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Banking Agencies Extend No-Action Relief On Loans To Insiders

Published: Dec 31, 2021
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The Federal Reserve Board, the FDIC and the OCC (collectively, the "agencies") extended previously issued no-action relief to asset managers and other institutions from certain regulations that limit extensions of credit to "insiders." Regulation O ("Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks") establishes quantitative limits and qualitative restrictions on...

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FDIC Refutes Joint Statement Asserting That FDIC Approved Comment Request On The Bank Merger Act

Published: Dec 15, 2021
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The FDIC refuted a joint statement made by CFPB Director Rohit Chopra and FDIC Board member Martin J. Gruenberg that the FDIC Board had approved a request for information and comment on bank merger transaction rules, guidance and statements. In its statement on the matter, the FDIC said that "there was no valid vote...

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District Court Dismisses FDCPA Claim Alleging Failure To Address Future Hypotheticals

Published: Dec 16, 2020
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In Riccio v. Client Services, Inc., the District Court of New Jersey dismissed a class action lawsuit finding that a failure to assure a consumer that statements in a letter would not change in the future was not materially misleading under the least sophisticated debtor test. On February 13, 2020, Joanne...

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