Happy Friday, all! I took this photo today – the sun is shining and it is starting to feel like spring. In what was already a shocking day for a major lender, Wells Fargo, the Michigan Court of Appeals, in a case of binding precedent, invalidated an efficient tool lenders and investors routinelyContinue reading “Real Estate Law Update for Investors and Lenders: Court of Appeals Holds “Admittedly Curious Practice” “Expungement Affidavit” is Not Permitted under Statute.”
Tag Archives: banking
Update on Fintech, Social Entrepreneurship and Special Purpose National Bank Charters for Fintech Companies.
Last month, Thomas J. Curry, Comptroller of the Currency gave remarks about Special Purpose National Bank Charters for Fintech Companies. You can read Mr. Curry’s remarks here. Mr. Curry announced that the Comptroller of the Currency (OCC) would move forward with considering applications from financial technology (fintech) companies to become special purpose national banks. Mr. Curry hadContinue reading “Update on Fintech, Social Entrepreneurship and Special Purpose National Bank Charters for Fintech Companies.”
Big Bank Troubles and Trending Towards Community Banking or Fintech?
“The so-called Sons and Daughters Program was nothing more than bribery by another name,” -Assistant Attorney General Caldwell. Today the Department of Justice issued a Press Release – JP Morgan’s Investment Bank in Hong Kong has agreed to pay a $72 Million Penalty for Corrupt Hiring Scheme in China. Yikes. A couple of thoughts: 1.Continue reading “Big Bank Troubles and Trending Towards Community Banking or Fintech?”
Lesson for Businesses: “Words Matter.” Court of Appeals Reverses in favor of Bank of America.
Words Matter. Contracts are about risk allocation. In a transaction, who bears what risk? Back in April I posted on a recent Supreme Court case – Bank of America v First American Title, et. al. If you recall, that case involved allegations of mortgage fraud perpetrated against BOA to the tune of millions of dollars. AboutContinue reading “Lesson for Businesses: “Words Matter.” Court of Appeals Reverses in favor of Bank of America.”
Deutsche Bank’s Subsidiary Pleads Guilty
More news on big banks…. The DOJ entered into a settlement agreement with Deutsche Bank subsidiary – check out the press release here The headline is: “DEUTSCHE BANK’S LONDON SUBSIDIARY AGREES TO PLEAD GUILTY IN CONNECTION WITH LONG-RUNNING MANIPULATION OF LIBOR” Yeah, that is pretty bad news… According to the Press Release: “Deutsche Bank enteredContinue reading “Deutsche Bank’s Subsidiary Pleads Guilty”
What’s Going on With Banks? Part II: Comptroller on Currency and Community-Based Banks
In my March 11th Post on “What’s Going on With Banks” I made an observation: such worldwide bad press on big banks might lead to increased lending at community based banks. No sooner than I hit “publish” on my post did I receive several more news headlines regarding big bank lawsuits. I get regular “Enforcement Actions”Continue reading “What’s Going on With Banks? Part II: Comptroller on Currency and Community-Based Banks”
Banks, Lawsuits, and Settlements: What’s going on with Banks?
This week I noticed several headlines that amount to bad news for big banks. I will give you my honest gut-reaction when first reading these headlines: 1. CommerceWest Bank Admits Bank Secrecy Act Violation and Reaches $4.9 Million Settlement with Justice Department (see Link) Violating the Bank Secrecy Act? Really? That just sounds bad… CommerceWest BankContinue reading “Banks, Lawsuits, and Settlements: What’s going on with Banks?”
Latest Headlines: Fraud and Abuse in Real Estate Investment & Banking
Headline News today – Fraud and abuse in real estate and banking. Today a press release was issued from The Office of the Comptroller of the Currency (OCC) assessing $950 million in fines against three national banks for “unsafe or unsound practices related to their foreign exchange trading businesses.” You can see the press releaseContinue reading “Latest Headlines: Fraud and Abuse in Real Estate Investment & Banking”
Purpose Driven General Counsel 