Posts Tagged ‘Laura A. Scott’

What Keeps the Regulators Up at Night?

Thursday, April 10th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Do you ever wonder what keeps the regulatory agencies for the financial services industry up at night?  In a word, the answer is “fraud.”  A recent panel discussion featuring regulators from the FTC, FDIC, Department of Treasury, and Department of Justice discussed their concern with fraud that can sneak into the financial services industry.  In particular, regulators are concerned with addressing fraud associated with the use of prepaid cards. (more…)

Regulatory Focus on Bank Secrecy Act: Is Your Bank Ready?

Wednesday, February 19th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

At a recent panel discussion by federal regulators including representatives from the Federal Reserve, Treasury Department, FTC, FDIC and the Department of Justice, the regulators were asked what one of their main focuses would be in the coming year with respect to enforcement activities against financial institutions.  The response was almost unanimous– enforcement of the Bank Secrecy Act (“BSA”).  (more…)

Top Loan Workout Tips for Bankers

Tuesday, February 11th, 2014

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

Navigating the troubled waters of the loan workout can be dangerous and frustrating territory for bankers.  However, there are a few tips that bankers should keep in mind when dealing with a loan workout to avoid getting more than what the banker bargained for.  (more…)

Long-term Participation Agreements With Kentucky Banks Might Subject You To Kentucky Courts’ Personal Jurisdiction

Thursday, December 5th, 2013

por_Scott_Laura_AAuthor: Laura A. Scott (bio)

Phone: 812.452.3557

Email: [email protected]

In July, the United States District Court for the Eastern District of Kentucky decided a case making it harder to avoid the personal jurisdiction of Kentucky courts when entering into long-term bank participation agreements. This case involved two banks in a participation agreement where a Kentucky bank paid a West Virginia bank to purchase an interest in several loans. In return, the West Virginia bank agreed to pay the Kentucky bank a proportionate amount of the interest for the life of the loans. When the banks had a disagreement, the Kentucky bank sued the West Virginia bank. The West Virginia bank raised the issue of whether the West Virginia bank had sufficient connections to Kentucky to be sued in Kentucky. (more…)

Fear and Loathing of Subpoenas

Tuesday, October 15th, 2013

A subpoena is a court order that requires the recipient to take some action. If you receive a subpoena, you should fight the urge to run screaming from your mailbox or pretend like you did not receive it. There are two kinds of subpoenas.  One kind of subpoena requires the recipient to show up in court and provide testimony. The other kind of subpoena requires the recipient to produce documents by a certain date. If you receive a subpoena, you should first check to see which kind of subpoena it is, so that you can know what kind of response is required. (more…)

Amendments to Article 9 Are In Effect Now: Are You Ready?

Wednesday, July 3rd, 2013

On July 1, 2013, at least 38 states, including Indiana, Illinois and Kentucky, have adopted amendments to Article 9 of the Uniform Commercial Code.  Some of the highlights include:

  • Using the name on an individual’s driver’s license or state-issued ID card for filing financing statements against individual debtors. (more…)

When a Member’s Debts Affect the Assets of the LLC

Tuesday, July 2nd, 2013

When a business owner seeks to protect her assets from her business debts, one technique that is typically used is for the business owner to form a limited liability company.  As long as proper corporate formalities are observed, the limited liability company acts as a shield to protect the member’s personal assets.  However, what happens when the individual member gets a judgment against her personally?  Can the creditor of the individual member reach the member’s ownership interests in the LLC, or even the assets of the LLC? (more…)

New UCC Financing Statement Forms Required July 1

Thursday, June 27th, 2013

Starting July 1, 2013, Indiana will require use of a new Indiana specific UCC financing statement form.  The new forms can be found on the Indiana Secretary of State’s website.  Of course, online filings in Indiana will automatically choose the correct form for you. (more…)

Final Rule on Garnishment of Accounts Containing Federal Benefit Payments

Wednesday, June 26th, 2013

On May 1, 2011, a new federal interim rule went into effect that changed the way garnishments on bank accounts containing federal benefit payments are processed.  Federal benefits include Social Security benefits, SSI benefits, VA benefits, and various other federal employee benefits.  (more…)