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Documents on Banking Law, Banking & Financial Services
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|EU Disclosure Requirements for Structured Finance Instruments|
John Ahern, Neil J. Hamilton, Ulf Kreppel, Drew Salvest, Michelle Taylor; Jones Day;
October 23, 2014, previously published on October 2014The European Commission has adopted a final regulation that sets out wide-ranging disclosure requirements for structured finance instruments ("SFIs") in circumstances where the issuer, originator or sponsor is established in the European Union ("EU").
|West Virginia Modifies As-Extracted Collateral Filing Requirements|
Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
October 22, 2014A new law passed by the West Virginia legislature and signed by the governor on April 1, 2014, clarifies that a secured party's lien on as-extracted collateral will last as long as a deed of trust, filed as a financing statement covering as-extracted collateral, remains enforceable. The new law,...
|Canadian Back-to-Back Loan Proposals|
Nigel P.J. Johnston, Gabrielle M.R. Richards; McCarthy Tétrault LLP;
October 22, 2014, previously published on October 15, 2014The 2014 federal budget included measures (Budget Measures) intended to eliminate the use of back-to-back loans to avoid the thin capitalization rules and/or withholding tax on interest paid to non-arm’s length non-residents so as to protect the Canadian tax base from erosion by limiting the...
|Views from the Footprint - Banking, Collateral, Default and Foreclosure Question|
Angela D. Herdman, Nathaniel C. Hunter, Travis A. Knobbe, Victoria D. Summerfield; Spilman Thomas & Battle, PLLC;
October 22, 2014, previously published on October 7, 2014In this issue of Community Banking Excellence, we pose a question to Spilman’s banking law professionals throughout the firm’s geographical footprint, focusing on Virginia, Pennsylvania, North Carolina and West Virginia. The answers vary based on individual state laws.
|Consumer Compliance Risks in Social Media|
E. Andrew Keeney; Kaufman & Canoles A Professional Corporation;
October 22, 2014, previously published on Fall 2014Recently, the Federal Financial Institutions Examination Council (FFIEC), which includes NCUA, released new guidelines to help financial institutions, “understand and successfully manage the potential risks regarding the use of social media.” It is important for credit unions, including...
|Derivatives Sound Practices - Draft Guideline Released for Federally - Regulated Financial Institutions in Canada|
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
October 21, 2014, previously published on October 9, 2014On October 1, 2014, the Office of the Superintendent of Financial Institutions (OSFI) released draft Guideline B-7 Derivatives Sound Practices (Guideline). The Guideline applies to federally-regulated financial institutions (FRFIs). OSFI first set out its expectations for FRFIs regarding their...
|Recent CFPB Auto Finance Fair Lending Guidance|
Christopher R. Rahl; Gordon Feinblatt LLC;
October 17, 2014, previously published on October 7, 2014The CFPB recently released their Summer 2014 issue of “Supervisory Highlights.” The publication addresses the CFPB’s fair lending supervisory activity in connection with indirect auto financing. It also provides insight into the CFPB’s views concerning acceptable methods for...
|Louisiana Licensure Requirements|
Craig N. Landrum; Jones Walker LLP;
October 17, 2014, previously published on October 9, 2014Effective January 1, 2015, all out-of-state consumer loan lenders (including on-line lenders) who originate and/or purchase Louisiana consumer loans will be required to obtain a Licensed Lender license from the Office of Financial Institutions of the State of Louisiana.
|Proposed Bankruptcy Rule and Official Form Changes|
Mark G. Douglas; Jones Day;
October 16, 2014, previously published on September/October 2014The Judicial Conference Advisory Committees on Appellate, Bankruptcy, Civil, and Criminal Rules have proposed amendments to their respective rules and forms and have requested that the proposals be circulated to the bench, bar, and public for comment. The public comment period closes on Tuesday,...
|U.S. Causes of Action and Attorney Retainer Fund Sufficient Assets for Chapter 15 Recognition|
Mark G. Douglas, Pedro A. Jiménez; Jones Day;
October 16, 2014, previously published on September/October 2014In December 2013, the U.S. Court of Appeals for the Second Circuit held as a matter of first impression in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), that section 109(a) of the Bankruptcy Code, which requires a debtor "under this title"...