Financial Institutions and Markets (J)

This is a TIAG and TAGLaw "Joint" Specialty Group.

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Contact: Stephen Vlasak, Richey May (Colorado, USA)

Earlier this year, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. Hedge fund and mutual fund managers, private equity firms and broker-dealers should pay particular attention to these priorities when evaluating their own compliance programs in the coming year. Specific areas in which the OCIE intends to focus their examinations include:

Read more: 2016 SEC Examination Priorities

On December 17, 2015, Richey May (Colorado, USA) hosted a webinar for CFOs and controllers of independent mortgage banking companies on the most cost-effective and value added cybersecurity processes and best practices for the mortgage industry. Our guest presenters for this webinar were Auzzie Brown and Jordan Brown, Managing Partners with RedWolf Cybersecurity. Included in the discussion were how to establish and sustain a cybersecurity program to protect your customers and your reputation; the business value of engaging in cybersecurity best practices; and the future state of regulating cybersecurity in the mortgage industry.

For more information on RedWolf Cybersecurity, please visit their website at

By: Arnie Spevack; Lerch, Early & Brewer (Maryland, USA - TAGLaw)

When a borrower requests a commercial loan for a new business or a business acquisition, lenders frequently require the borrower to secure the business loan with a mortgage on a personal residence. The residence may be taken as additional collateral, or because of the insufficiency of other business collateral to secure the loan. Using a residence as additional collateral frequently is the best way to meet a lender's collateral requirements.

Read more: Pledging a Residence to Secure a Commercial Loan

By: Michael Smith, Lerch, Early & Brewer (Maryland, USA - TAGLaw)

In most commercial loan transactions, a lender will secure a loan by filing a Uniform Commercial Code (UCC) financing statement to perfect its security interest in the borrower’s personal property. A loan is perfected when the lender receives priority over other creditors wishing to obtain a lien against the collateral. Typically, the lender files the financing statement after the loan has closed. However, it is possible to file a financing statement pre-closing, provided the lender obtains the borrower’s prior written authorization. A lender may want to pre-file a financing statement if the lender is concerned that an intervening lien may be filed during the gap of time between when a UCC lien search was last conducted and the time that the loan 

Read more: Perfect Your Security Interest By Filing Before A Closing

By: Alison Rind; Lerch, Early & Brewer (Maryland, USA - TAGLaw)

A recent 7th U.S. Circuit Court of Appeals case reminds lenders that it is incumbent upon the lender to verify the income stream before extending credit based on rental income. In Wells Fargo Equipment Finance Inc. v Titan Leasing, Inc., the bank extended non-recourse credit (a loan secured only by collateral) to a manufacturer of locomotives relying on the income stream from a specific lease executed by the borrower and its lessee for a locomotive. The borrower presented a fully executed copy of the lease to the bank as evidence of the income stream. The borrower warranted in the loan documents that the locomotive was delivered and accepted by the lessee and that the lessee acknowledged the locomotive’s receipt and acceptance.

Read more: Lenders, Be Wary When Extending Credit on Rental Income Stream