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Many banks have programs to protect elderly customers against financial abuse. SARs are required and being filed - 68,000 from 2012 to 2017. Reporting elder abuse does not violate federal privacy rules. DFS has provided guidance and a list of red flags and recommends reports to Adult Protective Services (APS). However, some banks refuse to complete transactions or completely freeze accounts when elder abuse is suspected.
The Federal Fair Debt Collection Practices Act prohibits misleading consumer debt collection practices by third party debt collectors. New York's similar law also covers creditors who collect their own loans. Federal court decisions under the FDCPA provide an important warning to New York lenders. Whether a communication with a consumer is misleading is measured by a "least sophisticated consumer" standard.
We are often approached by board members looking for solutions to problems that arise from hoarders living in their buildings. Boards often seek legal counsel once the issue has become so severe that other building residents are affected by foul odors, vermin infestation, and potential fire hazards.
?A recent case has caused some concern among boards, managing agents and attorneys about whether the typical attorney's fees clauses in proprietary leases remain enforceable. These clauses commonly provide that a board may recover fees from a shareholder or unit owner if it brings an action to enforce the proprietary lease or condominium by-laws, or defends a counterclaim in such an action.
Software is complex, which makes threats to the software supply chain more real every day. 64% of organizations have been impacted by a software supply chain attack and 60% of data breaches are due to unpatched software vulnerabilities. In the U.S. alone, cyber losses totaled $10.3 billion in 2022. All of these stats beg the question, “Do you know what’s in your software?
An appellate court reminds us that by sitting silently in the face of a contractor's long delay, an owner may have waived its right to terminate the contractor. But all is not lost.
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