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|Leaving America for Good - Record Numbers of American Expatriate after IRS Crackdown on Americans Living Abroad|
Withers Bergman LLP;
January 22, 2015, previously published on December 19, 2014Each quarter, the United States publishes a list of the names of each individual losing United States citizenship. This list includes certain long-term residents who are treated as if they were citizens of the United States who lost citizenship. The quarter ending June 30, 2014 saw another 576...
|June is Coming - a Brief Reminder that FBAR E-Filing is Now Mandatory|
Withers Bergman LLP;
January 20, 2015, previously published on December 19, 2014July 1, 2013 marked the expiration of the general exemption from mandatory electronic filing of the Report of Foreign Bank and Financial Accounts (Form 114, colloquially known as the 'FBAR'). Recent updates from the Financial Crimes Enforcement Network ('FinCEN') make clear that, despite previously...
|CFPB Finalizes Rule on Annual Privacy Notices|
Robert L. Carothers; Jones Walker LLP;
January 16, 2015, previously published on October 23, 2014On October 20, the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized a rule to allow financial institutions that meet certain requirements to post their privacy policies online in lieu of mailing annual privacy notices to their customers.
|Regulators Expect Continued Focus on Fair Lending|
H. Gary Pannell; Jones Walker LLP;
January 16, 2015Compliance with fair lending requirements continues to rank as a high priority among federal financial regulators. A panel discussion at a meeting of the Mortgage Bankers Association in late September featured representatives of the U.S. Department of Justice, the Consumer Financial Protection...
|Ontario Court of Appeal Rules on Production of Discharge Statements|
Heather Pessione, Martin Sclisizzi; Borden Ladner Gervais LLP;
January 13, 2015, previously published on December 15, 2014The Court of Appeal’s recent decision in Royal Bank of Canada v. Trang, 2014 ONCA 883 (“Trang”) has important implications for judgment debtors/creditors and mortgagees/mortgagors. Writing for the majority in a 3-2 decision, Justice Laskin held that a mortgage discharge statement...
|Cure and Reinstatement of Home Mortgages in Chapter 13: Florida's Bright-Line Rule is Not So Bright|
Jonathan M. Sykes; Burr & Forman LLP;
January 12, 2015, previously published on November 19, 2014Section 1322(c)(1) of the Bankruptcy Code allows debtors to cure defaults and reinstate a mortgage on their principal residence "until such residence is sold at a foreclosure sale that is conducted in accordance with applicable nonbankruptcy law." Like many provisions of the Bankruptcy...
|FDIC Issues Guidance for State Banks Engaging in Activities Permissible for National Banks|
Scott A. Brown, Erich M. Hellmold, Aaron Kaslow, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on December 4, 2014On November 19, 2014, the Federal Deposit Insurance Corporation (the “FDIC”) issued Financial Institution Letter 54-2014, Filing and Documentation Procedures for State Banks Engaging, Directly or Indirectly, in Activities or Investments That Are Permissible for National Banks...
|CSBS and NYDFS Issue Cyber Security Guidance for Banks|
Christina M. Gattuso, Erich M. Hellmond, Erich G. Oliffer, Kevin M. Toomey; Kilpatrick Townsend Stockton LLP;
January 10, 2015, previously published on December 19, 2014The Conference of State Bank Supervisors (the ¿CSBS¿) and the New York Department of Financial Services (the ¿NYDFS¿) recently issued valuable guidance for financial institutions regarding cyber security. On December 10, 2014, the NYDFS issued a guidance letter to all NYDFS-regulated banks...
|Letters of Credit: Privy Council Reaffirms Autonomy Principle|
David Williams; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014The autonomy principle is fundamental to the utility of letters of credit (LCs). Under this principle, a bank must pay against a presentation of documents that appear on their face to comply with the credit. This obligation is "autonomous" from the underlying transaction. In a recent...
|UCC Section 4-406(f) Reporting Requirement Has Teeth|
Ryan M. Cunningham; Sally & Fitch LLP;
January 10, 2015, previously published on November 6, 2014While Section 4-111 of the Uniform Commercial Code ("UCC") contains a three-year statute of limitations for filing claims against a bank for paying an unauthorized or altered item from an account, a more potent tool for banks can be found in UCC 4-406(f), a one-year statute of repose for...