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|U.S. Senate to Conduct Hearings Directly Affecting Community Banks and Credit Unions|
Jon J. Lieberman; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 09, 2015 Senator Richard Shelby (R-AL), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, and Ranking Member Sherrod Brown (D-OH), will hold public hearings during the week of February 9, 2015 of great relevance to community banks and credit unions nationwide. The...
|First Recommended Decision in Contested CFPB Adjudication issued by US Securities and Exchange Commission ALJ|
Catherine A. Bernard, Reginald R. Goeke, Jeffrey H. Redfern; Mayer Brown LLP;
February 26, 2015, previously published on December 16, 2014On November 25, 2014, US Securities and Exchange Commission Administrative Law Judge (ALJ) Cameron Elliot issued the first-ever “recommended decision” in a contested Consumer Financial Protection Bureau (CFPB) adjudication.
|US Second Circuit Eases Banks’ Garnishment Burdens in Recent TRIA and FSIA Decisions|
Mark G. Hanchet, Christopher J. Houpt; Mayer Brown LLP;
February 26, 2015, previously published on November 14, 2014In recent years, banks have found themselves named as parties in their capacities as garnishees in enforcement litigation brought by judgment creditors of governments or entities that have been designated as terrorist parties. Two decisions from the US Court of Appeals for the Second Circuit spell...
|The 8th Circuit Opens the Door to Partial Discharge of Student Loans and Upends the Totality of Circumstances Test|
Monette Cope; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on November 20, 2014Most student loans are nondischargeable in bankruptcy unless a student can show that repayment of the loans will cause the student an “undue hardship”. Undue hardship is not defined in the statute, so courts have developed criteria to determine whether an undue hardship exists. Most...
|New, New York Regulations|
Joseph M. McCandlish; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 12, 2015The state of New York enacted new debt collection regulations that will require collection agencies operating in New York to provide additional disclosures to New York residents and to change some of the ways in which the collection agency practices in New York. Some of these regulations take...
|Vacant and Abandoned: Can Creditors Discard Personal Property Following a Foreclosure in Ohio?|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 27, 2015Personal property is often left by the prior owner or a tenant following a foreclosure. Sometimes it is difficult to determine whether the personal property has been abandoned. I am often asked what must be done with the personal property left behind once the creditor takes possession of an...
|What’s in Store for 2015 Regarding CFPB Regulations? Answer: enforcement.|
Matthew G. Burg; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 30, 2015In 2014, the new consumer mortgage rules made by the Consumer Financial Protection Bureau (“CFPB”) took effect. Generally, the CFPB implemented laws to protect consumers from negative actions by mortgage servicers and to provide consumers more transparency in working with servicers and...
|Cooperative Bank Makes Large Donation to the NRECA International Foundation|
Sutherland Asbill Brennan LLP;
February 25, 2015, previously published on February 24, 2015CoBank, a national cooperative bank, recently donated $250,000 to the National Rural Electric Cooperative (NRECA) International Foundation.
|The Importance of Consideration in Loan Guarantees|
Rick L. Knuth; Jones, Waldo, Holbrook & McDonough A Professional Corporation;
February 25, 2015, previously published on November 17, 2014As do all contracts, the loan guaranty must be supported by consideration. "Consideration" is the benefit or the detriment to one or both parties that separates an enforceable contract from a mere casual agreement. Consideration is often recited in contracts, using some nominal amount,...
|Court of Appeal for Ontario Upholds Reduction of Legal Fees in Insolvency Matter|
Brett Kenworthy, Daanish Samadmoten; Aird & Berlis LLP;
February 20, 2015, previously published on December 17, 2014On December 1, 2014, the Court of Appeal for Ontario (the “Court of Appeal”) released its decision, written for the Court of Appeal by Madam Justice Pepall, in Bank of Nova Scotia v. Diemer, 2014 ONCA 851 (“Diemer”). The Court of Appeal dismissed the court-appointed...