Community bank lenders have responded to the CFPB’s Ability-to-Repay and Qualified Mortgage rules with questions about adjustable-rate mortgages (ARMs), balloon-payment qualified mortgages, and non-standard mortgage refinances. The CFPB’s implementation of Dodd-Frank’s balloon-payment qualified mortgage concept, for example, turns on a narrow definition of the types of lenders that qualify to make such loans. ARMs may be a viable alternative to balloon mortgages, but these loan products pose compliance and operational risks of their own. Finally, lenders may still be considering the types of transactions that qualify for the special “non-standard mortgage” refinancing exemption from the general Ability-to-Pay rule.
For a uniquely focused discussion on making these types of loans in light of the CFPB’s new mortgage regulations, join attorneys John ReVeal and Barry Hester for the latest installment of Bryan Cave’s webinar partnership with compliance training leader BAI Learning & Development. This free presentation will be held on Wednesday, May 8, from 3-4 pm Eastern. More information and registration are available here. Participants should walk away with a solid roadmap for managing existing portfolio balloons and ARMs now and for originating these types of mortgages once the CFPB’s rules take effect in 2014.
NAVIGATE THE NEW WORLD OF BANKING
Strategies to help maximize shareholder returns through an S-Corp structure.
Please make plans now to join your peers for a one-day conference focused on why a Subchapter S strategy may be perfect for your bank in our new economic and regulatory environment. Spend the day with industry experts discussing how Subchapter S status may help your institution navigate the new world of banking with deleveraged balance sheets and slower growth models. Whether your bank is an S-Corp or considering converting to an S-Corp, various strategies to help maximize shareholder returns through an S-Corp structure will be discussed. Don’t miss this one-of-a-kind conference designed specifically for community bankers! To register for this important conference, click here or contact Jodi@cbaofga.com.
Bryan Cave is hosting the CPE and general membership meeting for the Atlanta Chapter of the Association of Certified Anti-Money Laundering Specialists on Thursday, April 25 2013, from 2:00pm to 4:00pm. The event’s presentation is “Digital Currencies, Third Party Payment Processing, Oh My!” featuring Anthony Gallippi, co-founder and CEO of BitPay.
All AML/CTF professionals in the region are welcome to attend.
June 7, 2012
2:00 PM – 4:00 PM
Fourteenth Floor
1201 W. Peachtree Street, NW
Atlanta, GA 30309
Parking is available at 14th Street and West Peachtree St.
$4 cash and cards accepted
Free for Chapter Members; $20 for Non-Chapter Members
RSVP Here
Bitcoin and other digital currencies are gaining traction in the marketplace against traditional fiat and specie currencies. Current economic conditions have led many average citizens to exploring potential ways to secure earnings from government devaluation. Criminals continue exploring ways to launder proceeds while reducing risk of detection. And businesses cry out for less expensive means of receiving payments which are less susceptible to fraud. Learn the facts about the history, growth and benefits of bitcoin. Explore potential risks involved in accepting and using bitcoin and/or in providing financial services to those that do. Learn too about bitcoin payment processing pioneer BitPay, its take on the future of digital currencies and payment processing, and FinCEN’s recent Guidance on Virtual Currencies and Regulatory Responsibilities.
The Bryan Cave Payments Team recently held a webinar providing an overview of major legal and regulatory events impacting both open and closed looped credit cards and other emerging payments.
Topics included a review of key Consumer Financial Protection Bureau activities for prepaid and payments; new regulatory concerns and open issues for 2013 from FinCEN on anti-money laundering issues; an update on FinCen’s cross-border reporting regulation for prepaid cards; an update on the “Durbin Amendment,” including effective dates on routing restrictions; a 2012 bank regulatory overview; recent trends in social media, mobile products, E-sign and PCI DSS in privacy and data security; and new developments in retail and reward cards, including abandoned property and consumer protection issues.
Presenters included Judith Rinearson (New York), John ReVeal (Washington, D.C.), Linda Odom (Washington, D.C.), Kristine Andreassen (Washington, D.C.) and Margo Strahlberg (Chicago). The full presentation is available online, and the slides themselves are also available online.
Bryan Cave’s Prepaid and Emerging Payments Team provides legal counsel and advice on a broad range of payment-related issues including prepaid and stored value, mobile and contactless payments, bank regulatory compliance, money services business (MSB) compliance, electronic wallets and P2P payments, anti-money laundering compliance, bill payment, overdraft and lines of credit, retail gift cards, abandoned property, money transmitter licensing, privacy and data security, patents and intellectual property and litigation strategy and defense.
On January 27, 2013, Bryan Cave LLP Partners, Walt Moeling and Jim McAlpin, presented at the 2013 Acquire or Be Acquired Conference on “Charting Your Strategic Course in a Challenging Environment.”
The presentation includes the results of the 2013 Bryan Cave Survey of thought leaders in the banking industry, and is available below.
Make your plans now to attend the 2013 Banking and Finance Law seminar. The seminar, sponsored by the Business Law Section of the State Bar of Georgia, will be Feb. 8, at the Bar Center in Atlanta. The seminar chair, Gerald L. Blanchard, Bryan Cave LLP, has put together a terrific set of topics and speakers for this program.
Topics include:
- Reading the Regulatory Tea Leaves: Basel III and Dodd-Frank Update
- Advising Bank Board Directors on Regulatory Relations and Legal Risk Minimization
- Recent Banking Law Cases
- Consumer Financial Protection Bureau – There’s A New Sheriff in Town!
- Regulator Panel Discussion on Bank Examinations Trends
- Challenges to Bank Consolidation
- Recent Trends IN D&O Litigation
The program qualifies for 6 CLE Hours including 1 Ethics Hour and 1 Trial Practice Hour. For additional information and to register for this program, visit the ICLE website.
The CFPB continues to finalize a high volume of new mortgage rules required by Dodd-Frank. Join compliance training leader BAI Learning & Development and Bryan Cave attorneys John ReVeal and Barry Hester as they provide an overview of final Qualified Mortgage and Ability-to-Repay rules and other new and proposed requirements. This informative webinar will be offered on Tuesday, January 22, from 3-4 pm Eastern.
Here’s also a recent bulletin John and Barry developed on some of these new rules.
Bryan Cave is once again sponsoring the Annual Southeastern Bank Management and Directors Conference, organized by the University of Georgia’s Terry College of Business. This year’s program, the 17th Annual, is titled “The Future of Community Banking in the Southeast” and will feature a keynote address by Federal Reserve Governor, Elizabeth Duke.
Mark your calendar to attend the South’s leading community banking forum and learn about what the future holds for your industry. Banking Leaders from across the Southeast will gather at the Gwinnett Center on February 5, 2013, to discuss the future of their industry. For additional information, and to register online, please visit the Southeastern Bank Management and Directors Conference.
This year’s program brings together banking leaders, executives from industry-leading companies, high-level regulatory officials and top outside counsel, who take a fresh look at the issues unique to community banks and what is required to position these institutions for the future.
“We will explore how community banking leaders can position their bank going forward in this unknown environment in which the strategies from the last decade are no longer relevant,” says James A. Verbrugge, PhD, Professor of Finance and Chair of Banking Emeritus at the Terry College of Business, and former Georgia Bankers Association Chair of Banking.
On Wednesday, August 22, 2012, the SEC is meeting to consider rules to implement a critical component of the Jumpstart Our Business Startups Act (the JOBS Act). Specifically, the Commission will be considering rules to eliminate the prohibition against general solicitation and general advertising in securities offerings conducted pursuant to Rule 506 of Regulation D under the Securities Act and Rule 144A under the Securities Act, as mandated by Section 201(a) of the JOBS Act.
On Thursday, August 23, 2012 at 2:00pm Pacific time, Partners Robert Klingler and Dan Wheeler will be presenting a webinar for the Western Independent Bankers on the impact of the JOBS Act on community banks. The title of the webinar is “Capital Relief and New Opportunities: The Impact of the JOBS Act on Community Banks.”
In a time of ever increasing regulation, Congress passed the JOBS Act in April 2012, a significant piece of deregulation of the federal securities laws. Public and private offerings are both impacted, and likely to be permanently changed. New flexibility has been introduced relaxing reporting requirements and allowing community banks to raise capital more easily.