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|US Banking Regulators Issue Further Frequently Asked Questions for Leveraged Lending Guidance|
J. Paul Forrester; Mayer Brown LLP;
December 4, 2014, previously published on November 13, 2014The Office of the Comptroller of the Currency (OCC) has released its 2014 Shared National Credits (SNC) review (the 2014 SNC review).
|Basel III Liquidity Framework: Basel Committee Publishes Final Document on Net Stable Funding Ratio|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
December 4, 2014, previously published on November 7, 2014On October 31, 2014, the Basel Committee on Banking Supervision (the “Basel Committee”), published a final document presenting the net stable funding ratio (“NSFR”), one of the key standards proposed by the Basel Committee to strengthen liquidity risk management as part of...
|A Loan Participation Checklist: The Devil is in the Details|
Dustin H. DeVore; Kaufman & Canoles A Professional Corporation;
December 1, 2014There are a number of key factors that are often missed or neglected by the originating/selling Credit Union when they initially close on a member business loan (MBL) transaction and those issues come to light when we are assisting a Credit Union considering the purchase of a participation interest...
|China Bank Card Clearing Market - A Feast for Foreign Investors?|
Xiaolu Xu; Sheppard, Mullin, Richter & Hampton LLP;
December 1, 2014, previously published on November 6, 2014China plans to promote consumption and open up its bank card clearing market. This is the outcome of a State Council meeting chaired by Premier Li Keqiang on October 29, 2014. "All qualified domestic and overseas enterprises can file applications for setting up bank-card clearing institutions...
|LLC Conversions Can Create Lender Problems|
Lawrence G. Lerman; Lerch Early Brewer Chartered;
December 1, 2014, previously published on October 21, 2014Many of our local jurisdictions have statutes that enable a sole proprietorship, partnership or corporation to "convert" to a limited liability company (LLC) by operation of law. That means by filing Articles of Conversion with the state or DC, the former entity becomes an LLC, and all...
|The Lender, Not the Debtor, is Entitled to Choose its Remedies for a Defaulted Loan|
Matthew G. DiMeglio; Lerch Early Brewer Chartered;
December 1, 2014, previously published on October 21, 2014A federal district court in Americorp Financial, LLC v. Lansing Pharmacy, L.C., 923 F. Supp. 2d 1023 (E.D. Mich. 2013) held that a lender had a right to exercise the default remedies set forth in loan documents even if there were alternative remedies available that were less onerous to the debtor....
|Ignoring IRS Notice of Deficiency May Leave Taxpayer With No Recourse for Contesting Tax Liability|
Jill Misener, David J. Moise; Withers Bergman LLP;
November 28, 2014, previously published on November 20, 2014The US Tax Court recently held in Onyango v. Comm’r 142 T.C. 24 (2014) that a taxpayer could not contest a tax liability prior to making payment where the Internal Revenue Service (IRS) issued a valid Notice of Deficiency and the taxpayer failed to take advantage of previous opportunities to...
|Consumer Financial Protection Bureau - The Basics of the CFPB|
Brooks Bossong; Nexsen Pruet, LLC;
November 28, 2014, previously published on November 10, 2014Let’s begin—honestly—by acknowledging that the very words, “the Consumer Financial Protection Bureau” tend to make our eyes glaze over, whether you’re a supporter or opponent of the CFPB’s cause or work for an institution that’s subject to the...
|FCA on Restriction of Retail Distribution of CoCos and Mutual Funds|
Harvey Knight, Kirsten Lapham, Colin Smith; Withers Bergman LLP;
November 28, 2014, previously published on November 4, 2014The FCA is proposing to put in place new requirements which would apply when mutual society shares are sold to ordinary retail investors and to tighten the rules around the sale of contingent convertible securities (‘CoCos’). The FCA’s decision is driven by the fact it says; that...
|New IRS Streamlined Filing Procedures Expands Eligibility to Us Residents and Foreign Residents|
Shannon Smith Retzke; Withers Bergman LLP;
November 28, 2014, previously published on November 20, 2014For the first time, the Internal Revenue Service (IRS) streamlined filing procedures are available to US resident taxpayers who have unreported foreign income or financial accounts. The new streamlined procedures also eliminate the risk assessment process associated with the old streamlined...