Insights
Update from Ag Lending Conference regarding CFPB 1071
During the Ag Lending Conference on September 7th, I reported that an injunction had been entered in Texas preventing the CFPB from enforcing Rule 1071 against the parties to that case. I also mentioned a pending Kentucky case motion requesting the same relief from ...Read More
Update on Texas Bankers Association v. CFPB: Motions to Intervene on 1071 Case Filed by ICBA and CUNA Kentucky Bankers Association Initiates Own Case and Offers Temporary Membership to Banks Not Protected by the Injunction
Portions reprinted with permission from the Minnesota Bankers Association
On July 31, a federal court in Texas issued an injunction preventing the CFPB from enforcing its 1071 rule until the U.S. Supreme Court decides on the constitutionality of the CFPB’s funding structure in a separate ...Read More
Oberg Revisited: Proceedings to Determine the Property Status of Grain Bins
Previous readers of Gislason & Hunter’s Financial Newsletter may recall discussion of a recent case decided by the Minnesota Court of Appeals regarding considerations to make in determining whether a grain bin is a fixture (and thus part of the real estate that can ...Read More

Non-Compete Agreements Void in Employment Agreements
The Minnesota Legislature recently passed a law rendering all covenants not to compete in employment agreements signed on or after July 1, 2023. The new law makes any covenant not to compete contained in an employment (or independent contractor) agreement/contract void and unenforceable if ...Read More

Potential Opportunities in Legalization: Financial Services and Minnesota’s Legalization of Cannabis
On May 30th, 2023, Governor Tim Walz signed into law a bill legalizing the recreational use of marijuana in the State of Minnesota. The bill is likely to create a new sector in Minnesota’s retail business landscape; however, financial institutions’ opportunities to work with ...Read More

Regulations Coming for Overdraft and Other Fees
The U.S. Consumer Financial Protection Bureau (“CFPB”) publishes an agenda of its planned rulemaking activities twice a year – typically in the Spring and Fall. These agendas provide a brief look at the focuses and priorities of the CFPB for the coming year. The ...Read More

How New Credit, Modifications, and Extensions can Impact Mortgage Priority
Real Estate often serves as the primary collateral for a loan, and for good reason. Compared to personal property, real estate tends to depreciate less, cannot be absconded with, and oftentimes is simply more valuable than items of personal property. For this reason, lenders ...Read More

How to Avoid Conversion Claims with Jointly Payable Checks
This article is intended to be a “refresher” on how lenders can avoid conversion claims in connection with certain jointly payable negotiable instruments. Certain types of negotiable instruments (e.g., jointly payable checks) can benefit lenders, as demonstrated in the hypothetical below, but these instruments ...Read More

Supreme Court Clarifies Bankruptcy Discharge Rule for Fraudulent Debt; Overturns Eighth Circuit Precedent
In a case decided Wednesday, February 23, 2023, the U.S. Supreme Court held that a Chapter 7 bankruptcy debtor is precluded from discharging in bankruptcy a debt obtained by fraud, regardless of the debtor’s own personal knowledge of or culpability in the fraud, at least where ...Read More

Terms to Consider as You Renegotiate Your Farm Lease
Anumber of recent economic developments will likely impact the negotiation of farmland leases following the 2022 crop year. For example, landlords may want to increase rent because commodity prices are generally rising, and farmland values are going up across the Midwest. On the other ...Read More