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Recent Blog Posts

  • 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
  • Potential Changes for HVCRE Loans By Grant Stephenson    In this blog, we have described some of the original concerns with the “high volatility commercial real estate” loan regulation as well as some suggestions for change. These rules apply to certain real estate loans for acquisition, development and construction. Recently, there have been suggestions that changes are possible regarding “high volatility commercial real estate” loans or “HVCRE” loans. Here is a quick reminder of the issues. Effective January 1, 2015, all banking organizations were required to allocate significantly more capital... More
  • 7th Circuit Overrules FDCPA Bona Fide Mistake Case By Grant Stephenson    In a divided en banc decision, the U.S. Circuit Court of Appeals for the Seventh Circuit has reversed (by vote of 7 to 4) a 2016 decision that a law firm when acting as a debt collector was shielded from liability under the Fair Debt Collection Practices Act when it relied on precedent that was subsequently overruled.  The prior decision was described in this blog here. The issue is the extent of the bona fide error defense that is... More
  • Ohio Amends the Good Funds Law Effective on September 29, 2017 By Tami Hart Kirby    The Good Funds Law went into effect on April 6, 2017 amending Section 1349.21 of the Ohio Revised Code to require stricter controls for all residential real estate transactions involving the sale, purchase, or refinance of such real estate. The law was passed as an attempt to combat and thwart fraudulent activities associated with the closings of such residential real estate transactions.  While the Good Funds Law only applies to residential real estate, some title companies have... More