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Documents on Banking Law, Banking & Financial Services
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|Delaware's New Data Destruction Law Takes Effect January 1, 2015|
Ieuan Jolly; Loeb & Loeb LLP;
July 21, 2014, previously published on July 2014Delaware House Bill 295 was signed into law on July 1. The law provides that if a commercial entity seeks to dispose of records containing consumers' personal identifying information, the commercial entity must take reasonable steps to destroy or arrange for the destruction of such records by...
|Social Media and Spoliation|
Gabriel Ben Abba Crafton, Scott St. Amand; Rogers Towers, P.A.;
July 21, 2014, previously published on July 10, 2014As we discussed in our previous post regarding the Christou case, social media is discoverable - and consequently subject to a litigation hold. From an evidentiary standpoint, social media is not without its shortcomings, and it is important to understand that social media is vulnerable to...
|Federal Agencies Finalize Technical Correction of Risk-Based Capital Rules|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
July 19, 2014, previously published on July 17, 2014The U.S. Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency announced the finalization of a technical correction to the definition of "eligible guarantee" in the agencies' risk-based capital Rules released yesterday, July 16,...
|The Doctrine of Equitable Assignment is Alive and Well in Wisconsin|
Rachel M. Blise; Foley & Lardner LLP;
July 18, 2014, previously published on July 15, 2014That was the holding of the Wisconsin Supreme Court in an opinion issued on Thursday in Dow Family, LLC v. PHH Mortgage Corporation, 2014 WI 56. The facts of the case are similar to thousands of foreclosure cases prosecuted in Wisconsin every year, but with a couple of interesting twists, which we...
|Issuance of Guidance for Banks with HELOCs Nearing End-of-Draw Period|
Craig N. Landrum; Jones Walker LLP;
July 15, 2014, previously published on July 10, 2014In anticipation of some home equity lines of credit ("HELOC") borrowers having difficulty meeting higher payments resulting from principal amortization or interest rate reset or renewing existing loans due to changes in financial circumstances or property values, the federal financial...
|US Supreme Court Expands (and Potentially Limits) the Reach of the Bank Fraud Statute|
Vincent J. Connelly, William Michael, Richard E. Nowak; Mayer Brown LLP;
July 14, 2014, previously published on July 9, 2014The US Supreme Court has unanimously held that federal prosecutors can use the federal bank fraud statute, 18 U.S.C. § 1344, against offenders in cases where a bank is not the intended target of a fraud.
|Ninth Circuit Rules That Redbox's Collection of Customer Zip Codes Falls under "Deposit" Exception to California's Song-Beverly Act|
Michael L. Mallow, Christine M. Reilly; Loeb & Loeb LLP;
July 14, 2014, previously published on July 2014In a 2-1 decision, a Ninth Circuit panel has affirmed a district court's dismissal of a putative class action against Redbox - the company with the bright red DVD-rental kiosks - alleging violations of California's Song-Beverly Credit Card Act, which prohibits retailers from collecting personal...
|CFPB Debt Collection (Regulation F) Rulemaking FAQs|
Andrew E. Bigart, Kristen R. Brown, Alexandra Megaris, Jonathan L. Pompan; Venable LLP;
July 14, 2014, previously published on July 2014On November 12, 2013, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) seeking comment, data, and information from the public about debt collection practices, and in January 2014, the CFPB...
|CFPB Seeks Comment on the Use of Mobile Financial Services|
John B. Beaty, Frederick M. Joyce, Jonathan L. Pompan, D. E. Wilson; Venable LLP;
July 14, 2014, previously published on July 2014On June 12, 2014, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a notice and request for information (RFI) about how consumers are using mobile financial services to access products and services, manage finances, and achieve their financial goals (with a focus on...
|The Landmark Tsilhqot’in Nation Decision: What it Means for Project Developers in Canada|
Laura Easton, Heather L. Treacy; Davis LLP;
July 11, 2014, previously published on July 3, 2014On June 26, 2014, the Supreme Court of Canada (the “Court”) issued a landmark ruling in the area of aboriginal law with its decision in Tsilhqot’in Nation v British Columbia, 2014 SCC 44 (the “Decision”). The Court declared that the Tsilhqot’in Nation, a...