Banking and Financial Institutions
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Protect Against Unknown Real Estate Filings Using the ACRIS Notice of Recorded Document System9/25/2020 | By: Jay L. Hack, Esq.
Our clients have recently experienced an uptick in problems with real estate documents that were either incorrectly or “secretly” recorded against property in the New York City Register’s office. Problems arising from such recordings were discovered years after the documents were recorded, when solving the problems had become difficult. Even when our clients had title insurance to protect against an error, a stitch in time would have been much less costly, and less aggravating, than nine stitches of cure. Thus, we are republishing a notice that we distributed six years ago about a procedure available through the New York City Register’s Automated City Register Information System (ACRIS) to obtain alerts about real estate filings.
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Federal Reserve Main Street Lending Facility Approaches Implementation6/15/2020 | By: Jay L. Hack, Esq.
For over 100 years, the Federal Reserve has acted as a liquidity facility for the banking industry, meaning that the Federal Reserve lends money to banks when they need it. With the advent of the COVID-19 pandemic and the CARES Act stimulus program, Congress provided a budget authorization that allows the Federal Reserve to make or purchase interests in loans to “Main Street” businesses. The Federal Reserve’s resulting “Main Street Lending Facility” has been gradually rolled out since early April, and it is about to reach the point where borrowers can begin submitting loan applications.
Although there are three “Main Street” lending programs, this blog will concentrate on two of them, the “Main Street New Loan Facility” (referred to below as a “New Loan”) and the “Main Street Priority Loan Facility” (referred to below as a “Priority Loan”). Although these two programs had substantial differences when first proposed, the terms have now converged, making some bankers wonder why the two programs have not been combined. This blog is based upon the most current term sheets issued by the Federal Reserve Bank of Boston on June 8. The Federal Reserve Bank of Boston is the lead Federal Reserve Bank responsible for implementing the Main Street program. -
Proof of Insurance: Be Careful What You Ask For—You Don’t Always Get What You WantFall 2019 | By: Jay L. Hack, Esq.| New York Business Law Journal
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Anonymous Need Not Apply – Entities Getting Bank Accounts2/6/19 | By: Jay L. Hack, Esq.| GDB 2019 Winter Newsletter
The corporate wizard can no longer hide behind the anonymity curtain. Anonymity disappears when a corporation or other entity deals with a bank. Federal law requires that banks collect information about all 25% owners and at least one senior officer of every entity that opens a deposit account or borrows money from a bank.
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Computer Security Laws Put Increased Pressure on Businesses to Adopt Stronger Cybersecurity Measures1/29/2018 | By: Jay L. Hack, Esq. | GDB 2018 Winter Newsletter
Computer hacking, cybersecurity and selling social security numbers on the “Dark Web” are front page topics almost every day. Computer hackers are not just concerns of political parties, Equifax and Target. If you keep customer personal data, like social security or driver’s license numbers, in electronic form, you need to implement computer security systems. If you do business with any state-licensed company in the banking, insurance or mortgage lending business and have access to its computerized data, you have even more cybersecurity worries. Here are some steps we recommend to protect against running afoul of the law.
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Bank Reticence, Longstanding Obstacles Inhibit US
Data-Sharing Program: Report9/20/2017 | ACAMSJay L. Hack quoted in ACAMS
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Global Banks Identifying and Reviewing Their Links to Trump Administration07/11/2017 | ACAMS Money Laundering.com
Banks reviewing their transactions to determine links they might have to President Trump.
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Electronic Deposit of Checks – Tips to Avoid Problems3/10/2017 | By: Jay L. Hack, Esq. | GDB 2017 Spring Newsletter
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Crowdfunding: Can I Use it to Raise Money?6/27/2016 | By: Jay L. Hack, Esq. | GDB 2016 Summer Newsletter
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Highest New York Court Answers Important Question for Banks and Everyone Who Has a Checking Account06/09/2014 | Summer 2014 Newsletter
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Should You Include a Mandatory Arbitration Clause in Your Contracts?12/08/2012 | Winter 2012 Newsletter
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Fraud Alert - Beware if Someone Asks You to "Reissue" a Check09/05/2012 | Fall 2012 Newsletter
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The Consumer Financial Protection Bureau - A Nine-Month Report Card04/08/2012 | Spring 2012 Newsletter
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Cooperatives Refinancing Their Mortgages - Key Issues to Consider Concerning Bank Commitment Letters09/07/2011 | Fall 2011 Newsletter
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Getting Your Free Credit Report - No Strings Attached09/06/2011 | Fall 2011 Newsletter
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Beware of Counterfeit Check Scams - When Your Bank Lets You Withdraw the Money, It Does Not Mean the Check Is Good06/08/2011 | Summer 2011 Newsletter
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Bankruptcy - What Are Your Rights When Someone Who Owes You Money Files for Bankruptcy09/09/2010 | Fall 2010 Newsletter
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Warning: Checks Marked "Payment in Full"06/09/2010 | Summer 2010 Newsletter
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Regulatory Policy on Commercial Real Estate Loan Workouts04/09/2010 | Spring 2010 Newsletter