UCC Filing Declared Invalid Because Debtor's Name On UCC Filing Not Exactly The Same As It Appears On Debtor's Driver's License

John Knight

April 20, 2017

Wisconsin enacted certain UCC Article 9 amendments in 2013, including the "only if" rule for designating an individual debtor's name on a UCC financing statement.  Under the "only if" rule, the UCC financing statement is sufficient only if the name of the debtor on the UCC financing statement is exactly the same as it appears…

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Calls and Text Messages to Customers: The Growing Concern of the TCPA

Lauren Capitini

March 23, 2017

Modern technology provides banks with a variety of tools to communicate with customers, including text messaging, social media, and autodialed calls.  Banks use these methods of communication, and rightfully so, to provide valuable information to customers.  This may include, for example, alerting customers to fraudulent activity, providing payment reminders, and marketing new products.  While it’s…

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Avoid Loss of Subchapter S Corporation Status Caused By Transfer of Stock to Ineligible Shareholders

John Knight

March 2, 2017

Several community banking organizations converted to S corporation status under the Internal Revenue Code to obtain tax advantages granted to S corporations.  At the time of conversion, only those shareholders eligible under the Internal Revenue Code to hold S corporation stock were permitted to remain as shareholders of the banking organization.  Typically, the banking organization…

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Presidential Directives to the Financial Industry: The Start of Regulation Roll-back?

Lauren Capitini

February 16, 2017

On February 3, 2017, President Trump issued two directives affecting the U.S. financial industry:  A “Presidential Memorandum on Fiduciary Duty Rule” and an Executive Order addressing “Core Principles for Regulating the United States Financial System.”  These directives, though broad and general in nature, may be the first indication that the new administration is taking a…

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Should Community Banks Separate the Roles of CEO and Chairman?

John Knight

February 2, 2017

Recent events at Wells Fargo led to an amendment of its bylaws requiring the separation of the CEO and Chairman roles, and these events are also driving the current discussion calling for the separation of the CEO and Chairman roles at other big banks.  The concern appears to be that a conflict of interest may…

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