Karen Neeley

Karen Neeley

Cox Smith

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Unclaimed Property Audits: Don’t cheat on escheat!

The Texas Comptroller of Public Accounts has contracted with out of state third parties to perform unclaimed property audits on holders of property. National banks are subject to these reviews provided there is “reasonable...more

4/17/2015 - Audits Banks Escheat Record Retention Statute of Limitations Unclaimed Property

Mortgage Loan Officer Status Clarified by U.S. Supreme Court

The Supreme Court has concluded that interpretations issued by a federal agency are not subject to rule-making processes, such as posting for comment. Thus, as a practical matter it upheld the interpretation —the latest in a...more

3/12/2015 - Administrative Procedure Act DOL FLSA Mortgage Loan Officer Paralyzed Veterans Doctrine Perez v Mortage Bankers Assoc Rulemaking Process SCOTUS Statutory Interpretation Wage and Hour

Texas Legislature Gets in Gear

The biennial Texas Legislative Session started January 13. Two months later, they are now setting committee hearings other than finance ones. But Mondays and Fridays are still pretty much travel days. So, last Friday I...more

3/5/2015 - Banking Sector Legislative Agendas Legislative Committees Proposed Legislation

“You might be a deposit broker!”

I recently read the brokered deposits FAQ from the FDIC and was a wee bit surprised to find out that I might be a deposit broker. In fact, there were several categories of persons that might surprise you as well. You...more

1/23/2015 - Banking Sector Banks Brokered Deposits Deposit Broker FDIC

Client Alert: Basel III Impact on Commercial ADC Loans

Basel III (updated capital rule) requires banks to maintain capital based in part on the riskiness of the assets in their portfolios. To the extent more capital is required to support a transaction, that transaction is likely...more

1/16/2015 - Banks Basel III Capital Requirements Commercial Loans Interest Rates Real Estate Development Real Estate Investments Secured Loans

Responding to Frivolous Notices

I love the internet and the convenience of quickly searching through my friend, Google. You have probably done this too. You are out with friends and someone questions who won the World Series in 2001. It is fun to be able to...more

12/12/2014 - Banks Debt Collection Debtor-Creditor Debtors Dodd-Frank FCRA Qualified Written Requests RESPA

Safety and Soundness Versus CRA: Walking a Tightwire

I was just reviewing the proposed CRA FAQs again (yes, that makes me a compliance nerd) and I was struck anew by the tension between lending programs that are designed for LMI markets and the requirements for safe and sound...more

10/31/2014 - Banks Chief Compliance Officers Compliance CRA Underwriting

Political Expenditure Pitfalls

My husband doesn’t like for me to admit it, but I am a registered Texas lobbyist. That means that I am on the list for every fundraiser for Texas candidates. And admittedly I do make contributions to business-friendly...more

9/19/2014 - Election Related Expenditures Lobbying Lobbyists

Early TIL and Non-Obligors

Should non-obligors to a residential mortgage receive the early Truth in Lending Disclosures? - Two months ago, I posed this question to the CFPB with my thinking that the answer should be “no.” Imagine my surprise when...more

8/20/2014 - CFPB Disclosure Disclosure Requirements Mortgages TILA Truth in Lending Act

UDAAP and Reg E and an Update

Here’s a neat regulatory trick. Find a violation of a consumer reg and then conclude that the violation must also be unfair. Then you can increase the penalties. Case in point: Reg E’s commentary clearly provides that a...more

7/30/2014

Adding Overdraft to Existing Note = UDAP

Recently, the FDIC has identified a practice that it believes violates UDAP standards. Some bankers have looked at their integrated note/security agreement and observed that the collateral includes “other indebtedness”—which...more

7/17/2014 - Banks FDIC Overdraft Fees Unfair or Deceptive Trade Practices

Texas Supreme Court Issues Decision in Home Equity Case: Next Steps

In 2003, the Texas Constitution was amended to permit the issuance of interpretations relating to the home equity provisions of the Constitution. A lender acting in compliance with these interpretations would have a defense...more

6/28/2013 - Fees Home Equity Lenders Mailbox Rule Mortgage Loan Originators Power of Attorney Safe Harbors

DataTreasury Patent Infringement

DataTreasury Corporation (“DataTreasury”) has filed a new round of lawsuits against banks and their service providers relating to two patents which claims systems and methods for remotely capturing and centrally processing...more

6/7/2013 - Banks Duty to Defend Infringement Patents Software

Nonresident Alien Deposit Interest Reporting Requirements Are Now in Effect

Starting January 1, 2013, all commercial banks, savings institutions, credit unions, securities brokerages and insurance companies must report interest on deposits paid to nonresident alien individuals to the IRS and to the...more

2/18/2013 - Deposit Interest FATCA Non-Resident Aliens Reporting Requirements

Possible New Defenses for ATM Suits

Bankers received a Christmas present on December 20, 2012 when President Obama signed H.R. 4367, which eliminates the requirement for physical notices on ATMs regarding fees. That information is already disclosed onscreen,...more

1/5/2013 - ATMs CFPB Class Action Notice Requirements Regulation E

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