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Documents on Banking Law, Banking & Financial Services
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|Served a Demand Letter by the Bank? Five Things to Know|
David T. Ullmann; Blaney McMurtry LLP;
December 5, 2016, previously published on November 21, 2016If you are served with a demand letter from your lender, you don’t have to fold up your tent and give in. If, like most companies, you feel that if you had more time, you could improve the situation (to the benefit of the Bank and the company), there are options. Here are 5 things that you...
|New York is First State in the Nation to Propose Cybersecurity Regulations Impacting Banks, Insurance Companies and Mortgage Lenders|
Bleakley Platt Schmidt LLP;
December 5, 2016, previously published on November 2016The New York State Department of Financial Services has proposed regulations that would impose new cybersecurity requirements on banks, insurance companies, mortgage lenders and others. The proposed regulations, issued pursuant to the Financial Services Law, would apply to entities that require a...
|The European Central Bank Publishes Draft Guidance on Leveraged Transactions|
Stephen Day, Neil Macleod, Claire Suzanne Puddicombe, David Quirolo, Nick Shiren; Cadwalader, Wickersham & Taft LLP;
December 5, 2016, previously published on November 25, 2016On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions, measures and monitoring with regard to leveraged transactions. The draft guidance sets out how...
|Cancellation of Debt Income and Its Impact on Loan Workouts|
Scott N. Opincar; McDonald Hopkins LLC;
November 25, 2016, previously published on November 3, 2016Uncertain economic times and high leverage multiples on many loan transactions have combined to create distress in many commercial loans. Owners of financially distressed companies struggling to generate sufficient cash flow to service loan payments owed to secured lenders may find themselves being...
|Federal Banking Agencies Propose Enhanced Cyber Risk Management Standards|
Jennifer C. Everett, Lisa M. Ledbetter; Jones Day;
November 21, 2016, previously published on November 2016The Board of Governors of the Federal Reserve System ("Federal Reserve Board"), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, "the agencies") recently issued a joint advance notice of proposed rulemaking...
|FDIC Holds De Novo Outreach Conference|
Daniel H. Burd, John J. Spidi; Jones Walker LLP;
November 16, 2016, previously published on October 27, 2016As part of its recent efforts to encourage de novo bank applications, on October 13, 2016, the Federal Deposit Insurance Corporation (FDIC) held a Community Banking De Novo Outreach Meeting in its New York Regional Office. The program was entitled "Strategies for Successful De Novo Bank...
|Regulating Fintech in Canada|
Robert Dawkins, Jeffrey S. Graham, Anthony Milazzo, Manoj Pundit, Stephen J. Redican; Borden Ladner Gervais LLP;
November 11, 2016, previously published on October 2016Many believe that Canada has the potential to become a leading, if not the leading, global fintech hub. While the Canadian financial services regulatory system has helped to protect Canadians and their financial institutions from disruption and financial setbacks, our regulatory system has also...
|Québec Superior Court Confirms Strict Liability for Cheque Bearing Forged Endorsement, in a Case of Identity Theft and Mortgage Fraud|
Josiane Brault, Alexander De Zordo; Borden Ladner Gervais LLP;
November 9, 2016, previously published on November 1, 2016In Gescoro inc. v. Notaire Francis-Pierre Rémillard (available in French), the Québec Superior Court ruled that a notary's cheque remitted to a fictitious vendor who had stolen the identity of an individual, in order to perpetrate a mortgage fraud in a property sale, can be reversed...
|Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest Foreclosure|
Mark D. Hildreth; Shumaker, Loop & Kendrick, LLP;
November 3, 2016, previously published on October 28, 2016Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor intends to retain or surrender property encumbered by a mortgage. In its...
|Lendors and Venders Need to Protect Interests When Dealing With Consignment Transactions|
Arnold D. Spevack; Lerch, Early & Brewer, Chartered;
November 2, 2016, previously published on October 21, 2016The Sports Authority bankruptcy filing in March 2016 was a wake-up call to lenders and vendors of the company. It should set off an alarm for all lenders, vendors, and their attorneys to focus on steps to protect their respective interests when it comes to consignment transactions.