, 2015Move over credit cards, you aren't the hot item anymore. Hackers and the black market are flooded with credit card information and the banks and card brands are getting better at spotting fraudulent credit card transactions. Consistent with the hacker trend, they move on to bigger and better. And...
|Prudential Regulators Release Final Margin Rules for Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
October 29, 2015, previously published on October 23, 2015On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps1 and (ii) an interim final rule to implement statutory amendments excluding certain entities from the...
|US Manufacturing and the Rift over the Ex-Im Bank|
Donald V. Orlandoni; McDonald Hopkins LLC;
October 29, 2015, previously published on October 23, 2015Manufacturing generates more revenue for the U.S. economy for each dollar it spends than any other industry. But with the global economy weak and a strong dollar stifling U.S. exports, domestic manufacturers face stiff headwinds. Against that backdrop a sharp divide has appeared in the House of...
|Remedies Proposed in UK Retail Banking Sector to Address Lack of Competition|
Alan Davis, Matt Evans; Jones Day;
October 28, 2015, previously published on October 2015The UK Competition and Markets Authority (“CMA”) has provisionally concluded there is a lack of effective competition in the UK retail banking market and has proposed a number of remedies to improve customers’ knowledge and awareness, encourage them to switch providers, and make...
|An Interview with James C. Cherry, CEO, Park Sterling Bank|
Timothy R. Moore; Spilman Thomas & Battle, PLLC;
October 26, 2015, previously published on October 20, 2015With more than three decades of experience in banking in North Carolina and Virginia, Park Sterling’s CEO James C. Cherry has a lot to say about the state of community banks and their future. He graciously took the time to address his successes, leadership philosophy, and some of the best...
|CFPB Issues Proposal to Prohibit Class Action Waivers in Consumer Arbitration Provisions|
Robert L. Carothers; Jones Walker LLP;
October 26, 2015The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") included a requirement that the Consumer Financial Protection Bureau ("CFPB") conduct a study on the use and impact of pre-dispute arbitration agreements in connection with consumer financial...
|Guarantors Can Use Anti-Deficiency Statute in North Carolina|
Rayford K. (Trip) Adams; Spilman Thomas & Battle, PLLC;
October 22, 2015, previously published on October 13, 2015The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the...
|White House Announces Another Round of Sweeping Regulatory Adjustments to Cuban Sanctions|
Charles P. Adams, Ira Gonzalez; Adams and Reese LLP;
October 9, 2015, previously published on September 28, 2015Although Congress has remained cautious of taking any action to ease the American-imposed embargo on the majority of business interactions with Cuba, President Obama’s administration continues to push forward with the implementation of additional revisions to ease sanctions and potentially...
|Class Action by Banks Against Target Certified|
Kevin L. LaRoche; Borden Ladner Gervais LLP;
October 9, 2015, previously published on September 20, 2015On September 15, 2015, Justice Paul A. Magnuson of the United States District Court, District of Minnesota granted class certification to banks that issued payment cards in the payment card data breach that was publicly disclosed by Target on December 19, 2013.
|Deficiency Judgment Cases In North Carolina Just Got A Lot More Complex|
Jay DeVaney, Brian T. Pearce; Nexsen Pruet, LLC;
October 7, 2015, previously published on September 25, 2015A question that continually arose during the foreclosure deficiency actions that were spurred by the recent “Great Recession,” was whether or not a guarantor on a loan could raise the “defense” offered in N.C. Gen. Stat. § 45-21.36. The statute, thought to apply by its...