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|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...
|Failure to Record a Satisfaction of Mortgage Can Become Costly in the State of Ohio|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
February 18, 2015, previously published on January 02, 2015 An Act has been introduced by the Ohio legislature, known as H.B. 201, which will make it very costly for a mortgagee, or any successor or assignee of the original mortgagee, who receives a payoff from the homeowner, and fails to timely record a satisfaction of mortgage. The Act has passed both the...
|Documentary Stamp Taxes: Enforcing a Promissory Note and Mortgage Prior to Payment|
Karl R. Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
February 18, 2015, previously published on January 13, 2015While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether Florida law permits enforcement of a note or mortgage when...
|New RESPA Regulations: What Lenders Should Know|
Sally Fitch LLP;
February 18, 2015As of January 1, 2010, the latest changes to the Real Estate Settlement Procedures Act (RESPA) went into effect for all "loan originators" - lenders and mortgage brokers - handling federally-related residential property loans. The RESPA revisions were intended to provide consumers a means...
|Foreclosing Lender Forced to File a Separate Action on Association Assessments|
Heather Sue Nason, Jonathan R. Sacks; Rogers Towers, P.A.;
February 18, 2015, previously published on January 20, 2015Foreclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of liability to a homeowners or condominium association for past due assessments. But what if there is a dispute as to the amounts owed to the association after the...
|Bank Capital Requirements: Federal Reserve Board Proposes Rule Establishing Common Equity Surcharge on U.S. Global Systemically Important Banks|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
February 18, 2015, previously published on December 14, 2014On December 9, the Board of Governors of the Federal Reserve System (the “FRB”) issued a Notice of Proposed Rulemaking (the “Proposed Rule”) to establish risk-based capital surcharges for systemically important U.S. bank holding companies (“BHCs”).
|Italy and Switzerland Sign Landmark Exchange of Information Agreement|
Giulia Cipollini, Filippo Noseda; Withers Bergman LLP;
February 18, 2015, previously published on February 9, 2015After three years of intense negotiations, on the 15th January 2015 representatives of the Italian and Swiss Governments signed an agreement which spells the end of banking secrecy.
|Successor Liability: Not Much Help to Creditors in Ohio|
Hannah F.G. Singerman; Weltman, Weinberg & Reis Co., L.P.A.;
February 18, 2015, previously published on November 21, 2014Often, commercial creditors find that during the process of collecting debts from a failing corporation, said corporation ceases to exist and a new entity takes its place. The question becomes, can this new entity be liable for the old entities' debts? In Ohio, successor liability for corporations...
|Wire Transfer Fraud in Massachusetts: Basic Risk Allocation Principles|
Jennifer E. Greaney; Sally Fitch LLP;
February 18, 2015Fraudulent wire transfers initiated by sophisticated cyber criminals pose a significant risk to businesses and financial institutions. Technologically savvy fraudsters can steal confidential information through a variety of mechanisms, including malicious software installed on an unwitting victim's...