Financial Institutions and Markets (J)



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Contact: ESV Chartered Accountants (New South Wales, Australia)

Where a Responsible Entity (RE) for a hedge fund or fund of hedge fund offers product to retail investors in Australia, ASIC has released RG 240 (effective 1 February 2014) which requires greater disclosures to be made by RE's.

Read more: Managed Investment Schemes: Hedge Fund Disclosures

Contact: von Briesen & Roper, s.c. (Wisconsin, USA - TAGLaw)

The use of third-party relationships has allowed financial institutions to outsource key functions such as tax, legal, audit, information technology and loan servicing (among others). This allocation of banking functions can generate cost savings, increase efficiencies, refocus internal operations and can allow a financial institution to offer new products or services and access new markets.

Read more: Managing Third Party Relationships: New Regulatory Guidance for Banks

Contact: Richey, May & Co. (Colorado, USA)

We're hearing independent mortgage bankers need to do more to cut expenses to keep profits from sliding any further.

"Obviously production declined significantly and margins compressed, but what really jumped off the page is people didn't have great control over their expenses," says Trevor Reinhart, manager of advisory services at Richey May, a company that recently released third quarter mortgage banking data.

Read more: Mortgage Bankers Struggling to Keep Their Expenses Down

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)

As you may be aware, Section 408.140 of the Missouri Revised Statutes, concerning loan fees for small loans, has recently been modified.  We previously blogged about the changes regarding short term cash advance fees.  As we indicated, with respect to open-end credit tied to a transaction account, the maximum credit advance fee that may be charged by a lender is now the lesser of $75 or 10% of the amount advanced.  This change became effective August 28, 2013.

Read more: Reminder of Fee Changes for Certain Missouri Loans

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)

The FDIC has issued final guidance for state chartered banks regarding deposit advance products.  We previously mentioned the proposed guidance and discussed applicable risks in connection with our first of two blog entries regarding changes to Missouri law that may now make deposit advance products more appealing.

Read more: Final FDIC Guidance regarding Deposit Advance Products