- To the Point!
In this issue:
- Rule Governing Garnishment of Deposit Accounts Containing Federal Benefit Payments
- Updates to the Mortgage Rules
- Senate Hearing on Private Student Loans
- Client Alert
The IRS recently released on its website Tax Exempt Bonds’ Publication 5091, Voluntary Compliance for Tax-Exempt and Tax Credit Bonds. Part one of the publication is an introduction to tax-advantaged bond compliance, intended to help issuers of tax-advantaged bonds comply with related Federal tax law requirements. Part two is a summary of the Tax Exempt Bonds’ Voluntary Closing Agreement Program (TEB VCAP).
- Client Alert
On June 13, 2013, eight former members of the board of directors overseeing five registered investment companies advised by Morgan Keegan Asset Management, Inc. settled with the Securities and Exchange Commission, accepting a cease-and-desist order to cease committing certain violations of the federal securities laws stemming from inadequacies in the Funds’ fair valuation procedures.
- Client Alert
In 2012 the Commodity Futures Trading Commission significantly narrowed the CFTC Rule 4.5 exclusion from the definition of commodity pool operator available to operators of investment companies registered under the Investment Company Act of 1940.
- Client Alert
House Bill 2418, as amended by Senate Amendments 2 and 3, has passed both houses of the General Assembly and awaits action by the Governor. The Bill makes several changes to the Election Code, two of which are discussed in this alert.
- Client Alert
On June 11, 2013, the Financial Industry Regulatory Authority released the Investor Alert Alternative Funds are not your Typical Mutual Funds as a part of efforts to raise investor awareness regarding registered funds that use investment strategies that differ from the typical buy-and-hold investment strategies.
- Client Alert
FINRA recently posted a targeted examination letter to its website related to social media communications. Broker-dealers that receive the sweep letter are required to provide certain information to FINRA relating to their use and supervision of social media communications.
- To the Point!
In this issue:
- American Bankers Association and Others Request Guidance on the New Mortgage Lending Rules and Fair Lending
- CFPB Study on Overdraft Programs
- Mandatory Arbitration
- CFPB Update on Mortgage Rules
- Client Alert
In SIGA Technologies, Inc. v. PharmAthene, Inc., the Delaware Supreme Court held that under Delaware law agreements to negotiate in good faith in accordance with the terms set forth in a term sheet are enforceable.
- Client Alert
The Division of Clearing and Risk of the Commodity Futures Trading Commission recently issued no-action relief for certain treasury affiliates within non-financial companies from the clearing requirements of Section 2(h)(1) of the Commodity Exchange Act.
- To the Point!
in this issue:
- Checking Account Disclosures, Overdraft Practices and Dispute Resolution
- FDIC Settlements for Unfair and Deceptive Practices related to Reloadable Prepaid Cards
- CFPB Guidance on Refinancing Student Debts
- To the Point!
In this issue:
- CFPB Amends Regulation Z to Help Enable Stay-at-Home Spouses/Partners to Qualify for Credit Cards
- Federal Reserve Board issues Guidance on Mortgage Collection, Loss Mitigation and Foreclosures
- CFPB Amends Regulation Z Ability-to-Repay Rule
- Article
Chapman's March 8 Client Alert on ABCP short-term structured financing was published in the May 2013 issue of The Banking Law Journal.
- Client Alert
On May 22, 2013 the Securities and Exchange Commission imposed a Cease-and Desist Order against the City of South Miami, Florida for violations of the anti-fraud provisions of Section 17(a) of the Securities Act of 1933.
- Client Alert
House Bill 983, as amended by Senate Amendments 1 and 2, amends the alternate bond provisions contained in the Local Government Debt Reform Act of the State of Illinois for alternate bonds payable solely from enterprise revenues. “Enterprise revenues” means the revenues of a utility or revenue producing enterprise from which revenue bonds may be payable.
- Client Alert
Beginning June 10, 2013, many securitization issuers could be required to submit newly executed interest rate swaps for clearing under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and implementing regulations.
- Client Alert
The Commission’s recent Cease-and-Desist Order against the City of Harrisburg found that post-issuance financial information made available by the City and public statements made by City officials contained material misstatements and omissions, and violated the antifraud provisions of the federal securities laws.
- To the Point!
In this issue:
- COPPA FAQS and Effective Date of the Revised COPPA Rule
- Update on Cell Phone Numbers and the Express Consent Requirement under the TCPA
- To the Point!
In this issue:
- Final Remittance Transfer Rule
- CFPB Rules on Gift Cards and Unclaimed Property Laws in Maine and Tennessee
- Prohibition on Financing Credit Insurance Premiums
- Mortgage Rules Update
- To the Point!
In this issue:
- Revision to Guidance on Community Reinvestment
- CFPB Enforcement Action Under RESPA
- New York and Massachusetts Use New Tool to Protect Consumers from Payday Loans
- Client Alert
The current suspension of the national debt limit expires on May 19. Accordingly, unless the debt limit is raised, the Bureau of Public Debt may be unable to issue SLGS after May 19, 2013.
- To the Point!
In this issue:
- Interagency Guidance on Leveraged Lending
- Fair Lending and Indirect Auto Lending
- Elimination of Sticker Disclosure Requirement at Automated Teller Machines
- Client Alert
On January 29, 2013, House Bill 983 was introduced in the General Assembly.
- Client Alert
The staff of the Securities and Exchange Commission’s Division of Investment Management recently published guidance to clarify the obligations of certain investment companies to file for review communications posted on social media sites and in other interactive communications where such communications are not required to be filed with the Financial Industry Regulatory Authority.
- Client Alert
In this issue:
Federal Subsidies to Issuers of Build America Bonds and Direct Pay Tax Credit Bonds Are Being Reduced by Sequestration
IRS Releases Tax Exempt Bonds FY 2013 Work Plan
IRS Releases Report on Avoiding Troubled Tax-Advantaged Bonds
IRS Releases New Voluntary Closing Agreement Program Request Form
Have You Adopted Post-Issuance Compliance Procedures?
- To the Point!
In this issue:
- Student Loan Servicers to Be Supervised by the CFPB
- FTC Updates “Dot Com Disclosures”
- Client Alert
One of the last steps in the foreclosure process in Illinois, after a judgment of foreclosure has been obtained and the real property has been sold at auction in a judicial sale, involves obtaining a court order approving and confirming the sale.
- To the Point!
In this issue:
- Corporate Governance and BSA/AML Compliance
- Client Alert
In 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act gave the Securities and Exchange Commission the power to adopt rules providing for a “harmonized” standard of conduct for broker-dealers and investment advisers when they provide advice to retail customers.
- Client Alert
The Municipal Securities Rulemaking Board recently proposed a major revision of MSRB Rule G-19 (Suitability of Recommendations and Transactions). The proposal would harmonize Rule G-19 with the general broker-dealer suitability obligation under Financial Industry Regulatory Authority, Inc. Rule 2111 which became effective in July 2012.
- Client Alert
This client alert discusses asset backed commercial paper, developed in the early 1980s as a means for banks to provide their customers with cost-efficient money market financing of trade receivables, lease receivables and similar commercial assets, and the most significant issues now facing the traditional ABCP market.
- To the Point!
In this issue:
- Unearned Discount Points
- New Mortgage Foreclosure Rules in Illinois
- Cybersecurity and Reputational Risk
- Client Alert
The staff of the Securities and Exchange Commission recently issued a Risk Alert announcing that it has observed widespread compliance deficiencies related to Rule 206(4)-2 under the Investment Advisers Act of 1940.
- Client Alert
As set forth in our Client Alert dated March 4, 2013, President Obama recently issued an order that authorized certain automatic cuts to federal spending. President Obama issued the order under a “sequestration” law previously enacted by Congress.
- Client Alert
On March 1, 2013, President Obama issued an order for certain automatic cuts to federal spending. President Obama issued the order under a “sequestration” law previously enacted by Congress.
- Article
The ability of state and local governments to incur debt in order to finance structure, or other essential governmental services is well established and fundamental to their basic operation.
- Client Alert
If Congress does not act soon to postpone or avoid automatic cuts to federal spending, the federal government may implement certain automatic spending cuts under a “sequestration” law previously enacted by Congress.
- Client Alert
The Internal Revenue Service generally requires issuers (or their agents) to file Form 1097-BTC, Bond Tax Credit, for each tax credit provided by the following tax credit bonds: (i) Clean Renewable Energy Bonds, (ii) New Clean Renewable Energy Bonds, (iii) Qualified Energy Conservation Bonds, (iv) Qualified Zone Academy Bonds and (v) Qualified School Construction Bonds.
- To the Point!
In this issue:
- Mobile Privacy Disclosures: Building Trust Through Transparency Federal Trade Commission Staff Report
- Corporate Account Takeover
- CFPB Issues Guidance on Mortgage Servicing Transfers
- Client Alert
On January 17, 2013, the IRS released the long-awaited final regulations under Code §§ 1471-1474, generally referred to as the Foreign Account Tax Compliance Act provisions.
- Client Alert
The Internal Revenue Service has announced that it will begin to include questions concerning post-issuance compliance procedures and the implementation of such procedures in the information document requests that it sends to issuers of tax-exempt and tax-advantaged bonds.
- To the Point!
The Consumer Financial Protection Bureau released its final loan originator compensation rule implementing certain provisions of the Dodd-Frank Wall Street Reform Act.
- Client Alert
On February 8, 2013, the governor of the State of Illinois signed into law legislation amending the Illinois Conveyances Act providing that the provisions regarding the form of a mortgage are, and have always been, permissive.
- To the Point!
In this issue:
- Important Changes for Business Associates to the Privacy, Security, Breach Notification and Enforcement Rules Implementing Health Insurance Portability and Accountability Act
- CFPB Seeks Information on Financial Products Marketed to Students
- In re Crane: An Update
- To the Point!
The Consumer Financial Protection Bureaui ssued its final mortgage servicing rules under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
- Client Alert
In 2012 the Commodity Futures Trading Commission significantly narrowed the CFTC Rule 4.5 exclusion from the definition of commodity pool operator available to operators of investment companies registered under the Investment Company Act of 1940.
- Client Alert
The Financial Industry Regulatory Authority, Inc. recently issued a revised proposal to consolidate its rules governing markups, markdowns, commissions and fees. FINRA originally published a rule proposal in March 2011 that would consolidate and materially revise several NASD and NYSE rules.
- Client Alert
On January 7, 2013, the Basel Committee on Banking Supervision (Committee) issued major revisions to the “liquidity coverage ratio” (LCR) it published in 2010.
- To the Point!
In this Issue:
- FFIEC Proposed Guidance on Social Media
- Mortgage Servicing Rules
- Mandatory Escrow Accounts for Higher-Priced Mortgages