Topline Q1 2014

General information

Filed a friend of the court letter in support of lender in Nativi v. Deutsche Bank, a case that interpreted the federal Protecting Tenants at Foreclosure Act to preserve tenant leases post foreclosure.

Responded to Supreme Court request for friend of the court letter addressing which standard of “unconscionability” the courts should apply in this automobile lending case involving an arbitration clause. The case is Sanchez v. Valencia Holding Company Inc., which CBA has been involved with as amicus. 

Filed an amicus brief jointly with the American Bankers Association in WFC Holdings Corp. v. United States on the “economic substance doctrine” regarding the appropriate standard that the IRS must follow before it disallows tax benefits on transactions that allegedly do not also generate independent income.

Coordinated member letter writing to the Financial Accounting Standards Board and the International Accounting Standards Board, which jointly proposed accounting standards of ALLL and Other Than Temporary Impairment of debt securities (OTTI) called the Current Expected Credit Loss model.

Published Regulatory Compliance Bulletins on:

  • The federal regulatory agencies’ adoption of an interim final rule exempting collateralized debt obligations backed by trust preferred securities from the Volcker Rule, thus conforming treatment of these securities with the Collins Amendment of the Dodd-Frank Act.
  • AB 93 and SB 90 that phased out the state’s enterprise zone program and replaced it with more targeted tax incentives for employment, manufacturing, and research and development.
  • The California Attorney General’s opinion clarifying how banks should comply with Department of Child Support Services orders to withhold. The opinion was requested by DCSS at the behest of CBA.
  • The CFPB/DOJ action against Ally Bank for disparate impact discrimination in indirect automobile lending.