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|EGRPRA Regulatory Review Process Continues|
Eric J. Dyas; Jones Walker LLP;
March 30, 2015, previously published on February 26, 2015The Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA") requires that the federal banking agencies (the "Agencies") and the Federal Financial Institutions Examination Council review regulations prescribed by them at least once every ten years in order to...
|US Congress Passes 1-year Retroactive "Extenders" Package|
Kathryn L. Anderson, John L. Harrington, Marc D. Teitelbaum; Dentons Canada LLP;
March 27, 2015, previously published on December 17, 2014It's been called "a terrible way to make tax policy" and "not that great a deal for families, individuals, and businesses"--and that's just by its supporters. Still, even though far from ideal, the "Tax Increase Prevention Act of 2014" is an early Christmas present for...
|Foreign Fund Was Engaged in a Trade or Business in the United States as a Result of Lending and Underwriting Activities|
Jeffrey D. Hochberg, Donald L. Korb, Eric M. Lopata, Andrew P. Solomon, David C. Spitzer; Sullivan & Cromwell LLP;
March 27, 2015, previously published on January 26, 2015On January 2, 2015, the Internal Revenue Service (the “IRS”) released Advice Memorandum 201501013 (the “Advice Memorandum”) from the Office of Chief Counsel. The Advice Memorandum concludes that a partnership was engaged in a U.S. trade or business through lending and...
|Recent Developments in BSA/AML: FDIC Weighs In on “De-Risking;” FinCEN and SEC Bring Actions Against Oppenheimer & Co. for BSA/AML Violations|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
March 27, 2015, previously published on February 2, 2015January ended on a very active note in the area of Bank Secrecy Act (“BSA”)/anti-money laundering (“AML”) compliance, with the Federal Deposit Insurance Corporation (the “FDIC”), the Securities and Exchange Commission (“SEC”), and the Financial Crimes...
|Draft Federal P&C Insurer Demutualization Regulations Issued|
Ana Badour, Nancy J. Carroll, Frédéric Cotnoir; McCarthy Tétrault LLP;
March 26, 2015, previously published on March 18, 2015On February 28, 2015, the Department of Finance issued draft regulations under the Insurance Companies Act (Canada) providing the process to enable federally regulated mutual property and casualty insurance companies (Mutual P&Cs) to demutualize. Demutualization is the process of converting a...
|Spinach for the Strong Arm Power|
G. Ray Warner; Greenberg Traurig, LLP;
March 26, 2015, previously published on March 20, 2015In a little-noticed November opinion, the Seventh Circuit greatly expanded the ability of a bankruptcy trustee to avoid a security interest for documentation errors under section 544(a)(1) of the Bankruptcy Code. See State Bank of Toulon v. Covey (In re Duckworth), 776 F.3d 453 (7th Cir. 2014).
|Lawyer in Vietnam Oliver Massmann Transformation of the Financial Market Management|
Oliver Massmann; Duane Morris Vietnam LLC;
March 25, 2015, previously published on February 24, 2015Vietnam is one of the most dynamic markets of Asia. Since the financial institutions and authorities are a part of the general economic system, they are not only strongly involved in the changes, but also have a more solid financial basis for the competitiveness of the country. The financial sector...
|Anti-Money Laundering Remains at Forefront of Compliance in Nevada Gaming Industry|
Jennifer Roberts; Duane Morris LLP;
March 25, 2015, previously published on February 27, 2015There is a lot of talk in the Nevada gaming industry about anti-money laundering efforts. In 1970, Congress passed the Bank Secrecy Act, which required banks to report large cash transactions in order to help find drug trafficking and tax evaders. The Bank Secrecy Act is enforced by FinCEN, the...
|CFPB Increases Scrutiny With Respect to Mortgage Loan Advertising Practices|
Jack J. Lah; Weltman, Weinberg & Reis Co., L.P.A.;
March 24, 2015, previously published on March 3, 2015The Consumer Financial Protection Bureau ("CFPB") has been quite active over the past thirty days. The CFPB has, as of late, increased its scrutiny with respect to mortgage loan advertising practices, alleged kickbacks and reverse mortgages.
|Managing Risks in Vendor Relationships|
Alan B. Clark; Williams Mullen;
March 24, 2015, previously published on March 5, 2015For years, banks have relied on third party vendors to provide specialized products or services, or have used outsourcing as a way to reduce internal operating costs. In the wake of the financial crisis, however, regulators have become increasingly concerned about the risks associated with such...