http://www.langes.com.au/creditunion_mutual_law From Langes+ Credit Union Lawyers Sun, 05 Sep 2010 01:29:11 +0000 http://backend.userland.com/rss092 en In assessing the impact of the Personal Property Securities Act you need to understand which of the securities you currently register will be registered in the Personal Property Securities Register and what security interests that are currently unregistered will need to be registered after May 2011 if you wish to ... http://www.langes.com.au/creditunion_mutual_law/2010/09/05/credit-unions-building-societies-and-personal-property-securities/ The Australian Prudential Regulation Authority (APRA) has released a response paper and draft reporting standard in the second round of consultation on the implementation of the Financial Claims Scheme (FCS) for authorised deposit-taking institutions (ADIs). The FCS was established in October 2008 and is designed to provide depositors with ... http://www.langes.com.au/creditunion_mutual_law/2010/09/02/financial-claims-scheme-update/ APRA's letter to ADI's dated 26 August 2010 states that regulatory capital relief for credit risk has been claimed inappropriately if the originating ADI retained all, or nearly all, of the securitisation’s most subordinated tranche. In particular APRA states it is not appropriate for ADIs to base their assessment of significant ... http://www.langes.com.au/creditunion_mutual_law/2010/09/02/apra-securitisation-review/ The High Court of Australia has decided that (by a majority of 3 to 2) Westpac's return of 30 cheques marked "Refer to Drawer" was defamatory of its customer's principal. It awarded the plaintiff damages of $50,000 plus interest. In Aktas v Westpac Banking Corporation Limited [2010] HCA 25 the High ... http://www.langes.com.au/creditunion_mutual_law/2010/08/05/when-is-a-cheque-dishonour-defamatory/ The Financial Ombudsman Service has published an Operational Guideline discussing its prohibition on the pursuit of legal proceedings related to debt recovery instituted prior to the lodging of a dispute with FOS. In FOS's opinion, "upon receiving notification of the Dispute, the Financial Services Provider should have a process in place ... http://www.langes.com.au/creditunion_mutual_law/2010/08/05/dispute-resolution-once-debt-recovery-legal-proceedings-have-started/ We recently updated our fixed price products for credit unions and other mutuals. If you want more information ask us for a demonstration. Default notices: templates for every state for default notices for secured and unsecured loans and mortgage enforcement; Compliance services: Quick Call Answers, our phone enquiry service, Document templates, ... http://www.langes.com.au/creditunion_mutual_law/2010/08/01/langes-updated-products/ The major provisions of the Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 commence on 27 July 2010. The Act expands APRA’s supervisory powers in amendments to the Banking Act and other Acts. The Banking Amendment Regulations 2010 (No. 2) also make it clear that "a form of support ... http://www.langes.com.au/creditunion_mutual_law/2010/07/26/apras-powers-extended/ The US Senate has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. To get an idea of the extent of the changes it's worth reading Time's report here and the Wall Street Journal's report (including short video) here. What is the prospect for further finance sector reform in ... http://www.langes.com.au/creditunion_mutual_law/2010/07/22/us-financial-reform-and-more-for-australia/ I mentioned the attraction of being able to deposit cheques at an ATM here. Randolph-Brooks Federal Credit Union offers a deposit app for smartphones. It allows members to photograph cheques and deposit them to their RBFCU account. http://www.langes.com.au/creditunion_mutual_law/2010/07/18/smart-deposits/ Under section 9 of the Corporations Act a person could be a director (commonly described as a shadow director) of a company "if the directors of the company or body are accustomed to act in accordance with the person's instructions or wishes". Who is a director is important if a ... http://www.langes.com.au/creditunion_mutual_law/2010/07/15/could-a-lender-become-a-shadow-director-of-a-debtor/