Banking & Financial Services E-Note - January 31, 2014

In This Issue:

- DOJ Weighs Action Against Banks Over Payday Lending Business

- More Regulatory Scrutiny Causing Banks to Pass on LBOs

- Officials to Issue New Rules on Banks Holding Marijuana Funds

- Fed Expected to Curb Banks' Dealings in Physical Commodities

- Banks Face Deadline to Upgrade ATM Software

- CFPB's New Rule on Qualified Mortgage Goes into Effect

- Excerpt from DOJ Weighs Action Against Banks Over Payday Lending Business:

Federal prosecutors are trying to thwart the easy access that predatory lenders anddubious online merchants have to Americans' bank accounts by going after banks thatfail to meet their obligations as gatekeepers to the United States financial system. TheJustice Department is weighing civil and criminal actions against dozens of banks, sending out subpoenas to more than 50 payment processors and the banks that do business with them, according to government officials.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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