In 2010, the plaintiffs attempted to sell their home and conducted a title search, which revealed that the BB&T loan held first priority and the new loan with the bank held second priority. The plaintiffs then filed suit against the bank alleging claims for negligent misrepresentation, negligent title search, breach of contract, breach of fiduciary duty, and several statutory violations. The trial court granted summary judgment for the bank on all claims and the plaintiffs appealed. … [Read more...] about Lenders Across North Carolina Can Breathe Sigh of Relief – NC Supreme Court Reverses Decision in Significant Banking Litigation
Refinance u s bank
· Thursday, November 19: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled “Oversight of the Financial Stability Oversight Council: Due Process and Transparency in Non-Bank SIFI Designations.” … [Read more...] about Banking Committee Working on Reform Package; SEC to Hold Meetings, Focus on Fiduciary Rule
The FDIC has provided a calculator (a link is provided below) so that institutions can determine just how the proposal will affect their deposit assessments. The FDIC believes that its proposal is revenue neutral and, therefore, would not in total increase the amount of assessments the FDIC collects; however, some banks will pay somewhat more and some somewhat less as suggested above, and would better reflect the actual risk to the FDIC on an institution-by-institution basis. The proposal does not require small banks to report any new data in their Reports of Condition and Income. … [Read more...] about FDIC Proposes New Premium Assessment System for Small Banks
Repeal of Section 4(o) grandfathering. The 620 Report also calls for a repeal of the grandfather authority under BHCA Section 4(o). The Board is concerned that this authority raises safety and soundness concerns largely because certain environmental laws impose strict liability on the owners and operators of certain physical commodities facilities for environmental releases or other events. Liability arising from environmental catastrophes can, in the Board’s view, create material financial, legal, reputational and market access harm for these firms. The Board is also concerned that lack of separation between banking and commerce creates a risk of undue concentration that could have a disproportionate effect on financial markets, production and employment if failure occurs. In addition, the Board argues that, because the Section 4(o) authority applies to only two firms, it raises competiveness concerns, including access to important industry-related information to which other … [Read more...] about Federal Reserve Board Seeks New Limits on Bank Activities in Physical Commodities
“As a result of the very hostile rhetoric toward the deal and the repeated threats to pull the United States out, there’s no doubt that a lot of companies that had been considering those types of activities but were on the fence ultimately decided not to go forward,” said Andrew Keller, partner at Hogan Lovells law firm which advises companies on sanctions compliance. … [Read more...] about Oil Sales, Bank Woes: Can Iran’s Economy Survive Trump Exit?