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Documents on Banking Law, Banking & Financial Services
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|Who is in Control? The Rights of Noteholders and the Discretion of the Note Trustee|
Dentons Canada LLP;
July 29, 2014, previously published on July 2, 2014The debate at the heart of U.S. Bank Trustees Limited v Titan Europe 2007-1 (NHP) Limited and others was whether a distressed property portfolio should be sold at once or retained in the hope of realising a better price. Such disputes are by no means novel, particularly in times when property...
|Non-EU Investment Managers Must Comply with EU AIFMD by July 22, 2014|
Dentons Canada LLP;
July 29, 2014, previously published on July 17, 2014The EU Alternative Investment Fund Managers Directive (the "AIFMD"), approved by the European Parliament in June 2011, established a new regulatory regime for EU and non-EU investment managers (including US investment advisers) that, among other activities, manage alternative investment...
|The FCA Marches Down the Road to Competition Concurrency|
Dentons Canada LLP;
July 29, 2014, previously published on July 15, 2014The Financial Conduct Authority (FCA) is currently preparing for the award of concurrent competition enforcement powers on 1 April 2015. From that date, both the FCA and the new Payment Services Regulator will be able to, amongst other things, investigate and prosecute anti-competition agreements...
|CPFB Turns Three: Three Years, Big Impact|
Kristen R. Brown, Alexandra Megaris, Jonathan L. Pompan; Venable LLP;
July 28, 2014, previously published on July 24, 2014The Consumer Financial Protection Bureau (“CFPB”) has concluded its third year. Created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Bureau has taken significant steps to define its role in the consumer financial services...
|Should Your Credit Union Implement Consent Agendas in Board Meetings?|
Woo S. Jun; Weltman, Weinberg & Reis Co., L.P.A.;
July 28, 2014, previously published on July 24, 2014Credit union leaders are faced with the task of executing on their missions of providing superior and innovative financial solutions to its members. The decisions they make satisfy certain legal requirements, provide oversight of its finances and ethics, and implement strategies that augment the...
|Ukraine-Related Sanctions: Latest Developments Include U.S. Introduction of Sectoral Sanctions Imposing Targeted Sanctions on Certain Entities in Russia’s Financial Services and Energy Sectors; U.S. Designating Additional Persons and Entities as Blocked Persons; and New EU Designations Targeting Additional Individuals and Entities|
Sullivan Cromwell LLP;
July 28, 2014, previously published on July 25, 2014In response to the continued unstable situation in Ukraine, the European Union and the United States announced economic sanctions targeting certain Russian and Ukrainian persons and entities. The U.S. measures were taken prior to the date that Malaysia Airlines Flight 17 was shot down over Eastern...
|The Dangers of Accepting a Power of Attorney from your Membership|
Matthew M. Young; Weltman, Weinberg & Reis Co., L.P.A.;
July 28, 2014, previously published on July 24, 2014Most credit unions facilitate transactions on behalf of their membership using powers of attorney on a daily basis. In fact, the most common questions I answer as corporate counsel for credit unions relate to powers of attorney. Despite the frequency in which these documents are used, many credit...
|Amending Credit Union Bylaws and Codes of Regulations|
John B. C. Porter; Weltman, Weinberg & Reis Co., L.P.A.;
July 28, 2014, previously published on July 24, 2014As part of a credit union's strategic planning, the topic of amending (or more appropriately modernizing) the credit union's bylaws or code of regulations often surfaces as a priority. With advances in technology comes opportunity with respect to how the board of directors and members convene and...
|Eleventh Circuit Holds Consumers May Revoke “Prior Express Consent” Under the TCPA Either Orally or in Writing|
Reid S. Manley, Seth I. Muse; Burr & Forman LLP;
July 26, 2014, previously published on July 22, 2014In Osorio v. State Farm Bank, F.S.B., No. 13-10951 (11th Cir. Mar. 28, 2014), the United States Court of Appeals for the Eleventh Circuit reversed and remanded a Florida district court’s grant of defendant’s motion for summary judgment on plaintiff’s Telephone Consumer Protection...
|Ros v. Lasalle Bank: Southern District of Florida Applies New Florida DCA Case Law to Dismiss Quiet Title Suit Based on Statute of Limitations Allegations|
Nicholas S. Agnello; Burr & Forman LLP;
July 26, 2014, previously published on July 21, 2014In Ros v. Lasalle Bank, N.A., et al., 14-CIV-22112-BLOOM/VALLE (S.D. Fla. July 18, 2014) the Southern District of Florida became the first United States District Court to apply the holding in Evergrene Partners, Inc. v. Citibank, N.A., 39 Fla. L. Weekly D1342 (Fla. 4th DCA 2014) regarding efforts...