On Monday, March 13, 2023, the Federal Deposit Insurance Corporation (“FDIC”) transferred all deposits and substantially all the assets of Silicon Valley Bank (“SVB”), formerly a California state chartered bank that was taken...more
In a joint statement, the Department of the Treasury, the Federal Reserve and the FDIC announced that...more
On January 19, 2021, the Small Business Administration (SBA) and the Department of the Treasury (Treasury) issued the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid...more
On December 27, 2020 the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) was signed into law, which reopened the Paycheck Protection Program (PPP) both to first-time borrowers and,...more
On December 27, 2020, President Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which, among other things, appropriates $284.45 billion to reopen the...more
In November 2020, the CFTC published two no-action letters extending previously granted no-action relief related to Brexit. The relief was intended to provide “greater certainty to the global marketplace” in connection with...more
The CFTC recently published Brexit-related Letter No. 20-42 (December 4, 2020) in response to a request from the International Swaps and Derivatives Association, Inc. (ISDA). In its request, ISDA stated that the expiration of...more
On July 1, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance...more
The launch of the Main Street Lending Program (the “Program”) is currently underway, including the Federal Reserve’s June 15, 2020 announcement that the Program was open for lender registration....more
For the first time in a dozen years, the Office of the Comptroller of the Currency (OCC) is seeking to update its regulations on digital activities to consider banks’ use of blockchain and distributed ledger technology (DLT),...more
The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) was signed into law on June 5, 2020 (the “Enactment Date”). As summarized below, the PPP Flexibility Act makes certain Paycheck Protection...more
On May 22, 2020, the Small Business Administration (SBA) released the Interim Final Rule on Loan Forgiveness (the “Forgiveness Rule”). The release of the Forgiveness Rule followed the issuance by the SBA of the Paycheck...more
On May 13, 2020 – one day before the May 14, 2020 repayment safe harbor deadline – the Small Business Administration (SBA) extended the deadline to May 18, 2020. ...more
On April 30, 2020, the Federal Reserve announced a revised and expanded version of the Main Street Lending Program (the “Program”). ...more
The Treasury Department continues to update and expand its Frequently Asked Questions (FAQs) for the Paycheck Protection Program (PPP), and did so most recently on May 5, 2020. ...more
On April 24, 2020, a fourth COVID-19 relief bill, titled the Paycheck Protection Program and Heath Care Enhancement Act (the “Act”), was signed into law....more
On April 2, 2020, six days after the CARES Act was enacted, the Small Business Administration (“SBA”) released an interim final rule (the “Interim Final Rule”) implementing the Paycheck Protection Program (“PPP”). ...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third phase of Congress’s response to COVID-19, which was enacted on March 27, 2020 – includes a Paycheck Protection Program. ...more
3/27/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act – which was introduced into the Senate on March 19, 2020, as the third phase of Congress’s response to COVID-19 – includes a Small Business Interruption Loan...more
As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more
2/7/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Constitutional Challenges ,
Consumer Lenders ,
Contract Terms ,
Contracts Clause ,
Due Process ,
Financial Services Industry ,
Interest Rates ,
ISDA ,
Libor ,
Opt-Outs ,
Secured Overnight Funding Rate (SOFR) ,
Sveen v Melin ,
UK
On December 4, the CFTC issued an advisory (Staff Advisory 19-24) providing further guidance on certain requirements applicable to swap dealers, futures commission merchants and major swap participants (collectively,...more
On March 18, the extended comment period ended for the Standardized Approach for Calculating the Exposure Amount of Derivative Contracts (“SA-CCR”) rule (the “Proposed Rule”) proposed by the Federal Reserve Board (“Board”),...more
The Commodity Futures Trading Commission (CFTC) has joined other agencies in explaining the crypto-related products potentially within its jurisdiction. LabCFTC recently released “A Primer on Smart Contracts” as part of...more
The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) adopted rules (together, the QFC Stay Rules) in 2017...more
In recent years, the U.S. Commodity Futures Trading Commission (CFTC) has devoted significant resources to addressing how the requirements of the Commodity Exchange Act (CEA) and the regulations thereunder apply to...more
2/28/2019
/ Bitcoin ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Derivatives ,
Distributed Ledger Technology (DLT) ,
Ether ,
Liability ,
Regulatory Oversight ,
Regulatory Standards ,
Smart Contracts ,
Virtual Currency