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Documents on Banking Law, Banking & Financial Services
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|U.S. Aims to Increase Transparency in Order to Combat Offshore Abuses in Wake of Release of Panama Papers|
Duane Morris LLP;
July 23, 2016, previously published on May 6, 2016On May 5, 2016, the Obama administration announced a series of proposals that will be sent to Congress designed to combat the disguising of international financial dealings through the use of anonymous financial corporations in the United States. The proposals are a signal to both domestic and...
|Further Clarification from OFAC Relating to the Lifting of Certain U.S. Sanctions Under Joint Comprehensive Plan of Action on Implementation Day|
Duane Morris LLP;
July 22, 2016, previously published on June 9, 2016On June 8, 2016, in an effort to provide further clarity on the scope of the lifting of sanctions that occurred on Implementation Day on January 16, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) added certain guidance relating to financial and banking...
|1MDB, BSI and the Potential Perils of Ignoring Money Laundering Risks in Singapore|
Duane Morris LLP;
July 22, 2016, previously published on May 25, 2016This week, for the first time in more than 30 years, the Monetary Authority of Singapore (known as the MAS) has shut down an international bank’s operations in Singapore. BSI Bank Limited (BSI) was also fined SGD 13.3 million and six members of its senior management (including its former CEO)...
|Current Expected Credit Losses Methodology|
Craig N. Landrum; Jones Walker LLP;
July 12, 2016, previously published on June 23, 2016The Current Expected Credit Losses Methodology (CECL) for estimating allowances for credit losses, unlike poor Cecil the lion, lives. On June 16 after much contentious debate, the Financial Accounting Standards Board (FASB) issued ASU (No. 2016-13) Financial Instruments - Credit Losses (Topic 326):...
|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...