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|Texas District Court Addresses Prior Express Consent|
Zachary D. Miller; Burr & Forman LLP;
July 26, 2014, previously published on July 8, 2014In Cherkaoui v. Santander Consumer USA, Inc., No. 4:13-cv-00467 (S.D. Tex. May 23, 2014), the U.S. District Court for the Southern District of Texas examined how a creditor may obtain “prior express consent” from a borrower and the level of evidence necessary for a borrower to survive...
|Disputing Debts under the FDCPA - The Effect of the Fourth Circuit’s Opinion in Clark v. Absolute Collection Service, Inc.|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
July 26, 2014, previously published on July 16, 2014In January of this year, the United States Court of Appeals for the Fourth Circuit (“Fourth Circuit”) decided the case of Clark v. Absolute Collection Service, Inc. (741 F.3d 487, 4th Cir. 2014). The question of first impression before the Court was whether Section 1692g(a)(3) of the...
|Secretary Lew Calls on Financial Institutions to Strengthen Their Cybersecurity Defenses|
Steven G. Brody, Jason E. Glass; Bingham McCutchen LLP;
July 25, 2014, previously published on July 17, 2014On July 16, 2014, U.S. Treasury Secretary Jacob J. Lew delivered the keynote speech at the Delivering Alpha conference, a gathering of hedge fund industry participants. Secretary Lew used this event to issue strongly-worded remarks on the serious nature of cyber-incursions, in particular the...
|World Bank to Help Finance World’s First Floating Liquefaction Plant|
Sutherland Asbill Brennan LLP;
July 24, 2014, previously published on July 17, 2014Bloomberg News reports that the International Finance Corp. (IFC), a member of the World Bank Group focused exclusively on the private sector, will help finance a $300 million project to develop the world’s first floating LNG liquefaction plant, which will be located in Colombia. The project...
|A “Comfort Letter” Can Play An Important Role In Financing A Branded Hotel|
Rose Marie L. Fiore; McGlinchey Stafford;
July 15, 2014, previously published on Summer 2014A franchised or “branded” hotel is one affiliated with a major hotel franchisor, such as Hilton® or Starwood®. Hotels that are part of a branded chain typically operate under a franchise agreement. A franchise agreement is an agreement between a franchisor and a franchisee,...
|Andrew Ceresney: 2014 Enforcement Accomplishments and Priorities Relating to Financial Services Firms|
Amy Natterson Kroll, Elizabeth A. Marino; Bingham McCutchen LLP;
July 14, 2014, previously published on June 17, 2014Andrew Ceresney, Director, Division of Enforcement (the “Division”), Securities and Exchange Commission (“Commission”), recently spoke at Compliance Week 2014 regarding the Division’s accomplishments over the past year and its priorities for the remainder of 2014.1 Of...
|Agencies Publish Volcker Rule Frequently Asked Questions|
Yevedzo R. Chitiga, Andrew B. Kales; Bingham McCutchen LLP;
July 14, 2014, previously published on June 17, 2014On June 10, 2014, the U.S. federal banking agencies,1 the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission (collectively, the “Agencies”), published answers to six frequently asked questions (“FAQs”) regarding the Volcker Rule.2 The...
|CFTC Further Extends Comment Periods on Position Limits Proposals|
Maureen A. Donley, Daniel S. Konar II, W. Graham McCall, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
July 11, 2014, previously published on July 7, 2014The Commodity Futures Trading Commission (Commission or CFTC) has further extended the comment periods for its November 2013 proposal concerning position limits aggregation and its December 2013 proposal concerning position limits for physical commodity derivatives. The comment periods for these...
|European Bail-Ins - Austria Next?|
Ferdinand Mason, Lucas J. Moore, Stephen J. Pearson, Daniel Travers; Jones Day;
July 11, 2014, previously published on July 2014The European drive toward bail-ins continues unabated. So too does the increasing uncertainty for investors in European financial institutions, for whom the bail-in concept raises the spectre of the effective loss of their investments by way of contribution to any rescue. Investors in Austria's...
|North Carolina Coops Repair Hurricane Arthur Damage|
Sutherland Asbill Brennan LLP;
July 11, 2014, previously published on July 8, 2014North Carolina electric cooperatives spent much of the holiday weekend working to restore power to members in the wake of Hurricane Arthur. Parts of the central North Carolina coastline and barrier islands were hit by 100 mph winds late July 3, and efforts to respond to outages have ranged from...