Creditors Loans

News & Analysis as of

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

A Closer Look at DOD’s New Guidance on the Military Lending Act Regulations

On August 26, 2016, the Department of Defense (“DOD”) issued an interpretive rule (the “Interpretive Rule”) providing guidance on the DOD’s regulations implementing the Military Lending Act (“MLA”). That same day, we...more

Sub-Participation Agreement: Recharacterisation Risk Before Spanish Court

Financial players in the distressed market in Spain are commonly using the LMA sub-participation agreement. However, “sub-participation” is not a concept that has been traditionally recognised under Spanish law. This has...more

US Supreme Court Fails to Resolve Guarantors’ Status Under ECOA

On March 22, in an Equal Credit Opportunity Act (ECOA) case that was closely followed and highly anticipated, the U.S. Supreme Court (in a four-to-four vote) failed to issue a definitive ruling regarding whether Regulation B...more

Ontario Court Addresses Debt Re-Characterization Argument in CCAA Proceeding

On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts...more

"Recent Rulings Underscore Importance of Careful Drafting of Make-Whole Payment Provisions"

Under long-established common law, loans must be paid only upon maturity, not before. This "perfect tender in time" rule is the default rule in a number of jurisdictions. Many indentures and credit agreements therefore either...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

UK Ratification of the Cape Town Convention

It cannot have escaped the attention of anyone involved in the aviation finance industry that the UK is currently in the process of ratifying the Cape Town Convention (being the Convention on International Interests in Mobile...more

Deferred-Interest Loan Products Cost Issuer $700,000 in CFPB Deal

Why it matters - Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

Ninth Circuit Holds that Absolute Waiver of Subrogation Rights Insulates Insider-Guarantor from Preference Exposure

In Stahl v. Simon (In re Adamson Apparel, Inc.), 785 F.3d 1285 (9th Cir. 2015), the United States Court of Appeals for the Ninth Circuit considered an unresolved issue of bankruptcy law: whether a corporate insider who...more

CFPB publishes TRID rule questions index

The CFPB has posted on its website an index to the various questions regarding the TILA/RESPA Integrated Disclosure (TRID) rule that were addressed during the five webinars on the rule conducted by CFPB staff. The index...more

Senate Interest in Small Business Loan Data Rulemaking May Significantly Impact Financial Institutions

On July 10, 2015, 19 United States senators, including Sen. Elizabeth Warren, implored the Consumer Financial Protection Bureau (CFPB) to exercise its rulemaking authority related to publicly available small business loan...more

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

Real Property 101 for Community Bankers in the Spilman Footprint

What is the difference between a Deed of Trust and a Mortgage? The terms “Deed of Trust” and “mortgage” are often used by people interchangeably. Both serve to give the lender a lien as collateral for a loan but, these...more

A Look at the Friendly Foreclosure Option

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

How to Aggressively Defend Against Lender Liability Lawsuits

Introduction - Following an economic downturn, lenders are inundated with lender liability suits typically based on purported promises to extend the maturity dates of loans, alter the terms of loan agreements, or to...more

8th Circuit Rules ECOA Does Not Apply to Guarantors of Loans

After argument before the U.S. Court of Appeals for the 8th Circuit in Hawkins v. Community Bank of Raymore, Case No. 13-3065, Lathrop & Gage attorneys Tom Stahl, Greer Lang and Justin Nichols obtained a ruling that the Equal...more

Louisiana Amends Consumer Loan Licensing Requirements

Louisiana Governor Bobby Jindal recently signed HB 766 into law, which amends numerous provisions regulating creditors engaging in any consumer credit or deferred presentment transaction. Under the law, a creditor may not...more

Equity Begets Flexibility: Valuing a Secured Creditor’s Claim in Bankruptcy and Allocating Post-Petition Interest

The First Circuit Court of Appeals in In re SW Boston Hotel Venture, LLC, 2014 U.S. App. LEXIS 6768 (1st Cir. Apr. 11, 2014) recently ruled on a number of issues critical to valuing a secured claim in bankruptcy....more

Tax refunds and bankruptcy. Do they go together?

Now that it's the year 2014, are you expecting a refund on your taxes for 2013? If so, are you also thinking about filing bankruptcy? Let's see how that might work....more

Michigan Appeals Court Opinion Could Affect Banks’ Response To Creditor Garnishments

The Michigan Court of Appeals recently issued an opinion that may have a big impact on how banks respond to creditor garnishments for customers who are in default on their loans from the bank. In Ladd v Motor City...more

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