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|CFPB Finalizes Rule on Annual Privacy Notices|
Robert L. Carothers; Jones Walker LLP;
January 16, 2015, previously published on October 23, 2014On October 20, the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized a rule to allow financial institutions that meet certain requirements to post their privacy policies online in lieu of mailing annual privacy notices to their customers.
|Ontario Court of Appeal Rules on Production of Discharge Statements|
Heather Pessione, Martin Sclisizzi; Borden Ladner Gervais LLP;
January 13, 2015, previously published on December 15, 2014The Court of Appeal’s recent decision in Royal Bank of Canada v. Trang, 2014 ONCA 883 (“Trang”) has important implications for judgment debtors/creditors and mortgagees/mortgagors. Writing for the majority in a 3-2 decision, Justice Laskin held that a mortgage discharge statement...
|Cure and Reinstatement of Home Mortgages in Chapter 13: Florida's Bright-Line Rule is Not So Bright|
Jonathan M. Sykes; Burr & Forman LLP;
January 12, 2015, previously published on November 19, 2014Section 1322(c)(1) of the Bankruptcy Code allows debtors to cure defaults and reinstate a mortgage on their principal residence "until such residence is sold at a foreclosure sale that is conducted in accordance with applicable nonbankruptcy law." Like many provisions of the Bankruptcy...
|CSBS and NYDFS Issue Cyber Security Guidance for Banks|
Christina M. Gattuso, Erich M. Hellmond, Erich G. Oliffer, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on December 19, 2014The Conference of State Bank Supervisors (the ¿CSBS¿) and the New York Department of Financial Services (the ¿NYDFS¿) recently issued valuable guidance for financial institutions regarding cyber security. On December 10, 2014, the NYDFS issued a guidance letter to all NYDFS-regulated banks...
|Restructurings - Don't Forget the Tax Man|
Hayley Capani, Sonia Jordan; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014When undergoing a restructuring, a borrower/officeholder's main focus is often the company's lenders. However, there are occasions when HMRC's agreement can be just as key to ensuring any process runs smoothly. In this article, Sonia Jordan and Hayley Çapani discuss some key areas where...
|CFPB Proposes Rules For Prepaid Products|
Erich M. Hellmold, Aaron M. Kaslow, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on November 24, 2014On November 13, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule (the “Proposal”) that would provide significant consumer protections for prepaid accounts through substantial amendments to Regulation E (Electronic Fund Transfer Act) and Regulation Z...
|FDIC Issues Guidance for State Banks Engaging in Activities Permissible for National Banks|
Scott A. Brown, Erich M. Hellmold, Aaron Kaslow, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on December 4, 2014On November 19, 2014, the Federal Deposit Insurance Corporation (the “FDIC”) issued Financial Institution Letter 54-2014, Filing and Documentation Procedures for State Banks Engaging, Directly or Indirectly, in Activities or Investments That Are Permissible for National Banks...
|The Carbon Challenge - What Property Lenders Need to Know About Energy Efficiency Schemes|
Sam Boileau, Helen Bowdren, James Irvine; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014One of the main ways in which the EU and the UK Government propose to tackle climate change and reduce emissions is through greater energy efficiency, including efficiency in buildings. Commercial property is now subject to a range of legislation aimed at reducing carbon emissions. These...
|UCC Section 4-406(f) Reporting Requirement Has Teeth|
Ryan M. Cunningham; Sally & Fitch LLP;
January 10, 2015, previously published on November 6, 2014While Section 4-111 of the Uniform Commercial Code ("UCC") contains a three-year statute of limitations for filing claims against a bank for paying an unauthorized or altered item from an account, a more potent tool for banks can be found in UCC 4-406(f), a one-year statute of repose for...
|Sanctions Confirmations in Facility Agreements - Is There a Market Standard?|
Adam Pierce; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014In the European loan markets, it is increasingly common for lenders to require their borrowers (and other "Obligors") to provide sanctions-related representations and undertakings (sanctions confirmations) in their facility agreements. Adam Pierce considers whether any pattern is emerging...