May 2010

  • May 1, 2010

    May 2010 Legal Update

    TAG Program Extended Through December 31, 2010 Mortgage Loan Officers Not Exempt Under FLSA According to New DOL Interpretation Banks’ Right of Setoff vs. Federal Exemption for Social Security and Other Exempt Federal Benefits – Which Wins? S.A.F.E. Act Update Compliance Dates Roundup

April 2010

  • April 7, 2010

    April 2010 Legal Update

    ‘ABC’s of Handling Repossessed Property 2010 Provides Unique Opportunity to Defer Tax on Roth IRA Conversions Floor Plan Lending Presents Special Challenges (maybe from your regulator) When a Horse Is “Equipment” – It could only be the UCC Compliance Dates Roundup

March 2010

  • March 1, 2010

    March 2010 Legal Update

    Raffles and Giveaways and Lotteries, Oh My! What Can/Can’t a Bank Do? FACT Act Changes Mandatory July 1, 2010 (Reg V) Yet More Changes Affecting Open-End Credit to Consumers (Reg Z) Effective February 22, 2010 and July 1, 2010 Reminder: Escrow Required for HPMLs for All Applications Received after April 1, 2010 Compliance Dates Roundup

February 2010

  • February 1, 2010

    February 2010 Legal Update

      Regulators Adopt Final Rule Implementing New FASB Standards 166 and 167 Perfection and Priority in Certificates of Deposit Despite Tough Legal Framework, Banks Can Take Steps to Protect Themselves from Losing Business to a Departing Employee Upcoming Compliance Dates (New Feature!)

January 2010

  • January 22, 2010

    January 2010 Legal Update

    Reg CC Update: All Checks Are Local Effective 2/26/2010 Taking Cashier’s Checks for Deposit in Today’s Environment of Fraud   Revisions to Reg Z for Higher Education Opportunity Act Have Compliance Deadline of 2/14/2010   Provisions of Credit Card Act Effective 2/22/2010   HOEPA Fee Trigger Lowered For 2010

December 2009

  • December 8, 2009

    December 2009 Legal Briefs

    Clarification from Federal Reserve Supports Viability of Short-Term Balloon Notes in Spite of HPML Changes  Reg GG Implementation Deadline Extended at Last Minute to June 1, 2010   Recent Reg CC Changes: We Are Quickly Heading Toward All Local Checks   Final Rule Revising Reg E Restricts Overdraft Charges on ATMs and One-Time Debit Card Transactions Effective July 1, 2010   …

November 2009

  • November 10, 2009

    November 2009 Legal Briefs

    Compliance with New Reg GG Is Mandatory on December 1, 2009 Oklahoma’s Estate Tax Repealed Effective January 1, 2010 3% Interest Requirement for County Deposits Gone Effective July 1, 2009 Change to Unclaimed Property Statute Effective November 1, 2009 OK to Charge Fee to Cash On-Us Check for Non-Customers?  

October 2009

  • October 15, 2009

    October 2009 Legal Briefs

    FDIC’s Final Rule Extends TAG Program 6 Months to June 30, 2010; Participating Entities Can Opt Out of Extension by November 2 Working Around the October 1 Reg Z Changes Changes to HUD’s Reg X (RESPA) Go In Effect January 1, 2010 Special Risks Surround Using Farm Products as Collateral

September 2009

  • September 11, 2009

    September 2009 Legal Briefs

    Creation of HPMLs and Requirements for Verification of Repayment Ability for HPMLs and HOEPA Loans New Escrow Requirement for HPMLs Effective for Applications Received on or after April 1, 2010 (October 1, 2010 for Manufactured Homes) Restrictions on Prepayment Penalties for HPMLs and HOEPA Loans Effective 10/1/2009 Revisions to HMDA (Reg C) Incorporate Reg Z’s Addition of HPMLs Effective 10/1/2009 …

August 2009

  • August 7, 2009

    August 2009 Legal Briefs

    Greetings from the OBA’s New General Counsel After the Loan: Don’t Lose Your Priority to a Federal Tax Lien   Credit Card Act of 2009: Certain Provisions Effective August 20, 2009, Plus Overview of Remaining Provision   Home Valuation Code of Conduct: Affects Sale of Residential Mortgage Loans to Fannie Mae and Freddie Mac Beginning May 1, 2009   New Notice Required Upon …