Spencer Fane Chairman Pat Whalen was featured as a guest author in this month’s issue of BankNews magazine providing insights and updates on the protocol for handling data breach notifications. The article, titled “When to Send a Data Breach Notification,” discusses the laws surrounding security breaches and the responsibility of companies to determine when notification of customers is both necessary and required by law.
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| 03.30.2015 |
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| 03.30.2015 |
In a recent Midwest Real Estate News guest column, Spencer Fane Partner Andrew Brought shared his knowledge and insight on Phase I Environmental Site Assessments (ESAs) with readers. The article outlines the role and common misconceptions of environmental site assessments in property transactions and provides 10 important facts on ESAs as well as their impact on buyers and sellers involved in real estate transactions. |
| 02.27.2015 |
The Consumer Financial Protection Bureau recently proposed amendments to regulations that would broaden the definition of “small creditor” in an attempt to increase mortgage lending to rural and underserved markets. Currently, small creditors are able to make loans with slightly less restriction than larger creditors. The proposed changes would make this exemption available to a greater number of creditors. |
| 02.27.2015 |
In drafting loan documents, banks frequently cite to an index rate as the source of the interest rate governing a particular loan. One of the most commonly cited rates is LIBOR. |
| 01.16.2015 |
On January 12, 2015, the Missouri Commercial Receivership Act was introduced to the Missouri Senate as SB 216. |
| 01.06.2015 |
Data breaches have become a phenomenon of late—with news seemingly breaking everyday on the latest victim and the potential harm to consumers. Often overlooked, however, is the impact that each new data breach has on banks. |
| 11.26.2014 |
Missouri Representative Blaine Luetkemeyer recently introduced legislation to the U.S. House of Representatives seeking to require the Federal Reserve and FDIC to provide a material reason to support any order to terminate a banking relationship. |
| 11.17.2014 |
Data breaches are becoming an everyday occurrence. Just ask The Home Depot, Target and Schnuck’s. The number of companies reporting a data breach increased over 30% in the past two years. Experts agree that every company is susceptible to data breaches, and that it is not a question of if but when it will happen. |
| 11.12.2014 |
Missouri recently amended Mo. Rev. Stat. §525.230 to allow for higher fees to be charged by financial institutions in processing garnishment orders. Previously, the statute allowed a financial institution to charge a fee equal to the greater of $8 or 2% of the amount to be garnished, for the trouble and expense of processing the garnishment and paying over any garnished funds to the court. |
| 10.07.2014 |
The Financial Crimes Enforcement Network (“FinCEN”) recently released advisory regarding indicators related to human smuggling and human trafficking. FinCEN states that that human smuggling involves: (1) acts or attempt to bring unauthorized aliens to or into the United States, (2) transporting them within the United States, (3) harbor unlawful aliens, (4) encourage entry of aliens or (5) conspire to commit these violations, knowingly or in reckless disregard of illegal status. FinCEN states that human trafficking involves: (1) recruiting, (2) harboring, (3) transporting, (4) providing or (5) obtaining a person for forced labor or commercial sex acts through the use of force, fraud or coercion. |