News & Analysis as of

Loans

Recent MRB Administrative Actions Highlight that Minutiae Matters to HUD

by Ballard Spahr LLP on

On April 4, 2017, the Mortgagee Review Board (MRB) of the U.S. Department for Housing and Urban Development (HUD) published an entry in the Federal Register titled "Mortgagee Review Board: Administrative Actions." The entry...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

Bank of America Must Pay $46 Million for Improper Foreclosure

Brian Davidoff was quoted in a Los Angeles Daily Journal article on March 28, 2017, discussing U.S. Bankruptcy Judge Christopher M. Klein’s ruling in Sundquist v. Bank of America NA which awarded Erik and Renee Sundquist...more

Claims Dismissed Against Successor Transfer Agent Where There Was No Showing Of A Duty Owed To The Investors

In Magna Equities II, LLC et al., v. Writ Media Group Inc., et al., No. 653808/2016, 2017 BL 115243 (N.Y. Sup. Ct March 30, 2017), Justice Peter Sherwood dismissed for lack of jurisdiction and failure to state a claim all...more

Is your Motor Vehicle Loan Safe?

by Nexsen Pruet, PLLC on

Insurance policies may not protect the credit union's lien - Today’s insurance world is a complicated scene. Insureds have more choice than ever for insurance coverage. If a federal credit union has a lien on a motor...more

Recent Tax Court Cases Serve As Reminder Of Tax Risks Of Shareholder Guarantees Of Loans To S Corporations

by Dickinson Wright on

Two recent Tax Court cases are reminders that shareholder guarantees of loans to an S corporation do not generally create basis that can be used by the shareholder to deduct losses. Under Internal Revenue Code...more

Colorado UCCC Administrator faces challenge in bank-model dispute

by Ballard Spahr LLP on

Two state-chartered banks recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade. The complaints were...more

Two Banks Fight Back Against Colorado Regulator in Bank-Model Dispute

by Ballard Spahr LLP on

Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie...more

Hague Securities Convention Takes Effect to Clarify Applicable Law Governing Securities Accounts Held by Intermediaries

by Sullivan & Worcester on

On April 1, 2017, the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (the "Convention") will take effect in the United States. On December 15, 2016, the United...more

The Hague Securities Convention – IV. What effect does the Hague Securities Convention have on perfection by filing?

The Convention does not affect perfection of a lien by taking physical possession of the securities. However, the Convention may affect perfection of a lien by filing, including the place where the security interest or other...more

New York Case Is a Win for the Merchant Cash Advance Industry

by Pepper Hamilton LLP on

Providers of cash advances repaid by sales of future receivables in New York can have greater confidence that these advances are not loans and are not subject to usury laws. On March 16, the Supreme Court of New York,...more

Financial Services Quarterly Report - First Quarter 2017: Development of Crowdfunding in France

by Dechert LLP on

During the nascent stages of crowdfunding as a fund raising strategy, there was a great deal of uncertainty in France as to the legality of such activities. In 2014, initial regulations were enacted applicable to crowdfunding...more

CFPB proposes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

by Ballard Spahr LLP on

On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

The Supreme Court reinforces the SAAMCo Principle

by Dentons on

The Supreme Court in BPE Solicitors v. Hughes-Holland [2017] UKSC 21 (also known as Gabriel v. Little) has considered for the first time, and reinforced, the principles set out in the landmark professional negligence case of...more

The Hague Securities Convention – I. Lending Against Securities in the U.S. After April 1, 2017

The Hague Securities Convention, which goes into effect in the United States on April 1, 2017, will have significant impact on the law applied to all transactions – past and future – collateralized by securities held by an...more

Chris Lazarini Comments on Covenant of Good Faith and Fair Dealing

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini commented on a case in which the plaintiff claimed Merrill Lynch acted improperly in selling shares held as collateral for a loan when plaintiff had not defaulted on the loan. The...more

New regulation tightens Vietnam sovereign guarantees

by Allen & Overy LLP on

A new regulation took effect from 1 March 2017 on Vietnam sovereign guarantees for loans, commonly referred to as MOF Guarantees. Decree 04 imposes more stringent conditions on the issuance of MOF Guarantees compared with its...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Eddie Lampert’s Sears mega-gamble appears to finally be catching up with him. Or the store, at least. Mr. Lampert, it seems, will come out not as worse for the wear as one might have expected....more

Driver’s License Please – Article 9 Style

If you are loaning money in Pennsylvania on a secured basis you must use the name of your individual debtor as stated on his/her driver’s license for your financing statement. 13 Pa.C.S.A. § 9503(a)(4). Secured lenders...more

Consumer Lending Industry Targeted by the Alabama Legislature

Last month, a group of 45 members of Alabama’s House of Representatives introduced a proposed amendment to the Alabama Constitution that would cap the interest rate a lender may charge an individual on a “consumer loan, line...more

Commercial Division Dismisses Claim Against Major Chinese Securities Firm Due to Lack of Personal Jurisdiction

In Lantau Holdings, Ltd. v. Orient Equal International Grp., No. 653920/2016, 2017 BL 77469 (Sup. Ct. Mar. 6, 2017), Judge Anil C. Singh of the New York County Commercial Division dismissed several claims by the plaintiff,...more

Tennessee's Bankers to CFPB: "Regulation by Enforcement" Concerns Loom Large

by Baker Donelson on

The conference room was filled to capacity as bank presidents, chief compliance officers and lending executives sat in a U shape, facing the two speakers. A fissure of tension hung in the room and the audience looked...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Financial Services Weekly News - March 2017 #3

by Goodwin on

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

Court Affirms Conviction In Case Involving $126 Million Loan For Shopping Mall Transaction, Rejecting Argument That Sentence...

In a summary order on March 8, 2017, the Second Circuit (Katzmann, C.J. and Pooler and Lynch, J.) affirmed the conviction and sentence for wire fraud in United States v. Frenkel. The case attracted some public attention...more

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