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On March 25, 2013, the Eighth Circuit Bankruptcy Appellate Panel affirmed the bankruptcy court’s order in In re WEB2B Payment Solutions, Inc., holding that a creditor loses its possessory lien when it turns collateral over to the bankruptcy trustee without first seeking adequate protection from the bankruptcy court.
| 5/22/2013
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The Consumer Financial Protection Bureau (“CFPB”) has issued its final Rule on remittance transfers issued by consumers to recipients outside of the United States. The final Rule is effective October 28, 2013. Under the final Rule, the remittance provider must disclose its own fees and the fees of its agents, but it is optional for the provider to disclose the taxes and fees charged by others that are not agents.
| 5/9/2013
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On March 8, 2013, the United States Citizenship and Immigration Services (“USCIS”) released a new I-9 Employment Eligibility Verification Form. (As you are probably aware, employers are required to complete an I-9 Form for each new employee to document the verification of the employee’s identity and authorization to work).
| 5/9/2013
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On January 18, 2013, the FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau ("CFPB"), issued the Higher Priced Mortgage Loan Appraisal Rule ("HPML Appraisal Rule") for higher-priced mortgage loans ("HPML"). The HPML Appraisal Rule amends Regulation Z and implements changes to the Truth in Lending Act, as amended by the Dodd-Frank Act.
| 4/11/2013
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Earlier this month, the United States Bankruptcy Courts for the Western District of Pennsylvania and the Southern District of New York issued decisions that could drastically affect the rights of lenders who take a security interest in collateral subject to a prior termination or satisfaction of lien.
| 3/15/2013
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Sequestration is the automatic reduction of federal spending triggered when Congress approved spending levels that exceed certain “caps” set forth in the Budget Control Act of 2011. Sequestration was established to be so painful as to provide a strong incentive for Congress to pass more sensible and targeted deficit reduction legislation. However, the gridlock in Washington prevailed and sequestration is scheduled to commence on March 1, 2013.
| 3/5/2013
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At a hearing on November 14, 2012, the Senate Banking Committee had the opportunity to question officials from the various U.S. Banking Regulatory Agencies with regard to the proposed Basel III Capital Rules. Representatives from the OCC, the FDIC and the Federal Reserve Board indicated that their respective agencies will not hold banks to the January 1, 2013 deadline to implement the new standards set forth in the proposed Basel III Capital Rules. However, no new timeline was proposed by the regulators during the hearing, and many banks continue to operate with uncertain regulatory futures.
| 12/19/2012
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At the Restaurant Finance & Development Conference 2012 held earlier in November, the recent election permeated all of the discussions. Attendees were naturally and intently concerned with how the results were likely to affect the economy – with particular focus on the implications of the Affordable Care Act. The consensus conclusion seemed to be a shrinking bottom line and increased administrative burdens for franchise operators.
| 12/4/2012
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The long awaited 2012 election is over. President Obama won another term in office. The Senate remains in Democratic Party control. The Republicans expanded their majority in the House. What now? What changes are coming? What opportunities are there for income tax and estate planning?
| 11/26/2012
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Despite the long campaign season the status quo remains in Washington, D.C. Democrats will maintain their current control of the White House and Senate and the GOP will keep the House. Even before President Obama’s second term begins, and the 113th Congress is sworn in, law makers will be immediately confronted with one of the stiffest fiscal challenges the country has seen.
| 11/13/2012
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