FEBRUARY 28, 2019
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Financial Institutions Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

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On February 12, 2019, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, and the National Credit Union Administration (collectively, the “Agencies”) issued final regulations that require regulated lending institutions to accept private flood insurance in lieu of flood insurance issued under the National Flood Insurance Program (“NFIP”) when flood insurance is required provided that the private policy meets certain qualifications.   More on Insurance Here >
Currently, two relevant benchmarks exist in the European Union: LIBOR and EURIBOR. LIBOR stands for “London Interbank Offered Rate” and is a benchmark that is used for – among other things – loans based on Loan Market Association documentation. LIBOR is made available in five different currencies: U.S. dollar, British pound, Japanese yen, Swiss franc, and euro. EURIBOR stands for “Euro Interbank Offered Rate” and is, simply put, the interest rate at which European banks lend money to each other. EURIBOR is only available in euros. Both benchmarks are determined daily, but while LIBOR focuses on the London banking system, EURIBOR takes into account the entire European Union.   More on LIBOR and "No-Deal" Brexit  Here >
As investor fascination with cryptocurrencies exploded in 2017, promoters of new cryptocurrencies pursued increasingly audacious strategies to pitch their initial coin offerings (ICO’s) to investors. One such promoter was Centra Tech, Inc. (Centra) which hoped to sell digital Centra tokens (CTR) issued on the Ethereum blockchain. The purpose of the CTR ICO was to raise capital to operate a financial network purportedly allowing holders of various “cryptocurrencies” to easily convert their assets into legal tender via credit cards purportedly backed by Visa and MasterCard. In truth, the business was a scam. More on Penalties Here >
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