News & Analysis as of

Documentation Financial Institutions

Holland & Hart LLP

The Corporate Transparency Act Compliance Deadline Looms—Lenders, Are Your Customers Ready? Are YOU Ready?

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The January 1, 2025, deadline imposed by the Corporate Transparency Act (CTA) for all “reporting companies” formed prior to 2024 to file their initial beneficial ownership reports with FinCEN is rapidly approaching. Given the...more

A&O Shearman

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

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Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

Kohrman Jackson & Krantz LLP

What Is Discovery and Why Is It Important for Your Divorce Case?

In litigation, discovery is a crucial part of every case presented to the courts. In civil proceedings, documentation is necessary to support claims. In a divorce, a party may present documentation of income, financial...more

StoneTurn

Operationalizing the N.Y. Department of Financial Services Character and Fitness Guidance

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At the start of 2024, the New York State Department of Financial Services (“DFS”) issued an industry letter: Guidance on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers (the “Guidance”),...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Is Your Nonprofit Considering Holding a Raffle? Think Twice.

Raffles can be a profitable and exciting fundraiser for nonprofits seeking to raise money for their cause. Raffles are considered games of chance, meaning participants pay money for a chance to win a prize. Games of chance...more

Oberheiden P.C.

OFAC Compliance: Developing and Implementing an Effective Sanctions Compliance Program

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Financial institutions and companies that are subject to oversight from the Office of Foreign Assets Control (OFAC) need to prioritize compliance. OFAC has become increasingly active in recent years, and it is devoting...more

Sullivan & Worcester

The Electronic Trade Documents Act 2023 To Become Law

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London, UK - The Electronic Trade Documents Act (ETDA) will shortly receive Royal Assent and will come into effect two months later. The culmination of years of work by many people and industry bodies, once it takes...more

Sullivan & Worcester

Finally — It's Almost Here ... Electronic Trade Documents Act 2023

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Jacqueline Cook, Of Counsel, and Larissa Head, Trainee Solicitor, sum up the key points of the Electronic Trade Documents Act 2023 (the Act) which will shortly receive Royal Assent and come into force two months later. ...more

Morrison & Foerster LLP

Banking Agencies Issue Joint Third-Party Risk Management Guidance

On June 9, 2023, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “Agencies”) published final joint guidance on managing...more

Bradley Arant Boult Cummings LLP

Subpoena Responses for Financial Institutions

Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more

Moore & Van Allen PLLC

Special Situations Client Bulletin - Quick Guide to Credit Document Transfer Provisions for Loan Purchasers

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Credit documentation transfer provisions, which may in the past have been viewed as rather boilerplate, have increasingly become points of contention in the documentation process. Today these provisions are often highly...more

Pillsbury Winthrop Shaw Pittman LLP

Key Issues and Actions to Effect Drawing Under a Letter of Credit (“LC”) During COVID-19

Letters of Credit are an increasingly common feature of aviation leasing and finance transactions, typically as a cash replacement with respect to security deposits and/or maintenance reserves. The process for drawing under...more

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