News & Analysis as of

Uniform Commercial Code (UCC) Financial Institutions

Adler Pollock & Sheehan P.C.

2024 Rhode Island Legislative Session Report

The Rhode Island General Assembly adjourned sine die on Friday, bringing the 2024 legislative session to a close. Below is an overview of noteworthy legislation passed during the session....more

Ballard Spahr LLP

Colorado interest rate preemption opt-out challenged in federal court

Ballard Spahr LLP on

On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that...more

Amundsen Davis LLC

How Financial Institutions Should Handle “Sovereign Citizens”

Amundsen Davis LLC on

Many financial institutions are familiar with the term “sovereign citizen” but aren’t quite sure what the term entails or how to handle the demands of those who refer to themselves as “sovereign citizens.” This movement has...more

Cadwalader, Wickersham & Taft LLP

Wire You Foreclosing?

Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more

Troutman Pepper

Amici Tell Fourth Circuit that District Court Ruling Imperils Funds Transfer Laws

Troutman Pepper on

On October 17, the Clearing House Association, LLC (Association) and National Automated Clearing House Association (Nacha) joined forces to submit an amicus brief in support of a credit union held liable by a district court...more

Cadwalader, Wickersham & Taft LLP

Taking Control August 2023 - Control or Control Agreement

As most of our readers know, the majority of subscription facilities are secured by the right to call capital and receive capital contributions from the fund’s investors and the bank deposit account into which those capital...more

BCLP

New York’s Detailed Commercial Finance Disclosure Requirements Take Effect

BCLP on

Compliance with the requirements of New York Financial Services Law sections 801-811 (the Commercial Finance Disclosure Law or “NYCFDL”) as implemented by the New York Department of Financial Services (“DFS”) becomes...more

McGlinchey Stafford

FedNow®: A Payment Rail is Born

McGlinchey Stafford on

The Federal Reserve launched its new real-time payments service, FedNow®, on July 20, 2023. This new instant payment rail settles consumer and business transactions through financial institutions’ Federal Reserve accounts....more

Burr & Forman

Bank Liability for Business Email Compromises and Fraudulent Payments

Burr & Forman on

While at your place of business, you receive an email from a trusted source with an established vendor, notifying you that the vendor’s bank account information has changed. Do you note the change in your business records and...more

Davis Wright Tremaine LLP

Federal Court Holds Financial Institution Liable for Business Email Compromise Loss

While ransomware attacks usually grab the headlines, business email compromise (BEC) attacks continue to cause massive financial losses for businesses. The FBI’s Internet Crime Complaint Center (IC3), reported BEC losses in...more

Buchalter

NY DFS Publishes Final Regulation Implementing Article 8, New York State’s Commercial Finance Disclosure Law

Buchalter on

Superintendent of Financial Services Adrienne A. Harris announced on February 1, 2023 that the New York State Department of Financial Services has adopted a final regulation relating to early disclosure requirements on...more

Orrick - On the Chain

2022 Is the Year of Sweeping Changes for Cryptocurrency and Other Digital Asset Transfers

Orrick - On the Chain on

What to look out for in the proposed new Chapter 12 of the Uniform Commercial Code (UCC) The world of cryptocurrencies and other forms of digital assets (such as non-fungible tokens) is exploding. While Bitcoin is the...more

King & Spalding

FedNow Service Pilot Program Gaining Traction and Support

King & Spalding on

In January, the Federal Reserve Banks announced that over 110 organizations were participating in the FedNow Service’s pilot program. After announcing the launch would move up to 2023, and then setting forth FedNow’s message...more

King & Spalding

Pumping the Brakes: FinCEN Reopens Comment Period for Controversial Crypto Reporting & Recordkeeping Rules

King & Spalding on

After Widespread Market Opposition in an Expedited First Round of Comments, FinCEN Solicits More Feedback on Rule Seeking to “Close Gaps” in Virtual Currency Anti-Money Laundering Rules On January 14, in a surprise move,...more

Locke Lord LLP

WTF?! - Wire Transfer Fraud Litigation

Locke Lord LLP on

Threat actors have recently and significantly increased efforts to defraud organizations and individuals through business email compromise (BEC). In BEC and related scams, the threat actors trick unsuspecting targets into...more

King & Spalding

FinCEN Proposes Lower Travel Rule Thresholds for Fiat and Virtual Currencies

King & Spalding on

In October of last year, we wrote about the challenges faced by virtual currency businesses in complying with the Travel Rule following new guidance from the Financial Action Task Force (FATF) and the Financial Crimes...more

Husch Blackwell LLP

Remote Lending In The Time of COVID-19

Husch Blackwell LLP on

As we quickly adapt to the reality of COVID-19, financial institutions and lenders are in the unique position of helping consumers and businesses maintain access to credit. Inevitably, borrowers will also need to defer,...more

Perkins Coie

Blockchain Week in Review - January 2020 #3

Perkins Coie on

U.S. Developments - Federal and State Regulatory Developments - Bill in Hawaii State Senate Addresses Digital Assets Including Authorization for Banks to Serve as Qualified Custodians - SB 2594 before the Hawaii...more

Troutman Pepper

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

Troutman Pepper on

In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Ward and Smith, P.A.

Can I Secure a Loan with Bitcoin? Part III

Ward and Smith, P.A. on

In my previous articles, I discussed the challenges of using Article 9 of the Uniform Commercial Code ("UCC") to create and perfect a security interest in virtual currency like Bitcoin, Ethereum, or Litecoin. I also discussed...more

Ward and Smith, P.A.

Can I Secure A Loan with Bitcoin? Part II

Ward and Smith, P.A. on

In my previous article, I discussed the challenges of using Article 9 of the Uniform Commercial Code ("UCC") to create and perfect a security interest in virtual currency like Bitcoin, Ethereum, or Litecoin. (I use...more

Ward and Smith, P.A.

Can I Secure a Loan with Bitcoin? Part I

Ward and Smith, P.A. on

Each day seems to bring another story about Bitcoin, Ethereum, Litecoin, or another virtual currency. If virtual currencies continue to grow in popularity, it's only a matter of time before borrowers offer to pledge virtual...more

Stinson LLP

Lending Risks Associated with Virtual Currencies

Stinson LLP on

The use of virtual currencies, which seemed novel just three years ago, continues to increase and gain momentum with consumers and in various business channels. As this use continues to expand, lenders may increasingly...more

Adams and Reese LLP

Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable

Adams and Reese LLP on

Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more

30 Results
 / 
View per page
Page: of 2

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