Washington has adopted the Washington Uniform Power of Attorney Act (“The Act”) which becomes effective on January 1, 2017 (ESSB 5635). The Act completely replaces Washington’s current law and has some key differences that need to be considered when a
Bank Law Monitor
A Legal Blog for the Financial Services Industry
Bank Law Monitor, published by Miller Nash Graham & Dunn LLP, focuses on legal developments affecting banking and financial institutions. The blog covers topics such as bankruptcy and creditors' rights, foreclosure laws and moratoriums, homestead exemption changes, and regulatory compliance impacting lenders and borrowers. It also addresses issues related to small business reorganizations under bankruptcy subchapter V, fiduciary duties of financial advisors, and state and federal court rulings relevant to banking law. The content is aimed at legal professionals and stakeholders interested in the intersection of banking regulations, litigation, and financial services law primarily in the Pacific Northwest region.
Latest from Bank Law Monitor - Page 5
OCC Invites Fintech Companies to Become Special Purpose National Banks
By Steve Miller
Last week, the Office of the Comptroller of the Currency (OCC) officially opened its doors to financial technology companies and encouraged them to apply to become “special purpose” national banks. The premise is simple—become a national bank, abide by the…
Non-Payee Indorsement Triggers One-Year Limitations Period, Washington Supreme Court Holds
By Kellen Hade & Steve Miller
Banks have long been a favorite target for lawsuits when their customers don’t take basic steps to oversee their employees who later bilk the customer for millions of dollars over the course of untold years. Customers often try to hold…
Cyber-Insurance Tips for an Evolving Risk Landscape
By Seth Row
Seth is editor of The Northwest Policyholder, www.nwpolicyholder.com, the firm’s insurance coverage blog, where portions of this article previously appeared.
Surveys of C-suite executives continually rank cyber-related risks near the top of risk-management concerns. “Phishing,” hacking, and cyber-ransom events are…
Straight Talk About Community Banks
By Steve Klein
Context
As many of you know, I spent six years as a bank regulator in the Securities Disclosure Division of the OCC. Since moving out to the Northwest, I have had the privilege of being involved with several hundred community…
Three Takeaways for NW Companies from Recent Cyber-Coverage Events
By Seth Row
In the past few months we have seen a few new developments on the cyber-risk frontier, including a court decision in Arizona in the P.F. Chang’s case, and the emergence of social engineering fraud as a stand-alone coverage. Here are…
Military Lending Act: It Applies to More Products Than You Think
By Faye Ricci
We first posted an article about proposed amendments to the Military Lending Act (MLA) on December 30, 2014. Ultimately, the Department of Defense (DoD) amended its regulation effective October 1, 2015, and extended the MLA’s application to a wide range…
Compliance with Fair Lending Laws: It’s All About the Data
By Faye Ricci
When the Consumer Financial Protection Bureau (CFPB) decided that it would enforce fair lending laws by using proxy-based methodologies to determine fair lending compliance, it spawned a whole new area of compliance that focuses almost entirely on data analysis.
Fair…
California Attorney General Explains “Requirement” to Comply with the 20 Controls Identified in the Center for Internet Security’s Critical Security Controls
In February, the California Attorney General issued the “California Data Breach Report.” That report contained several recommendations, the most controversial of which related to the Center for Internet Security’s Critical Security Controls (the “CCS”). The report stated that “failure to…
Citing Operational Challenges, CFPB May Rewrite TRID
By Faye Ricci
Today, the CFPB issued a letter to various industry trade groups, including the Mortgage Bankers Association, the American Bankers Association, and the Independent Community Bankers of America, acknowledging that the implementation of the “Know Before You Owe” rule (otherwise known as…