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Documents on Banking Law, Banking & Financial Services
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|Federal Bank Regulators Propose New Long-Term Liquidity Standards|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 23, 2016, previously published on June 2016The Board of Governors of the Federal Reserve System ("Board"), Office of the Comptroller of the Currency ("OCC"), and Federal Deposit Insurance Corporation ("FDIC") (collectively, the "Agencies") each recently released a joint proposed rule, Net Stable...
|Revisions to Ohio's Foreclosure Procedures Are Coming Soon|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
June 21, 2016, previously published on June 2, 2016On May 25, 2016, in an abrupt move to beat the summer recess, the Ohio House and Senate agreed to revisions to the Ohio foreclosure process, and the bill is now pending the Governor's signature.
|CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 20, 2016, previously published on June 8, 2016The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective borrowers have the ability to repay them.1 The proposed rules, which...
|SBA Lending Alert: Reauthorization of the 504 Debt Refinancing Program|
Alison W. Rind; Lerch, Early & Brewer, Chartered;
June 20, 2016, previously published on May 27, 2016The day has finally come! The SBA issued SBA Policy Notice 5000-1382 on May 26 announcing the Reauthorization of the 504 Debt Refinancing Program.
|CFPB Proposes New Rule on Mandatory Consumer Arbitration Clauses|
Lisa M. Ledbetter, Sanjay Narayan; Jones Day;
June 16, 2016, previously published on May 2016Arbitration as a means of dispute resolution is intended to help consumers and businesses save time and money and achieve fair results when compared to traditional litigation. Millions of contracts for consumer financial products and services have a pre-dispute arbitration clause that requires...
|CFPB Fires Another Warning Shot for Processors to Be Aware of Their Merchants’ Activities|
Brian Barrett, Brian M. Murphy, Robert J. Pile, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
June 14, 2016, previously published on June 14, 2016In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions processed for their processing customers are fraudulent or illegal. The...
|Madden v. Midland Funding, LLC: Solicitor General Recommends Against Certiorari but Explains Flaws in the Second Circuit's Controversial Decision|
Traci L. Lovitt, Matthew A. (Matt) Martel, Anthony M. (Tony) Masero, Joseph B. (Joe) Sconyers; Jones Day;
June 13, 2016, previously published on May 2016This week, the Solicitor General filed a brief recommending that the U.S. Supreme Court deny certiorari in Madden v. Midland Funding, LLC because of, among other things, the absence of a circuit split and the possibility that the appellants may still prevail in the underlying dispute after the case...
|FASB Anticipates June Release for Credit Loss Standard; Community Banks Weigh In|
Peter J. Rivas; Jones Walker LLP;
June 9, 2016, previously published on May 26, 2016The Financial Accounting Standards Board (FASB or the Board) is set to release a final standard for loans and securities write-downs at the end of June. Before it releases its final amendments to U.S. GAAP, the Board will likely meet again to weigh the upcoming standard's costs and benefits.
|Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign Exchange Markets|
Jonathan H. Flynn, Anthony M. Mansfield, Gregory George Mocek, Jorge Pesok; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on June 1, 2016Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets
|FinCEN Issues Final Rules for Customer Due Diligence Requirements|
Jodi L. Avergun, Scott A. Cammarn, Colleen D. Kukowski, Dorothy D. Mehta, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on May 13, 2016On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. 1 The final rules impose a new requirement on “covered financial institutions” - which...