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|Safe Student Account Scorecard|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on February 6, 2015In its continued attempt to ensure that agreements between financial institutions and colleges and universities are transparent and favorable to students, the Consumer Financial Protection Bureau (CFPB) is seeking comment on a proposed Safe Student Account Scorecard. The CFPB intends to develop a...
|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...
|A Borrower's Ability to Rescind a Mortgage Loan Just Got Easier|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
February 26, 2015, previously published on January 16, 2015The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq. gives consumers the right to rescind mortgage loans upon their principal dwelling, until midnight of the third business day following the consummation of the transaction, or following the delivery by the creditor of the information and...
|Federal Reserve Board Issues Volcker Rule Conformance Period Extension|
Scott A. Anenberg, Michael D. Lewis, Jerome J. Roche, David R. Sahr, Donald S. Waack; Mayer Brown LLP;
February 26, 2015, previously published on December 19, 2014On December 18, 2014, the Federal Reserve Board (“Board”) announced that it is extending the Volcker Rule conformance period for certain fund investments and relationships from July 21, 2015, until July 21, 2016, and that it intends next year to grant a further extension of the...
|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...
|Congress Enacts Bill to Increase Small Bank Holding Company Policy Statement Asset Threshold|
Robert L. Carothers; Jones Walker LLP;
February 19, 2015, previously published on December 22, 2014On December 11, both the U.S. House of Representatives and the U.S. Senate passed H.R. 3329, and the bill was signed into law by the President on December 18. The act increases the asset threshold with respect to the applicability of the Federal Reserve's Small Bank Holding Company Policy Statement...
|7 Advertising Compliance Tips for Financial Institutions (Wednesday, February 04, 2015)|
Howard Howard P.C.;
February 19, 2015, previously published on February 4, 2015Every financial institution advertises. And, each one faces the same question: what disclosures are required on my advertisement? Often, there are internal discussion and meetings (fights?) at the bank or credit union - most likely involving those responsible for marketing and those responsible for...
|Federal Tenant Protection Act Scheduled to Expire|
Weltman Weinberg Reis Co. L.P.A.;
February 18, 2015, previously published on December 29, 2014In 2009, President Obama signed into law the federal Protecting Tenants at Foreclosure Act (PTFA), granting tenants, under certain circumstances, the right to live out their lease or at least 90 days' notice before having to vacate a property sold at foreclosure sale. PTFA came at the height of the...