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Posts from May 2015.
Risks Associated with Fraudulent Surety Bonds

In February, 2015, Darius Johnson was arrested for allegedly selling fraudulent surety bonds to Pennsylvania-based American Architectural Inc., a subcontractor working on the World Trade Center PATH transportation hub (“WTC Hub”).

Cyber Security Issues Faced by Design Professionals

Major cyber-attacks on Target, Anthem, and Sony, received international attention and instigated serious conversations about cyber-security that transcended industries.  While those major attacks were well known, few people heard about the 2013 cyber-attach on the Australian Secret Intelligence Organization (“ASIO”).  When a new ASIO headquarters was being built in Canberra, Chinese hackers gained access to the digital files of a “prime contractor.”  The hackers stole floor plans and other information related to data and communications systems.  This attack goes to show that design professionals are not excluded from those who need to actively protect themselves from cyber-attacks.

NY DFS Report Says 1 in 3 Banks Lack Proper Cyber Security Oversight of Third Party Vendors

On April 9, 2015, the New York Department of Financial Services (“DFS”) released its Update on Cyber Security in the Banking Sector: Third Party Service Providers report which found that approximately 30 percent of the banks surveyed do not required third party vendors to report cyber security breaches.

Seventh Circuit Defines When Servicers Must Credit Online Mortgage Payments Under TILA

The Seventh Circuit Court of Appeals has ruled that the Truth in Lending Act (“TILA”) requires that mortgage servicers must credit consumer accounts with online mortgage payments on the date the consumer authorizes payment, not the date when the servicer receives the funds from the consumer’s bank.

U.S. Supreme Court Holds Denial of Debtor’s Bankruptcy Plan Cannot Be Appealed

On May 4, 2015, the U.S. Supreme Court held in Bullard v. Blue Hills Bank, No. 14-116, that a bankruptcy court’s denial of a debtor’s Chapter 13 bankruptcy plan cannot be appealed since that denial is not a final order that merits appeal.


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