Interest Rates

News & Analysis as of

A New Balancing Act: The DOJ Provides New Direction Regarding the SCRA's Interest Rate Benefit

When Congress reenacted the Servicemembers’ Civil Relief Act (“SCRA”) in 2003, Congress designed the SCRA to balance the interests of active duty servicemembers and their creditors, as it had done under the SCRA’s predecessor...more

Floating or Fixed Rates: Considerations in Choosing a Commercial Real Estate Mortgage

When financing a commercial real estate purchase, the devil finds its way into the details in surprising ways. One of the details that can provide a fair amount of headache for developers and investors is the decision to...more

OSC Expects REIT Distributions Disclosure to Yield More Information

In the current low interest rate environment, yield-hungry investors have been particularly attracted to real estate investment trusts (REITs), which, as tax-efficient, flow-through investment vehicles, aim to pay regular...more

What Will 2015 Look Like? Trends in the Securities Industry

... it’s never too early to look into the future to see how the year might unfold in the securities industry. Here are some trends and predictions for early 2015: - In Increased regulatory scrutiny of ..securities...more

ABA seeks removal of mortgage rate calculator from CFPB website

The American Bankers Association has sent a letter to the CFPB urging it to take down from its website its new mortgage interest rate calculator tool. The CFPB launched the new tool earlier this month, in conjunction with its...more

Revision of Overpayment Interest Rate

On January 21, 2015, a new interest rate of 10.5% for Medicare overpayments and underpayments became effective. The new rate is lower than the previous rate of 10.75% that has been in place since October 20, 2014....more

CFPB Finalizes Minor Changes to “Know Before You Owe” Rules

On January 20, CFPB finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes, which were proposed in October 2014, address when consumers will receive updated disclosures after...more

Weekly Update Newsletter - January 2015 #2

GOVERNMENT CONTRACTS - HHS IG Issues Report Regarding Federal Marketplace: Inadequacies in Contract Planning and Procurement - The Department of Health and Human Services (HHS) inspector...more

Client Alert: Basel III Impact on Commercial ADC Loans

Basel III (updated capital rule) requires banks to maintain capital based in part on the riskiness of the assets in their portfolios. To the extent more capital is required to support a transaction, that transaction is likely...more

Connecticut Banking Regulator Fines Tribal Payday Lenders

On January 6, the Connecticut Department of Banking issued a cease and desist order against the head of an American Indian tribe and two payday loan companies owned by the tribe for allegedly violating a state cap on interest...more

FINRA Issues a Packed Priorities Letter for 2015

FINRA opened 2015 with a lengthy and ambitious agenda of regulatory priorities. This year’s Regulatory and Examination Priorities Letter is much longer than those issued the last two years, and repeats many of those years’...more

FDIC Publication Focuses on Interest Rate Risk

On December 18, the FDIC announced the release of its Winter 2014 issue of Supervisory Insights, which focuses on effective interest rate risk management at community and mid-size financial institutions. Specific articles...more

Rejecting Market-Based Cramdown Interest Rates, and Making Words Count for Make-Whole Payments

Since the recent period of low interest rates, many borrowers have attempted to use bankruptcy to refinance their high-interest debt. These attempts sometimes run counter to provisions in the underlying loan documents that...more

Wealth Management Update - December 2014

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The December Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Bennett Jones Fall 2014 Economic Outlook

We expect a modest strengthening of global growth over the next two years relative to 2013 and 2014, largely originating from the advanced economies, and the U.S. in particular. Growth in the emerging economies as a whole...more

Mississippi Regulatory Compliance Group Quarterly Report Vol. 25 No.3

In This Report: - Good News on Fair Lending - We Knew It Was Coming; CFPB Proposes HMDA “Plus” Rules - CFPB Guidance on Mortgage Brokers Changing to Mini-Correspondent Lenders - When Laws...more

FHFA Index Shows Mortgage Interest Rates Continue To Decline

On October 30, the index of interest rates published by the FHFA on conventional purchase-money mortgages decreased slightly from August to September from 4.08% to 4.06%....more

Sixth Circuit: Attempt To Collect Statutory Interest Violates FDCPA If Displaced By Contract

In Stratton v. Portfolio Recovery Assoc., LLC, No. 13-6574 (6th Cir. Oct. 24, 2014), the Sixth Circuit reversed dismissal of a putative class action, holding a party’s waiver of statutory interest in favor of a different...more

Mortgage Loan Originator “Target Pricing” in the Fair Lending Bullseye

The Federal Reserve Board indicated it is scrutinizing mortgage loan pricing models that comply with Regulation Z but nonetheless, in the view of the Board, significantly increase fair lending risk. The models set a loan...more

Constitutional Default Interest Rate of 7% Rather Than 10% Default for Breach of Contract, Applies to Prejudgment Interest on a...

Addressing an issue of first impression, the Fourth Appellate District has determined that in a mechanic's lien foreclosure action against an innocent property owner who did not contract with the mechanic's lien claimant, the...more

Sale-leasebacks accommodate buyer and seller in today’s healthcare real estate market: 7 reasons why they work, 5 pitfalls to note

For many years, low interest rates allowed companies with strong credit ratings to obtain access to cheap capital through traditional financing methods – meaning there was little enthusiasm for sale-leaseback...more

EU Clearing Obligation for Interest Rate Derivatives and NDFs

On 1 October 2014, ESMA published two papers on draft Regulatory Technical Standards (RTS) for the clearing of OTC derivatives under the European Market Infrastructure Regulation (648/2012) (EMIR)...more

ESMA Issues Final Draft Standards for the Central Clearing of Certain Interest Rate Swaps under EMIR

On October 1, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) with respect to the central clearing of four classes of interest rate swaps (IRS). The RTS follows...more

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card...more

FTC Targeting Deceptive Advertising of Mortgage Lead Generators

The Federal Trade Commission’s (FTC) recent complaint against Intermundo Media, LLC (Intermundo) alleging deceptive marketing tactics under the FTC Act and Mortgage Acts and Practices – Advertising Rule (MAP Rule)...more

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