Legal | Alabama Bank News

The Beneficial Ownership Rule – An Overview

Board Briefs, Breaking, Legal, Publications

By Charles R. Moore, Bradley On May 11, 2018, a new rule—commonly referred to as the Beneficial Ownership Rule—took effect to establish additional customer due diligence requirements for banks and other financial institutions. The Financial Crimes Enforcement Network (FinCEN) issued the rule under the ...Read More

2019 Regular Session: Week 1 Recap

Breaking, Capitol Notes, Industry Reports, Legal, Politics, Publications

The 2019 Regular Session has been on hiatus since gaveling in on March 5. In the meantime, a bipartisan group of legislators overwhelmingly approved Gov. Kay Ivey’s “Rebuild Alabama” plan, which provides for a gradual 10-cent increase in state gasoline taxes to pay for ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles Prueter By Charles Prueter, Waller The Fair Debt Collection Practices Act, which was signed into law by President Jimmy Carter in 1977, has a simple and straightforward purpose: Protect unsophisticated consumers from unscrupulous debt collectors. The statute itself, however, has proved to ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Legal, Publications

by Charles W. Prueter Unanimous opinions in cases concerning relatively mundane matters generally are not the stuff of the nightly news. These are not the hot-button cases that capture the nation — one obvious and important exception is Brown v. Board of Education, in ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Publications

by Charles W. Prueter, Waller “Gentleman, this is a football.” The legendary coach Vince Lombardi kicked off training camp the same way each year, holding up the pigskin in front of his team of professional football players as a reminder that they must master ...Read More

Supreme Court Update for Banking and Financial Services Professionals:

Breaking, Industry Reports, Legal

by Charles W. Prueter The Supreme Court soon may take up an important case focusing on the balance of power in the NBA. No, it is not a challenge to the monopoly that the Golden State Warriors currently have on talent and championships in ...Read More

Court Ruling Threatens Real Estate Lending

Breaking, Industry Reports, Legal

A recent state Supreme Court ruling could potentially spell disaster for real estate lending in Alabama. In late September, the Court ruled that a future-advance mortgage does not create a mortgage lien until some indebtedness is incurred under the mortgage, rather than when the ...Read More

Door Hangers and Red Flags

Board Briefs, Breaking, Legal, Publications

by Elena A. Lovoy, McGlinchey Stafford As the leaves begin to change colors and football games fill our calendars, it remains business as usual (or unusual) in residential mortgage lending. Two interesting developments shed light on how far a court may be willing to ...Read More

Compliance Question of the Week

Breaking, Industry Reports, Legal

Question: For the Reg. DD – “indoor signs” exception in Section 1030.8(e)(2), I see that indoor signs are exempt from: permissible rates, when additional disclosures are required, bonuses, and certain media exemptions. My question is whether “when additional disclosures are required” includes, for example, an ...Read More

Supreme Court Update for Banking and Financial Services Professionals

Breaking, Industry Reports, Legal, Politics, Publications

by Charles W. Prueter In the last installment of the Update, I wrote about then-Judge Brett Kavanaugh’s commitment to textualism and the separation of powers. Suffice to say, nobody has thought much about any legal doctrines or methods over the month since. Nevertheless, here ...Read More

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