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New Wave of Overdraft Fee Class Action Suits Targets Indiana Financial Institutions

Posted by: Brett J. Ashton, Mark J.R. Merkle, Scott S. Morrisson, and Kay Dee Baird on September 23, 2019

Overdraft practices have been the subject of both regulatory scrutiny and civil litigation for over a decade. Prior to 2010, the allegations in overdraft cases typically focused on allegations of failure to notify consumers of their participation in overdraft programs and deceptive practices...


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Agencies Adopt Final Rule Excluding Community Banks from Volcker Rule

on July 12, 2019

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On July 9, 2019, the FRB, FDIC, OCC, CFTC and SEC announced the adoption of a final rule to exclude certain community banks from the Volcker Rule's restrictions on proprietary trading, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule was...


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Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?

Posted by: Kendall A. Schnurpel on April 30, 2019

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on...


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Indiana Court Upholds Department of Financial Institutions Ruling on Auto Dealer Electronic Titling Fees

Posted by: Brett J. Ashton on November 2, 2018

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On October 10, 2018 the Marion County Superior Court ruled in Webb Ford, Inc. v. Indiana Dep’t of Fin. Insts., Cause No. 49D03-1801-PL-002762 (Marion Cnty. Sup. Ct. Jan. 22, 2018), denying the auto dealer’s petition for judicial review and affirming the Indiana Department of Financial...


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Banking Marijuana-Related Businesses

on July 25, 2018

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On March 21, 2018, Governor Holcomb signed a bill legalizing the sale and use of CBD oil in Indiana.[1]  CBD oil is derived from industrial hemp, which like marijuana, is banned by federal law. This leaves Indiana’s financial institutions asking: can we bank these businesses?

The Legal...


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Indiana DFI Issues Advisory Letter Reinforcing Position on Dealer Convenience Fees

Posted by: Brett J. Ashton on June 8, 2018

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The Indiana Department of Financial Institutions (the “IDFI” or the “Department”) recently issued Consumer Credit Advisory Letter 2018-02 (the “Advisory”) providing further guidance to financial institutions and auto dealers who assess an electronic auto title recording fee (“Convenience Fee” or...


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President Trump Signs Dodd-Frank Reform Into Law Providing Regulatory Relief to Community Banks

Posted by: Brett J. Ashton on May 30, 2018

Court Decision Clears Way for Broader Use of Postnuptial Agreements

President Trump signed Senate Bill 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” (the “Reform Act” or the “Act”) into law on May 24, 2018. The Act represents the first meaningful rollback of certain provisions of the Dodd-Frank Wall Street Reform and Consumer...


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