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Aug 28, 2024 | 
travel.oyi.net | Ti-Abasi Umoh |Joseph Simon
A sponsor license is essential for United Kingdom enterprises striving to hire experienced employees. This license enables employers to tap into a foreign skill pool, ensuring they can hire the ideal candidate for their requirements. For any business intending to apply for a sponsor license, a clear understanding of the expenses involved in the sponsorship procedure is crucial and strategic.
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Jun 7, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
On May 30, 2024, the U.S. Supreme Court vacated and remanded a
Second Circuit decision holding that a New York law requiring
lenders to pay a certain minimum amount of interest on funds held
in mortgage escrow accounts is preempted as to national banks. The
unanimous decision by the Supreme Court stated that the Circuit
Court decision which held that the New York law was preempted for
national banks was not "nuanced" enough (see Supreme
Court Cantero decision here).
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May 21, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
The Federal Reserve Board and the Consumer Financial Protection
Bureau (jointly, the "Agencies") have amended Regulation
CC, the regulation that requires depository institutions to make
funds from check deposits available to customers within certain
timeframes. The amendments, which take effect on July 1, 2025,
increase certain dollar amounts based on changes in inflation and
will require depository institutions to make certain system changes
and issue change-in-terms notices to customers.
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May 16, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
Federal banking regulators have jointly issued a guide to help
community banks develop and implement their third-party risk
management programs, policies, and practices.
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May 3, 2024 | 
mondaq.com | Roger D. Strode |Mark Grundvig |Kate L. Pamperin |Joseph Simon
On April 23, 2024, the U.S. Federal Trade Commission (FTC or
"Commission") finalized a rule, by a vote of 3-2,
abolishing the vast majority of employee covenants not to compete
across the United States (the "Noncompete Rule" or
"Rule").
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Apr 26, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
A South Dakota-based national bank has agreed to pay more than
$700,000 to settle charges from the New York State Attorney General
that the Bank violated New York's Exempt Income Protection Act
(the "EIPA")1 by unlawfully freezing customer
accounts and illegally transferring money to debt collectors. This
appears to be the first time a financial institution has faced a
governmental penalty for violating the EIPA, a law that took effect
in 2009.
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Jan 31, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
The New York State Department of Financial Services (the
"Department") has released final guidance (the "Guidance") to
Covered Institutions, as defined below, notifying them of the
Department's expectation that they develop, implement, and
maintain a framework for the review and assessment of the character
and fitness of their directors, senior officers, and managers. The
Guidance was published on January 22, 2024 and is effective as of
that date.
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Jan 11, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
The Federal Deposit Insurance Corporation ("FDIC") has
adopted a final rule ("Final Rule") to
modernize the requirements governing use of the official FDIC signs
and advertising statements, and to clarify the FDIC's
regulations regarding false advertising, misrepresentations of
deposit insurance coverage, and misuse of the FDIC's name or
logo.
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Jan 2, 2024 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
Under New York's Exempt Income Protection Act
("EIPA"), certain funds in deposit accounts are exempt
from most restraining notices and levies. One exemption under the
EIPA is for an amount deemed to be protected wages, with the amount
of such exemption tied to the minimum wage. As a result of an in the New York State minimum wage that takes effect
on January 1, 2024, the amount of the wage exemption under the EIPA
will increase as of that date.
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Dec 18, 2023 | 
mondaq.com | Joseph Simon |Kevin Patterson |Elizabeth Murphy |Gabriela Morales
The New York Department of Financial Services
("NYDFS") announced the adoption of the second amendment to its Cybersecurity
Regulation1 (the "Second Amendment"),
expanding a number of requirements imposed under the existing
regulation.
The Second Amendment took effect on November 1, 2023; however,
there are some transitional periods defining the dates by which
covered entities2 will need to demonstrate compliance
with the new provisions.
