Attorneys in our Cleveland office concentrate on consumer financial services, commercial litigation, and transactional matters. We provide national representation to financial institutions and corporations, and serve as special and local counsel. Given Ohio’s highly regulated business climate for financial institutions and lenders, our Cleveland-based attorneys also closely monitor the regulatory developments, litigation trends, and emerging legislation that often impacts the course of business for our clients in the financial services industry.
The Bullet Point: An Ohio Commercial Law BulletinAm I entitled to specific performance?
February 17, 2021
Specific Performance Jad Rentals of Youngstown, LLC v. Cox, 7th Dist. Mahoning No. 19 MA 0096, 2021-Ohio-304 In this appeal, the Seventh Appellate District affirmed the trial court’s decision, agreeing that the buyer was entitled to an award of specific performance to purchase the seller’s property. The Bullet Point: Real estate is almost always consideredMore
The Bullet Point: An Ohio Commercial Law BulletinHave my Trade Secrets been Misappropriated?
January 28, 2021
Unconscionability Defense to Arbitration Sebold v. Latina Design Build Group, L.L.C., 8th Dist. Cuyahoga No. 109362, 2021-Ohio-124 In this appeal, the Eighth Appellate District affirmed the trial court’s decision agreeing that the arbitration provision was not procedurally unconscionable. The Bullet Point: Ohio has a strong public policy favoring arbitration of disputes. As such, Ohio courtsMore
AlertMassachusetts Enacts Student Loan Servicer License Requirement
January 27, 2021
On January 14, 2021, the governor of Massachusetts signed H 5250 into law, which includes a licensing requirement applicable to student loan servicers, and other requirements related to the regulation and supervision of student loan servicers in Massachusetts. The law will become effective on July 1, 2021, but entities subject to licensure should prepare for the forthcoming licensing requirement soon to ensure a compliance with this new law.
Attorney PresentationWhere We Left Off: Revisiting Regulatory Priorities
January 27, 2021
Kelly Lipinski (Cleveland) chaired and co-presented “Where We Left Off: Revisiting Regulatory Priorities" at the ABA Consumer Financial Services Committee 2021 Winter Meeting on January 27, 2021.
AlertTrue Lender Update: States vs. OCC; No FDIC Rule; Possible State True Lender Rules?
January 15, 2021
For national banks, the OCC’s true lender rule became effective on December 29, 2020. However, as expected, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey, and North Carolina (the States) filed a federal lawsuit in New York shortly after the new year alleging that the OCC’s True Lender rule is invalid. The States argue that the OCC’s true lender rule facilitates predatory lending, preempts state usury law, and enables “rent-a-bank” schemes. The complaint further alleges that the OCC exceeded its statutory authority and questions the timing of the OCC’s rule with a new administration on the way, which may have different policy priorities set by a new Comptroller.
Attorney PresentationCOVID-19’s impact on auto finance regulation
December 16, 2020
Mark Edelman (Cleveland), Colin Quillinan (Albany), and Jeremy Rzepka (Cleveland) participated in the "Industry Pulse" webinar through Auto Finance News, discussing the continued shift to digital lending, changing state laws, and an increase in repossessions.
Attorney PresentationReview and Outlook: Legal and Compliance Developments
January 6, 2021
Kelly Lipinski (Cleveland) joined a distinguished group of experts to discuss legal and compliance developments in the education finance industry on Wednesday, January 6, 2021, at the National Council of Higher Education Resources (NCHER) “Year-In-Review of 2020 and Outlook for 2021.”
Attorney Published ArticleAuto finance compliance predictions for 2021
January 6, 2021
Member Mark Edelman (Cleveland) authored a Compliance column in the January issue of Auto Finance News, in which he outlined the possible topics on the compliance horizon for the year ahead, including coronavirus impacts on the industry, CFPB leadership under Biden, and California's new DFPI.
Attorney Published ArticleFederal Agencies Issue Statement on LIBOR Transition
On November 30, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a Statement encouraging banks to transition away from U.S. dollar (USD) LIBOR as soon as practicable. The agencies stated that failure to prepare for disruptions toMore
McGlinchey News ReleaseMcGlinchey attorneys ranked in Mid-South, Ohio Super Lawyers
December 10, 2020
McGlinchey Stafford is pleased to announce that six attorneys have been recognized in the most recent editions of Mid-South Super Lawyers and Ohio Super Lawyers. Three attorneys in McGlinchey’s Jackson, Nashville, and Birmingham offices have been recognized in the 2020 edition of Mid-South Super Lawyers and three attorneys in its Cleveland office have been recognized in the 2021 edition of Ohio Super Lawyers.