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|CFPB Permits Online Posting of Annual Privacy Notices|
Michael R. Butowsky, Lisa M. Ledbetter, Todd S. McClelland, Stephen J. Obie, Mauricio F. Paez; Jones Day;
December 16, 2014, previously published on November 2014The Consumer Financial Protection Bureau ("CFPB") recently adopted a final rule that under certain conditions provides financial institutions it regulates with the option of posting annual consumer privacy notices online rather than mailing paper copies to customers (the "Privacy...
|Recent Developments in Myanmar's New Telecommunications Law|
Francesco Liberatore, Kevin J. Murphy, William B. Saunders; Jones Day;
December 16, 2014, previously published on November 2014With the adoption of Myanmar's new Telecommunications Law ("Telecoms Law") last year and the two incumbent operator licenses awarded, the country's telecommunications industry is evolving at a rapid pace. In order to give full effect to the new law, Myanmar is about to adopt new...
|FINRA Regulatory Notice to Members 14-40 ("NTM 14-40")|
Stephen D. Councill, Dan F. Laney, Brett A. "Ben" Rogers, Robert H. "Rob" Snyder, Jeffrey W. Willis; Rogers & Hardin;
December 16, 2014, previously published on November 2014Last month the Financial Industry Regulatory Authority (“FINRA”) issued a two-part Regulatory Notice to Members 14-40 (“NTM 14-40”). The notice “reminds” member firms that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of...
|What Next for KTB Investors?|
Rona C. MacRae, Lucas J. Moore, Harriet Territt, Sylvia Tonova, Baiju S. Vasani; Jones Day;
December 16, 2014, previously published on December 2014As the sun set on Thursday 6 November 2014, so too disappeared the last rays of hope for Corporate Commercial Bank ("KTB"). One of Bulgaria's smallest banks in the early 2000s, KTB has since expanded rapidly to become its fourth largest lender, only to have its licence withdrawn. The...
|New York Puts Assets in Foreign Bank Branches Beyond the Reach of Judgment Creditors|
Lee A. Armstrong, Sevan Ogulluk; Jones Day;
December 16, 2014, previously published on November 2014Two weeks ago, the New York Court of Appeals issued a decision of great importance to global financial institutions. For the first time, the state's highest court confirmed that New York common law prevents a court from freezing a civil judgment debtor's assets held in foreign bank accounts....
|Repsol Seeks Partners for LNG Exports from Canaport Terminal|
Sutherland Asbill Brennan LLP;
December 12, 2014, previously published on December 2, 2014Reuters reports that Spanish oil company Repsol, majority owner of the Canaport LNG import terminal in New Brunswick, Canada, is seeking financial partners for the construction of LNG export facilities at the terminal to export U.S. shale gas supplies to Europe.
|New Law Expands Property Tax “Uncapping” Exemptions for Family Cottage Transfers|
Benjamin J. Price; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014The cottage - it’s a place where memories are made, special events are hosted, and traditions are sustained for many Michigan families. One of the challenges families often face, however, is keeping the family cottage in the family, as it is not always feasible to do so from a financial...
|CFPB Continues Crackdown on Real Estate Kickbacks|
Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014Referrals are common in the real estate industry. Brokers and builders refer clients to mortgage lenders. Lenders refer clients to title companies. And so on. The real estate referral ecosystem is critical to moving real estate transactions along efficiently and effectively. Most clients need...
|Collection Actions Gone Awry: Michigan Court of Appeals Upholds Attorney’s Fee Award against Plaintiff for “Frivolous” Collection Efforts|
Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
December 8, 2014, previously published on November 25, 2014A lesson that many plaintiffs learn - the hard way - is that winning a judgment in a lawsuit is not the end of the battle. In many ways it’s just the beginning. The judgment simply gives license to pursue recovery of damages. And obtaining recovery can often be as, if not more, difficult than...
|Concentration Limits on Large Financial Companies: Federal Reserve Approves Final Rule Implementing Dodd-Frank’s Financial Sector Concentration Limit|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
December 4, 2014, previously published on November 12, 2014Last week, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) approved a final rule (the “Final Rule”) implementing Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which establishes a...