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Documents on Banking Law, Banking & Financial Services
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|Real Estate Tax Liens Attach to Persons, Not Just Property|
Aana L. Maguire, Karen M. Sanchez; Obermayer Rebmann Maxwell & Hippel LLP;
April 22, 2014, previously published on April 10, 2014In 2013, the Pennsylvania legislature passed an amendment to the Municipal Claim and Tax Lien Law (Act No. 93 of 2013, the “Amendment”), designed to give municipalities and school districts improved means of collecting tax revenue. The Amendment permits a taxing district to enforce a...
|“Substantial Compliance” With Notice Requirements Not Enough|
Adam B. Brandon; Rogers Towers, P.A.;
April 22, 2014, previously published on April 15, 2014Florida’s Fifth District Court of Appeal recently emphasized the need for lenders to strictly comply with the notice requirements of a mortgage prior to foreclosure. In Samaroo v. Wells Fargo, the borrower appealed the circuit court’s entry of a summary final judgment of mortgage...
|New Surcharge for All Immigration Fees Paid by Credit Card|
Fragomen Del Rey Bernsen Loewy LLP;
April 22, 2014, previously published on April 16, 2014The Department of Immigration and Border Protection (DIBP) will impose a surcharge to credit card payments for immigration-related fees and charges, including Visa Application Charges, beginning April 19, 2014. Originally, the DIBP indicated that the surcharge would take effect on March 22, 2014,...
|Claims Against Failed Banks Must Go Through the FDIC’s Administrative Claims Process|
Adam B. Brandon, Scott J. Kennelly; Rogers Towers, P.A.;
April 22, 2014, previously published on April 11, 2014As described in a previous post, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) requires that anyone with a claim against a failed bank must file a claim with the FDIC within 90 days of being notified (either by mail or by newspaper publication) of the...
|Important Supreme Court of Ohio Decision for Loan Workouts and Lenders|
John J. Kulewicz, Jeffery E. Smith; Vorys, Sater, Seymour and Pease LLP;
April 21, 2014, previously published on April 17, 2014The Supreme Court of Ohio issued its decision dated March 4, 2014, in the case of FirstMerit Bank, N.A. v. Inks, et al (2014-Ohio-789), confirming important Ohio statutory protections for lenders in workout situations under Ohio Revised Code Section 1335.05.
Leo Spicer-Phelps; Edwards Wildman Palmer LLP;
April 17, 2014, previously published on April 15, 2014In Saville v Central Capital Limited  EWCA Civ 337, the Court of Appeal upheld an appeal brought by a couple provided with insufficient payment protection insurance (PPI) sold in breach of the Insurance Conduct of Business Rules (the ICOB Rules).
|Volcker Rule: Federal Reserve Issues Statement of Intent to Extend the Volcker Rule Conformance Period Through July 21, 2017 for CLOs|
Sullivan Cromwell LLP;
April 15, 2014, previously published on April 8, 2014Late yesterday afternoon, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released a statement regarding the treatment of collateralized loan obligations (“CLOs”) under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act...
|New York’s Highest Court Strengthens Forum Non Conveniens Doctrine in Cases Having Peripheral Connection to New York Banking System: Mashreqbank PSC v. Ahmed Hamad Al Gosaibi & Brothers Company|
Sullivan Cromwell LLP;
April 15, 2014, previously published on April 10, 2014In an opinion issued on April 8, 2014, the New York Court of Appeals unanimously dismissed on forum non conveniens grounds a case arising from a foreign exchange transaction between a bank in the United Arab Emirates and a general partnership in Saudi Arabia, where the only nexus between the...
|FFIEC Issues Joint Statement on New ATM Cyber-Attack|
Robert L. Carothers; Jones Walker LLP;
April 15, 2014, previously published on April 10, 2014On April 2, 2014, the Federal Financial Institutions Examination Council ("FFIEC") issued a joint statement alerting financial institutions about a recent increase in cyber-attacks launched in connection with a type of large dollar ATM cash-out fraud characterized as "Unlimited...
|EU Banking Union: Political Agreement Reached on Single Resolution Mechanism|
Patrick Brandt, Christopher Mallon, Sven G. Mickisch, William J. Sweet, Sebastian Way; Skadden, Arps, Slate, Meagher & Flom LLP;
April 14, 2014, previously published on April 10, 2014On March 20, 2014, the European Parliament announced that it had reached political agreement with the European Council on the regulation implementing a single resolution mechanism (SRM), which is an essential element of the proposed EU Banking Union, the new regulatory system to formally cover...