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Schulte Roth & Zabel LLP

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Sixth Circuit Trims Bank’s Good Faith Defense to Fraudulent Transfer Claims

USA - March 9 2017 A defendant bank (“Bank”) in a fraudulent transfer suit “could not prove” its “good faith” defense for loan repayments it received after its

Update on the New Federal Overtime Regulations and the New York Minimum Wage

USA - May 27 2016 On May 18, 2016, the U.S. Department of Labor (“DOL”) announced the DOL’s final rule extending coverage of overtime pay under the federal Fair Labor

CFPB Proposes Six-Month Extension to Effective Date of Prepaid Accounts Rule

USA - March 10 2017 On March 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) proposed to delay the effective date of its rule providing consumer protections

New EMIR Variation Margin Requirements

European Union - March 28 2017 From 1 March 2017, the new variation margin (‘VM’) rules for over-the-counter (‘OTC’) derivatives contained in the regulatory technical standards

Business Development Company Update: Excessive Fees Lawsuit Against Adviser Dismissed

USA - March 2 2017 A decision issued on Jan. 24, 2017, in the U.S. District Court for the Southern District of New York dismissed a complaint alleging the payment of

New EMIR Variation Margin Requirements

European Union - March 28 2017 From 1 March 2017, the new variation margin (‘VM’) rules for over-the-counter (‘OTC’) derivatives contained in the regulatory technical standards

CFPB Issues Notice and Request for Comment Regarding Assessment of Remittance Rule

USA - March 21 2017 On March 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) issued a notice (“Notice”) regarding its plans to conduct an assessment of the

Ninth Circuit Holds Bank Liable for Preference, Applying Hypothetical Liquidation Analysis

USA - March 20 2017 “Courts may account for hypothetical preference actions within a hypothetical Chapter 7 liquidation” to hold a defendant bank (“Bank”) liable for

OCC Issues Draft Guidance and Requirements for Fintech Charter Applications

USA - March 17 2017 On March 15, 2017, the Office of the Comptroller of the Currency (“OCC”) issued a draft supplement (“Supplement”) to its existing Licensing

CFPB Proposes Six-Month Extension to Effective Date of Prepaid Accounts Rule

USA - March 10 2017 On March 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) proposed to delay the effective date of its rule providing consumer protections