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Bank Law Monitor

A legal blog for the financial services industry

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Bank Liable for Attorneys’ Fees for “Prelitigation Bad Faith” Says Washington Court of Appeals
In a recent decision, the Washington Court of Appeals established a new equitable exception to the American rule for attorneys’ fees, which generally denies an award of fees and costs to a prevailing party absent a contractual or statutory basis. In...
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The Billionaire Minimum Income Tax and Cryptocurrency Tax Provisions in Biden’s 2023 Budget Proposal
Mar 30, 2022
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This article originally appeared as a weekly entry in Today in Tax, Miller Nash's brief commentary on recent cases, rulings, notices, and related federal tax guidance. The Billionaire Minimum Income Tax in Biden’s 2023 Budget Proposal Biden’s...
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The Washington Court of Appeals (Re-)Explains the Statute of Limitations for Deeds of Trust After a Bankruptcy Discharge
On January 18, 2021, the Washington Court of Appeals in Copper Creek (Marysville) Homeowners Ass’n v. Kurtz reaffirmed an important rule related to real property foreclosures and the statute of limitations after a bankruptcy discharge. The rule is th...
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I Just Wanna Know—Federal Bank Regulators to Require Notice of Major Cyber Security Events
Hardly a day goes by without news of a new cybercrime hobbling a major business.1 The grand scope of the SolarWinds hack, which went undetected for many months, underscored that even the most sophisticated technology companies (Microsoft, Cisco,...
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Washington’s New Statutory Wage Lien: How Wage Liens Impact Secured Creditors’ Rights
To read all five installments of this wage lien series, click here. Washington’s recently enacted Washington Wage Recovery Act, SB 5355 (the “Act”), creates a new statutory lien for employees’ unpaid wage claims against their employers. The Act has...
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New Reporting Requirements for Deposit Interest Paid to Residents of Chile
On September 28, 2021, the IRS released an advance version of Revenue Procedure 2021-32, updating previous guidance with respect to information reporting requirements applicable to residents of certain countries. Under previous guidance, the United S...
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