Category: Banking

FAA: Digitally-Signed Aircraft Registration Documents

The FAA today announced a new policy on accepting digitally-signed aircraft registration documents. The notice, appearing in the 4/20/2016 Federal Register ( states, effective May 1, 2016 the FAA Civil Aircraft Registry “will accept printed duplicates of electronic documents that

Loan Officer Error in Describing Lien Position Not Breach of Fiduciary Duty

In a June 12, 2014 decision, the North Carolina Supreme Court held a loan officer’s erroneous statements about the priority of another lien (1) did not give rise to a breach of fiduciary duty claim, and (2) did not give

Sophisticated Guarantor May Waive Lender’s Good Faith Foreclosure Bid Obligations

Colorado’s C.R.S. §38-38-106(6) requires a bank to bid at least its good faith estimate of the property’s fair market value at foreclosure (if not bidding the full amount due). The purpose is to protect borrowers and guarantors from excessive deficiency

FinCEN Marijuana Guidelines Unlikely to Give Banks Much Comfort

On February 14, 2014, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidelines for banks wishing to provide services to businesses legally distributing marijuana under state law. The guidelines follow up on the Justice Department’s “Cole Memo” regarding US

Lender’s ECOA Violation Requiring Spousal Guaranty bars Enforcement in in North Carolina

On August 20, 2013, the North Carolina Court of Appeals held, as a matter of first impression, that a lender requiring a spousal loan guaranty in violation of the Equal Credit Opportunity Act is an affirmative defense barring enforcement of

Residential “Through-the-Fence” Operations to Commercial Airports

The FAA has issued a final policy statement, Policy Regarding Access to Airports From Residential Property, dealing with residential access to commercial service airports. So-called “through the fence” operations from residential properties to general aviation airports is specifically authorized by

11th Circuit – Prepetition bad faith is grounds for Chapter 7 Dismissal

The 11th Circuit Court of Appeals held last week in a case of first impression that, “based on the ordinary meaning of the statutory language and relevant principles of statutory construction, the power to dismiss ‘for cause’ in § 707(a)

CFPB “Responsible Conduct” Guidance

The Consumer Financial Protection Bureau issued guidance yesterday on how banks and other financial providers under its jurisdiction can show they are responsible from a "Self-Policing, Self-Reporting, Remediation, and Cooperation" standpoint and hopefully influence discretionary enforcement functions favorably. “there are

CFPB Mortgage Rules Implementation Web Page

The Consumer Financial Protection Bureau  yesterday announced the creation of a new Regulatory Implementation web page as a one-stop location with links to the new 2013 mortgage rules and related implementation materials. Per the CFPB, “This is an effort to

CFPB Issues Report on Overdarft Fees

In a report released today, the Consumer Finance Protection Bureau noted that the users of overdraft coverage in checking accounts are more likely than non-users to pay hundreds of dollars in fees, in some cases beyond consumer expectations and with