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|7 Steps to Reduce Risk|
Howard Howard P.C.;
March 3, 2015The Dodd-Frank Act changed the "UDAP" landscape and added a new "abusive" test - expanding the acronym to "unfair, deceptive or abusive acts or practices" (UDAAP). This expansion - along with UDAAP being named a priority of the CFPB - has required credit unions to...
|When a Secured Loan Turns into Unsecured Debt: The Irreversibility of Discharged Registrations|
M. Sandra Appel; Davis LLP;
March 3, 2015, previously published on February 5, 2015A discharge is effective whether or not the secured party intended to discharge that particular registration. That was the decision of the United States Court of Appeals for the Second Circuit, which left JP Morgan unsecured for $1.5 billion as a result of a paperwork mix-up. Case law in Ontario...
|China Further Opens Up to Foreign Banks|
Patrick H. Hu, Peilin Liu; Jones Day;
February 27, 2015, previously published on January 2015Following the recent announcement of several crucial economic reforms by the People's Republic of China ("PRC") leadership, and eight years since the promulgation of China's Administrative Regulations on Foreign-Invested Banks (the "foreign banks regulations"), the PRC State...
|Banking On Your Personal Data: Recent Guidance Issued to Banks|
Gabriela Kennedy, Karen H. F. Lee, Sara S. M. Or; Mayer Brown JSM;
February 27, 2015, previously published on december 23, 2014Given the private nature of banking services and as banks serve the vast majority of the public, the banking industry is one of the private sectors in Hong Kong for which the Hong Kong Privacy Commissioner receives most complaints. For the same reasons, data privacy compliance by the banking...
|AML Developments - FDIC Announces That It Will End Its Supervisory Trend of Expecting Regulated Institutions to 'De-Risk' Entire Categories of Customers|
Carl A. Fornaris, Jennifer H. Weddle; Greenberg Traurig, LLP;
February 27, 2015, previously published on January 30, 2015On Jan. 28, 2015, the Federal Deposit Insurance Corporation (FDIC) in a Financial Institutions Letter (FIL) announced that it would, in effect, do an about-face on its supervisory expectation that banks strongly consider discontinuing the provision of financial services to entire categories of...
|The Final Word on Mwangi—the Ninth Circuit Holds Debtor Cannot Recover Alleged Damages for a Stay Violation Arising From an Administrative Freeze on the Debtor’s Bank Account|
Mona Lyman Burton, Kirk Cheney, Clarissa M. Collier; Holland & Hart LLP;
February 27, 2015, previously published on December 22, 2014The Ninth Circuit Court of Appeals recently rendered its decision in the Mwangi case, dealing whether a debtor can assert a claim against his bank for placing an administrative freeze on his bank account pending a determination of the debtor’s exemption claim as to the funds in the account.
|CFPB Observer: Recent Developments from Jan. 26-30, 2015|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
February 27, 2015, previously published on February 4, 2015On Jan. 29, the CFPB issued a proposed rule that would amend various provisions of its Title XIV mortgage rules relating to small creditors. The purpose of the proposed changes is to “increase the number of financial institutions able to offer certain types of mortgages in rural and...
|Revisions to Basel Securitisation Framework—Final Rules|
J. Paul Forrester, Kevin Hawken, Carol A. Hitselberger, Jason H. P. Kravitt, Stuart M. Litwin; Mayer Brown LLP;
February 27, 2015, previously published on December 22, 2014On 11 December 2014, the Basel Committee on Banking Supervision (BCBS) published a final Basel III Document (BCBS d303) on changes to the international model rules for banks’ calculation of credit risk capital requirements for exposures to securitisation transactions (Revised Framework). The...
|Discussing the Two Pillars of America's Main Street Economy - An Interview with Larry F. Mazza, CEO of MVB Bank, Inc.|
Amy King Condaras; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on Deceber 18, 2014Larry Mazza is Chief Executive Officer of MVB Financial Corp., the parent of West Virginia-based MVB Bank, Inc. Mr. Mazza also serves on the MVB Financial Corp. Board of Directors. He is a recognized name in West Virginia banking with over 25 years of experience in both large banks and community...
|Community Banks Adding Prepaid Products Face New Imperatives|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on December 18, 2014It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now arrived, and the Proposed Rule from the CFPB is extensive and...