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|Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps|
Maureen A. Donley, Elizabeth A. Mastrogiacomo, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
September 22, 2014, previously published on September 19, 2014Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and markets to collect initial and variation margin for non-cleared swaps (the 2014 Proposal).
|Judge Vacates $22 Million Verdict and Orders New Trial|
Richard A. Vance; Stites & Harbison, PLLC;
September 19, 2014Jefferson Circuit Judge Jim Shake vacated jury verdicts against several banks in a major lender liability/mortgage fraud case in Louisville. The verdict, one of the largest ever in a Kentucky lender liability case, garnered significant media attention when rendered last fall, but the order for a...
|The Independence of Scotland: A Legal Primer for Canadians|
Brandon Barnes; Davis LLP;
September 19, 2014, previously published on September 17, 2014On September 18, Scotland will hold a referendum on whether it should become an independent state. Although Scotland is a decidedly minority partner in the economy of the United Kingdom 0 it holds 8.3% of the population of the UK and less than 10% of the UK’s estimated GDP - the prospect of...
|Battling on the Front Lines of Foreclosures: What Must A Lender Consider And Do When Foreclosing On A Property Owned By A Servicemember Under The "ACT"|
Steven W. Ferrell, Meredith L. Minkus; Burr & Forman LLP;
September 18, 2014, previously published on September 16, 2014 A complicated, but sometimes overlooked, issue facing foreclosing lenders is properly handling and defending against claims that a servicemember-owner is entitled to protections from foreclosure based on his or her status as a servicemember. The “Servicemembers Civil Relief Act (2003),”...
|Overview of the Florida Consumer Collection Practice Act|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
September 17, 2014, previously published on September 11, 2014As discussed in a prior post, the Florida Consumer Collection Practices Act (FCCPA) can apply to both debt collectors (like collection agencies) and lenders who seek to collect their own debts. The FCCPA is broader than the federal Fair Debt Collections Practices Act (FDCPA), which only regulates...
|Do Guarantors Fall Under the Protection of the Equal Credit Opportunity Act?|
Samantha Alves Orender; Rogers Towers, P.A.;
September 17, 2014, previously published on September 4, 2014We have discussed the Equal Credit Opportunity Act(“ECOA”), which makes it unlawful for a creditor to discriminate against an applicant in any aspect of a credit transaction on the basis of, among other things, the applicant’s marital status, religion, sex, race, or age. The...
|Update on Recent Summary Judgment for Barclays in Interest Rate Swap Litigation|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
September 17, 2014, previously published on Septemeber 9, 2014In a recent hearing in the Cardiff Mercantile Court, His Honour Judge Keyser QC (the Judge) considered various arguments advanced in relation to an interest rate swap.
|CFPB Issues Guidance Regarding Mortgage Servicing Transfers|
John Honahan, Richard B. Horn, Matthew S. Yoon; Dentons Canada LLP;
September 17, 2014, previously published on September 5, 2014On August 19, 2014, the US Consumer Financial Protection Bureau ("CFPB") released Bulletin 2014-01, ("Bulletin"). The Bulletin replaces CPFB Bulletin 2013-1, which also addressed servicing transfers, and provides updated CFPB guidance and expectations with respect to mortgage...
|UDAP/UDAAP: Goodbye Regulation, Hello Guidance|
Craig N. Landrum; Jones Walker LLP;
September 16, 2014, previously published on September 11, 2014In recognition that its authority to issue credit practices rules for insured institutions was repealed as a consequence of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"), the Board of Governors of the Federal Reserve System (the "Board") is...
|European Central Bank Publishes Final List of 'Significant Supervised Entities' in Preparation for Banking Union|
Patrick Brandt, Sven G. Mickisch, William J. Sweet; Skadden, Arps, Slate, Meagher & Flom LLP;
September 15, 2014, previously published on September 12, 2014On 4 September 2014, the EU’s European Central Bank (ECB) published its final list of significant supervised entities and less significant institutions for the purposes of the Eurozone’s single supervisory mechanism (SSM), which will come into effect on 4 November 2014. The list, which...