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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).
|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....
|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...
|CFPB Finalizes Amendments to Mortgage Rules|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
November 28, 2014, previously published on November 6, 2014On October 23rd, the CFPB issued a final rule amending three provisions of the CFPB’s 2013 mortgage rules.
|Market Abuse Surveillance: A Reminder for Prop and Client Traders|
Harvey Knight, Kirsten Lapham, Colin Smith; Withers Bergman LLP;
November 28, 2014, previously published on November 4, 2014Patrick Spens, head of market monitoring, at the FCA recently spoke about the FCA’s market surveillance tools and expectations, which serves as a reminder to firms to ensure that they have adequate systems and controls to detect market abuse and suspicious transactions, either through...