I am serving on an American Bar Association, Senior Lawyers Division, Task Force in connection with setting up ABA approved guidelines to identify elder financial abuse with respect to retirement accounts. The relevant statute and the definition of Monitors, are hereinafter described. A broker-dealer who is a member [“Member”] of the Financial Industry Regulatory Authority (“FINRA”) […]
Continue reading →Financial Institution Letter (FIL-29-2017) applies to all FDIC-supervised institutions. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended (Title XI) requires the Agencies to adopt regulations prescribing standards for appraisals used in connection with federally related transactions within the jurisdiction of each agency, including that they be performed by […]
Continue reading →There are a number of issues that should be considered when structuring an equity infusion and/or a strategic alliance. The first question is always, what is the regulatory issue associated with the business or new business plan? When setting up the business structure for the equity infusion, are there limitation on what type of entity […]
Continue reading →The Federal Trade Commission (the “FTC”) filed a complaint against Lending Club in the district court for the Northern District of California, in April, 2018. The complaint alleges that Lending Club’s online advertising “lures prospective borrowers by promising ‘no hidden fees,’ but when the loan funds arrive in a consumer’s bank account, the “hidden fees” […]
Continue reading →The Credit Risk Retention Rule (see OCC Bulletin 2015-8) (the “Rule”) imposes these requirements on firms, that package financial securities, into asset-backed securities by organizing a securitization transaction. The final rule defines qualified residential mortgages (“QRM”) to include all loans that meet the qualified mortgage definition defined in Section 129c of the Truth and Lending […]
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