Blog

http://www.bankingandfinancelawreport.com/

The Banking & Finance Law Report blog is devoted to highlighting news and trends in the banking and financial industry. Blog authors include attorneys primarily from Porter Wright’s Banking & Finance and Bankruptcy, Workouts & Reorganization practice groups. These nationally recognized teams provide analysis of issues related to regulatory compliance, business strategy, workouts and other matters affecting the way financial institutions operate within the banking industry and across business environments.

Recent Blog Posts

  • Cryptocurrency Update By Grant Stephenson    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. ... More
  • New Statute Makes It Easier for the Small Business Administration to Lend to ESOPs By Greg Daugherty    Every business owner must make a decision regarding what he or she will do with the business. If no family member is able or willing to assume ownership, an increasingly popular succession planning strategy has been to sell the business to an employee stock ownership plan (“ESOP”).  ESOPs are popular in part because of the tax advantages they provide to the selling business owner, the company, and the employees.  Smaller businesses who have considered adopting an ESOP, however,... More
  • Why You May Want To Do Business Under Ohio’s 2018 Banking Law By Grant Stephenson    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 good way for a... More
  • FDCPA – Sixth Circuit Requires Real Damages By Grant Stephenson      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 on Congress when it creates... More
  • Practice Pointer for Creditor’s Rights Counsel: Draft Complaints With the New Warrant of Attorney Bench Card in Mind By Polly Harris    The Ohio Judicial Conference has issued a bench card, a copy of which is attached, that gives Ohio’s Common Pleas Court judges a checklist they may use when presented with an order seeking judgment on a note containing a warrant of attorney. While the bench card is merely advisory, it represents a victory for those who want to limit the use of warrants of attorney to confess judgment to monetary defaults only, and appears to be an end-run... More
  • Association Health Plans—Proposed DOL Rules Create Potential Opportunity for Associations and Small Employers By Grant Stephenson    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. ... More
  • Changes to Ohio Banking Law By Grant Stephenson    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 common form of charter. So,... More
  • Tax Reform Will Affect Public Company Executive Compensation Arrangements and Related Proxy Statement Disclosures By Dave Tumen and Greg Daugherty    While opinions on the Tax Cuts and Jobs Act (the “Act”) vary, one thing everyone can agree on is that it is a game changer in many areas of law and business. An example of that is how the Act affects executive compensation arrangements of publicly traded companies.  The Act has amended Internal Revenue Code Section 162(m) so that if a public company pays more than $1 million in compensation to a “covered employee” in... More
  • DMCA agent requirements changing by end of year By Grant Stephenson    Bob Morgan, our colleague at Technology Law Source blog, provides perspective about the upcoming Digital Millennium Copyright Act (DCMA) agent filing change that takes effect Dec. 31. Read the full article here: DMCA agent requirements changing by end of year. ... More
  • Judicial Review of CAMELS Ratings – Banking Organizations Weigh In By Steven Hoying    Several trade associations for the banking industry have weighed in on a pending potential landmark case in the Northern District of Illinois regarding the possible judicial review of CAMELS (Capital, Asset Quality, Management, Earnings, Liquidity and Sensitivity) ratings of financial institutions. As noted by this blog earlier this year, the United States Court of Appeals for the Seventh Circuit, in Builders Bank v. FDIC, 846 F.3d 272 (7th Cir.2017), vacated a lower court ruling stating that CAMELS ratings... More