Financial Institutions and Markets (J)
This is a TIAG and TAGLaw "Joint" Specialty Group.
The TIAG Co-chairs are shown below. Click the "Group Member List" icon to view co-chairs and members from both TIAG and TAGLaw.
Contact: Matt Couper, Mark Kenney and Laura Bergan; Carter Newell (Queensland, Australia - TAGLaw)
If you have previously been relying on the transitional provisions of the Personal Properties Securities Act 2009 (Cth) (PPSA) and you have not yet perfected your security interest by registration, a recent Victorian Supreme Court decision confirms that the impact of failing to take adequate steps to protect security interests can be severe.
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.
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.
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.
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.