Many banks are now evaluating the pros and cons of using the new “.bank” domain. For those not already in the know, rather than continuing to use the generic “.com” domain, qualifying banks can soon switch to a more descriptive .bank top-level domain name. For example, a bank’s website address might read www.XYZinstitution.bank, rather than www.XYZinstitution.com; and its emails name.employee@XYZinstitution.bank. In 2012, fTLD Registry Services, LLC (formed by the Financial Services Roundtable and the American Bankers Association) applied to ICANN for the right to issue and manage the .bank generic top-level domain names. On September 25, 2014, fTLD was granted these rights, and it promptly established a roll-out schedule for the issuance of the .bank domain name. For those few financial institutions who hold registered trademarks in their names, open enrollment began last Sunday, May 17, 2015. For all the other banks, those without registered trademarks, general availability enrollment will begin at 8:00 pm, EDT, on June the 23rd. Read More ›
Does your company lease point-of-sale (POS) credit card terminals to customers in Tennessee? Or, are you a Tennessee merchant who accepts credit or debit card sales? If so, your company will want to be aware of a new Tennessee law that regulates POS terminal contracts. Read More ›
In a relatively unnoticed enactment of the Kentucky General Assembly, KRS § 382.290 and KRS § 382.297 were amended by Senate Bill 148, effective July 1, 2015. The amendment to § 382.290 merely codifies a generally accepted practice to include source deed descriptions within a mortgage. But the amendment to § 382.297 could have unintended consequences, as it prohibits an amended mortgage from altering the parties or the collateral of a recorded mortgage. Read More ›
Credit Reporting Agencies' Deal Could Impose Additional Investigation Rules on Companies that Furnish Credit Information
Following months of negotiations, the three largest national credit reporting agencies agreed to a sweeping settlement this week that could affect how banks, retailers, credit card companies and other credit furnishers conduct their business. Read More ›
What Last Year’s Data Privacy Rulings May Hold For Future Consumer Class Action Lawsuits – Some Predictions for Financial Institutions
Frost Brown Todd has an active practice of experienced lawyers who regularly counsel clients on all aspect of class action defense and prosecution. After analyzing recent case law developments in the class action world, some interesting observations and predictions are offered in the Class Action Section’s Class Counsel Blog Year-in-Review. Read More ›
As the 2015 tax filing season begins, it is important that individuals and businesses understand their reporting and filing obligations under the federal income tax laws. In certain situations where a financial institution discharges a debt, a Form 1099-C, Cancellation of Debt, must be filed with the Internal Revenue Service on or before February 28, 2015 (March 31, 2015 if electronically filed). Generally, for debt that was discharged during 2014, a creditor must file a Form 1099-C when the following three conditions are met: (1) the debt discharged was $600 or more; (2) the creditor is an applicable entity; and (3) an identifiable event has occurred. Read More ›
In State ex rel. U.S. Bank National Association v. McGraw, Frost Brown Todd recently assisted in obtaining a dismissal, with prejudice, of a putative class action filed by Wyoming County, West Virginia claiming that the use of the private corporation, Mortgage Electronic Registration Systems, Inc., commonly known as “MERS”, as the designee for assignments of deeds of trust in West Virginia violates state law and unjustly enriched the trustees of various mortgage backed security trusts. Wyoming County asserted that the use of MERS (1) undermines the integrity of the counties’ real property records, to the detriment of an open and vibrant real estate market, (2) fails to provide transferees in the MERS registry with adequate perfection of the debts secured by the trust deeds, (3) deprives the counties of revenue, and (4) unjustly enriches the trustees through the nonpayment of recording fees. Read More ›
IRS Form 1042-S is a tax form for foreign individuals reporting income from a United States based source. Recent federal law requires that all United States financial institutions file a Form 1042-S for foreign customers earning interest on their United States accounts. The filing of Form 1042-S by financial institutions is not discretionary, and the failure to tender the form when required may face a compliance penalty. The purpose of the form is to report interest earned on the non-resident alien fiduciary or foreign corporation’s account with the financial institution. Read More ›
Those practicing in the payments space know that recorded judicial decisions are few and far between concerning disputes over credit card processing contracts. Terms and conditions in these contracts are often created with heavy reliance on general contract principles, even though the operative acts of the parties are highly unique and subject to extensive third-party rules. The January 15, 2015 decision in Schnuck Markets v. First Data Merchant Data Services Corp. and Citicorp Payment Services, U.S.D.C. E.D. Missouri, No. 4:13-CV-2226-JAR, is one of those rare cases, and is a decision highlighting the importance of careful contract drafting in the context of the merchant processing relationship. Read More ›
On January 13, 2015, the U.S. Supreme Court unanimously decided that a borrower may simply provide written notice to a lender to exercise its right to rescind under the Truth in Lending Act (“TILA”). It need not have actually filed suit within the statutory three year period. The Court’s decision in Jesinoski v. Countrywide Home Loans, Inc. clarified borrowers’ rescission right under TILA and resolved a split between Circuits. Read More ›
Ask the Blogger
Do you have a topic that you would like discussed in a future blog article? Please let us know. If you have a confidential question regarding a blog article, please feel free to contact the article's author directly, or let us know if you would like for someone to contact you directly.
Christopher C. Tieke is an associate in Frost Brown Todd's Louisville office, focusing his practice on business litigation. He graduated from the University of Cincinnati College of Law, with magna cum laude honors; served as an Associate Member of the University of Cincinnati Law Review; and participated in the Entrepreneurship and Community Development Clinic.