Finance & Banking Insurance

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Assumption Reinsurance Refresher

On August 9, 2016, the Office of the Superintendent of Financial Institutions (OSFI) posted revised transaction instructions on its website for reinsurance on an assumption basis (Assumption Reinsurance). OSFI stated that the...more

Finally A Clear Ruling On A Much Needed Bankruptcy Preference Defense

The United States Bankruptcy Court for the District of Delaware has finally clarified that the administrative expense claim for goods delivered post-bankruptcy filing may be set off – dollar for dollar – to reduce any open...more

What is Title Insurance, Really?

All real estate buyers should consider purchasing title insurance. The premium is approximately $4.00 for every $1,000 of the purchase price. Some see this as an added cost to the deal.  But the cost is well worth the value...more

Real Property & Title Insurance Update: Week Ending August 12, 2016

REAL PROPERTY UPDATE: Jurisdiction/Deficiency Judgment: Second DCA agrees with Third DCA that “a circuit court has subject matter jurisdiction to adjudicate an independent deficiency action when the plaintiff had...more

What Community Bank Board Members Need to Know About D&O

A bank director’s responsibilities are similar to directors of other types of corporations, including the duties of loyalty and care. Federal banking regulators have strong enforcement powers to address violations of law,...more

European Commission Adopts Implementing Regulation on Information for Calculation of Technical Provisions and Basic Own Funds for...

On August 8, 2016, the European Commission adopted an Implementing Regulation laying down information for the calculation of technical provisions and basic own funds for reporting with reference dates from June 30 until...more

Ten Things You Should Know About the 2016 Uniform Unclaimed Property Act

The 2016 Uniform Unclaimed Property Act (2016 Act) was adopted unanimously by the Uniform Law Commission (ULC) in a 49-0 vote at its 2016 summer meeting. The adoption of the revised model law is a significant step forward for...more

Real Property & Title Insurance Update: Week Ending August 5, 2016

REAL PROPERTY UPDATE - Foreclosure/Discovery: Good cause not found to enter protective order preventing owner of property, subject to foreclosure, from deposing bank’s only witness on basis that owner of property was not...more

Blog: FCA tries to encourage consumers to shop around before renewing a general insurance policy

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider....more

New Law Affects FHA Requirements for Condominium Financing

President Obama signed the Housing Opportunity Through Modernization Act (H.R. 3700) into law on July 29. Title III of the Act will significantly modify Federal Housing Administration (FHA) condominium mortgage insurance...more

Dodd-Frank Rulemaking Developments by the Fed for Fed-Supervised Insurance Firms

The Dodd-Frank Act was a cornucopia of opportunity for rule writers. To the regulatory community, this was almost a bottomless candy jar. And so our regulatory apparatchiki began to beaver away and produced, to date,...more

OFAC Cites Violations in Dealings with Specially Designated Nationals

Insurance companies and financial institutions are targeted. On August 2, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a Finding of Violation against two different insurance...more

Congressional Report Finds FDIC Data Breach Response Obstructed Congressional Oversight

On July 12, the U.S. House of Representatives Committee on Science, Space, and Technology (the “Science Committee”) released a report regarding its investigation of an October 2015 data breach and the subsequent response of...more

Financial Services Weekly News - August 2016

Regulatory Developments - FDIC Seeks Comments on Third-Party Lending Guidance - On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more

CFPB Proposes TRID Rule Modifications

As previously reported, the Consumer Financial Protection Bureau (CFPB) proposed substantive and technical revisions to the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the "Know Before You Owe"...more

FCA thematic review finds failures in oversight of authorised representatives in insurance industry

On 22 July 2016, the Financial Conduct Authority (FCA) published the results of a thematic review in which the FCA found significant shortcomings in the control and oversight of appointed representatives (ARs) by their...more

Real Property & Title Insurance Update: Week Ending July 29, 2016

REAL PROPERTY UPDATE - Foreclosure/Automatic Stay: because final judgment entered day after defendant’s petition for bankruptcy, automatic stay imposed by 11 U.S.C. § 362 was in effect and, thus, judgment was void, even...more

FinCEN Tightens the Screws on Money Launderers with Additional Scrutiny of High-Value Residential Real Estate Transactions

Choice real estate markets such as New York, Miami, Los Angeles, San Francisco, San Diego, and San Antonio may offer enticing amenities like buzzing nightlife or sunny beaches, but thanks to the Financial Crimes Enforcement...more

District Court Finds Forum Selection Clause Unenforceable in ERISA Action

A federal district court in Illinois ruled that a plan’s forum selection was unenforceable because it conflicts with ERISA’s public policy of providing plaintiffs “ready access to the Federal courts.” Darlene Harris...more

US Federal Reserve Board Begins the Process of Regulating Insurance Companies

Nearly six years after the adoption of Dodd-Frank’s Title I, which provides for the regulation by the Board of Governors of the Federal Reserve System (Board) of non-bank financial companies – such as insurance companies,...more

The PRIIPs Regulation – A view from Germany: Why Asset Managers should be ready as of January 2017 and not rely on Grandfathering

The Regulation (EU) 1286/2014 of the European Parliament and the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (“PRIIPs Regulation”) will introduce a new...more

Real Property & Title Insurance Update: Week Ending July 22, 2016

Lis Pendens: a party seeking to maintain a lis pendens must establish a “fair nexus” between the party’s claim and the subject property by making “a minimal showing that there is at least some basis for the underlying claim...more

The Problem With Providers Using Their Own Funds In Their 401(k) Plan

I always say that I come up with many ideas, but most of them are bad. Seriously, there are so many bad ideas out there in the 401(k) space and one of the really bad ideas out there are bundled plan providers using their own,...more

Blog: FCA castigates the principals of appointed representatives in the general insurance sector

The FCA has just published a damning Thematic Review: “Principals and their appointed representatives in the general insurance sector“. The FCA asked 190 network principals to complete an online survey; asked 15 of these...more

Real Property & Title Insurance Update: Week Ending July 15, 2016

REAL PROPERTY UPDATE - Foreclosure/Unclean Hands: defense of unclean hands insufficient where borrower alleges bank’s loan officer inflated borrower’s income and assets to qualify for loan where borrower signed off on...more

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