Banks

News & Analysis as of

Your daily dose of financial news - The Brief – 7.29.16

A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more

Banks reflect on guarantees, rejoice on fees

National Australia Bank Ltd v Rose - On 21 July 2016, the Victorian Court of Appeal confirmed that a guarantee and indemnity provided by an individual was invalid on the basis that NAB had not complied with relevant...more

Why is On-boarding and Off-boarding Bank Clients Important?

After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more

Diversity assessment and remedial measures required by CFPB consent order

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

Regulators' IM Crackdown May Increase Cyber Risk

In April, the Office of the Comptroller of the Currency issued a bulletin specifically aimed at banks' use of internal messaging software. The bulletin was issued to "remind" banks of their obligations related to the...more

North Carolina Clarifies Digital Currency Amidst Growing Interest in Blockchain Technology

Earlier this month, North Carolina’s governor signed into law an updated Money Transmitters Act (MTA), which seeks to clarify the rules for digital currency. The updated MTA defines what North Carolina considers “monetary...more

Your daily dose of financial news - The Brief – 7.27.16

We heard last week about Unilever’s $1 billion acquisition of start-up Dollar Shave Club. With a few days to reflect, the Deal Professor suggests that this relatively innocuous deal should make “every other company . . . very...more

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

FinCEN Adopts New Customer Due Diligence Requirements for Financial Institutions

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has adopted new anti-money laundering (“AML”) regulations that impose additional customer due diligence requirements on certain financial institutions...more

"NYDFS Finalizes Rule to Regulate Transaction Monitoring, Filtering"

Financial institutions operating in New York — including New York state licensed banks, trust companies, private bankers, savings banks, savings and loan associations, branches of foreign banks, check cashers, and money...more

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

German Federal Court of Justice defines exception to disclosure obligation relating to gross margin of a swap

Exactly five years after its landmark decision in 2011, the German Federal Court of Justice (Bundesgerichtshof, BGH) has handed down another important decision in the ongoing swap saga. Banks must normally disclose the...more

Your daily dose of financial news - The Brief – 7.25.16

The bids are all in, and Verizon’s the big winner. Well, both “big” and “winner” are relative, especially with news of a brutal Q2 for Marissa Mayer and her crew, but nevertheless, Yahoo’s core business is now Verizon’s in...more

German Employee's Dismissal at U.S. Regulator's Behest Ruled Invalid

On July 13, 2016, the Frankfurt Higher Labor Court held the dismissal of an employee in response to demands by the New York State Department of Financial Services (NYDFS) was invalid. (Frankfurt Labor Court, 18 Sa 1498/15)....more

Luxembourg Supreme Court extends banks’ duty to individual guarantors

The Luxembourg Supreme Court has ruled on a bank’s obligations when taking a personal guarantee (cautionnement) from an individual to secure a loan of a third-party debtor. The ruling follows the current trend for a clear...more

Two important Italian rulings on right to withdraw from securities transactions

Two recent rulings establish important principles relating to a retail investor’s right of withdrawal from a securities transaction. In both cases an investor was seeking nullity of a loss-making (for the investor)...more

Froome Ends Tour With Win; JP Morgan to End Sons and Daughters Case?

I begin today’s post with a tip of the (cycling) helmet to Englishman Chris Froome who yesterday won his third Tour de France championship. Froome overcame a great many obstacles, not the least of which was being involved a...more

CFPB Orders National Bank to Pay $10 Million for Overdraft Practices

On July 14, 2016, the CFPB announced that it ordered a bank to pay $10 million in fines for its overdraft service practices. According to the CFPB, the bank’s telemarketing vendor used allegedly deceptive marketing and sales...more

Bank must pay negative interest to client under a consumer mortgage loan

A recent binding advice of the Dutch Financial Services Complaints Tribunal (Tribunal) ordered a bank to pay negative interest to a client on the basis, inter alia, that there was no interest rate floor in the agreement. This...more

Yet Another Bank Reaches Multimillion-Dollar TCPA Deal

Following the lead of other banks facing putative class actions under the Telephone Consumer Protection Act (TCPA), JPMorgan Chase Bank agreed to pay recipients of unwanted phone calls $3.75 million....more

Financial Services Weekly News - July 2016 #3

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

A fifth anniversary for the CFPB

Today, July 21, 2016, marks the fifth anniversary of the date on which the CFPB officially opened its doors for business. Since then, the CFPB has embarked on unprecedented initiatives that have dramatically changed the face...more

Your daily dose of financial news - The Brief – 7.21.16

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Eighth Circuit Refuses to Open Golden Parachute for Bank Exec

A new decision from the Eighth Circuit Court of Appeals reaffirms the challenge presented by the Federal Deposit Insurance Corporation (FDIC) "golden parachute" prohibitions for boards of directors of banks in "troubled...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

2,178 Results
|
View per page
Page: of 88
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×