Grant Stephenson

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Grant practices business, banking, securities and commercial law. He focuses on the regulation of financial firms such as banks, credit unions, broker-dealers and investment advisors.

Latest Articles

Porter Wright’s Jay Levine and Brett Thornton discussed e-currency with a focus on cryptocurrency in a current podcast on Porter Wright’s Antitrust Law Source: http://www.antitrustlawsource.com/podcast/regulation-of-cryptocurrency/ They explore the rules and regulations of this kind of currency, the securities law ramifications, and other regulatory implications.…
Let’s say your client is a bank based outside of Ohio, and suppose further your client wants to set up a banking business in Ohio. Most of the time a merger transaction will result in a non-Ohio bank doing business in Ohio through an out-of-state franchise of course. But in light of changes to Ohio banking law that took effect on January 1, 2018, in an appropriate business situation, an Ohio bank might be a…
  When Congress passed the Fair Debt Collection Practices Act it created a federal statutory right to damages for consumers who suffer abusive debt collection practices. One of those practices, the required disclosures in a communication with the consumer, was the subject of a recent decision by the Sixth Circuit Court of Appeals in Cincinnati. The decision will give some comfort to consumer lenders and their lawyers in light of the judicial limitation it imposed…
Our colleagues at Porter Wright’s employee benefits blog recently described a proposed rule that may be of interest to community financial institutions: proposed rules of the Department of Labor that may make it easier to join with other similar organizations to purchase employee health insurance.  Saving expenses is the name of this game of course.  This is something to watch.  The post appears here.…
Last year, the Ohio Legislature made a number of important changes to Ohio’s statutory banking code. These are the first comprehensive changes in more than twenty years.  Most of the changes were effective January 1, 2018. The heavy lifting of the new Ohio banking bill is language that consolidates a number of existing financial institution charters into one single charter. Going forward, Ohio-chartered banks, savings and loans and savings banks will be operating under one…
In this blog, we have described some of the original concerns with the “high volatility commercial real estate” loan regulation as well as some suggestions for change. These rules apply to certain real estate loans for acquisition, development and construction. Recently, there have been suggestions that changes are possible regarding “high volatility commercial real estate” loans or “HVCRE” loans. Here is a quick reminder of the issues. Effective January 1, 2015, all banking organizations were…
In a divided en banc decision, the U.S. Circuit Court of Appeals for the Seventh Circuit has reversed (by vote of 7 to 4) a 2016 decision that a law firm when acting as a debt collector was shielded from liability under the Fair Debt Collection Practices Act when it relied on precedent that was subsequently overruled.  The prior decision was described in this blog here. The issue is the extent of the bona…
Bankers will be interested in a recent appellate court order in a bank regulatory case. Their lawyers will be astonished by it because the ruling lights a flicker of hope in an area where there has been none for many years:  the judicial review of CAMELS ratings. The ruling came early in a litigation seeking to contest the imposition of a CAMELS rating of 4. A CAMELS rating is a summary rating regulators use to…
Bankers know that what is commonly called Check 21 is at the heart of our present payment system. The check images delivered pursuant to its terms have made check processing simpler and faster for more than a decade. So it may come as a surprise that basic legal questions under the Expedited Funds Availability Act (the formal name for Check 21) continue to arise. What happens for example when two of the regulations intend to…