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Documents on Banking Law
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|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....
|Change is Coming: Migration to EMV Chip Technology and the Fraudulent Purchase Liability Shift to Merchants|
Varner Brandt LLP;
December 10, 2014, previously published on October 24, 2014American Express, Discover, MasterCard and Visa have all announced their plans to move to a chip-based payments infrastructure (known as “EMV”) in the United States. Effective October 2015, merchants, card issuers and payment processors must comply with new technical requirements set...
|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...
|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).
|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....
|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...
|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...
|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 Liechtenstein Disclosure Facility - Recent Changes|
James Edwards; Withers Bergman LLP;
November 28, 2014, previously published on November 20, 2014HM Revenue & Customs (HMRC) has offered several opportunities over the past seven years to encourage errant tax payers to come forward in order to regularise their tax affairs on relatively benign terms. In 2007 HMRC offered the Offshore Disclosure Facility (ODF) which afforded taxpayers the...
|CFPB Issues Fall 2014 Supervisory Highlights Report|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
November 28, 2014, previously published on November 6, 2014On October 30th, the CFPB issued its Supervisory Highlights Report. This is the fifth edition of the Report and generally covers CFPB supervisory activities between March and June 2014. The Report highlights problems in two specific markets: student loan servicing and mortgage servicing.