Interest Rates

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Fast Five: Rhode Island Appellate Practice - March 2014: Lenders Beware! Usury Savings Clause Does Not Validate Usurious...

In a case of first impression that has important implications for lenders in Rhode Island, the Rhode Island Supreme Court held this term that a usury savings clause in a commercial loan document does not validate an otherwise...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), February 27, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Interest On Tax Overpayments–Not Always Available

Code §6611 provides that the IRS will pay interest on tax overpayments back to the due date if the overpayment is not refunded within 45 days of the refund claim (or within 45 days of the return due date for a timely filed...more

Delaware Chancery Court Declines to Apply Offer-of-Judgment Rule in Appraisal Proceedings

In Huff Fund Investment Partnership v. CKx, Inc., Civil Action No. 6844-VCG, 2014 WL 545958 (Del. Ch. Feb. 12, 2014) (Glasscock, V.C.), the Delaware Court of Chancery denied a request by respondent CKx, Inc. (“CKx”) to compel...more

New York Attorney General Announces Settlement with Large Payday Lender

On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

LIBOR Rate To Be Managed By New Administrator

Recently, the entity administering the London Interbank Offered Rate (LIBOR), a common benchmark for setting interest rates in commercial transactions, was changed. This change may require amendments to existing loan...more

Texas Supreme Court Clarifies HELOC Fee Cap Decision

On January 31, the Texas Supreme Court released a January 24 supplemental opinion clarifying a June 2013 opinion in which it invalidated state regulations that (i) defined “interest” with regard to home equity loans to...more

CFTC Certifies Available-to-Trade Determinations

In October, TW SEF LLC (TW SEF) and MarketAxess SEF Corporation submitted self-certified determinations that certain interest rate and credit default swaps are made available to trade (MAT) for purposes of the Commodity...more

Fannie Mae Issues Numerous Servicing Policy Updates

On January 24, Fannie Mae issued Servicing Guide Announcements SVC-2014-01 and SVC-2014-02, and on January 29 issued SVC-2014-03. Effective April 1, 2014, the first announcement revises Fannie Mae’s requirements for borrower...more

New York AG Settles Suit Against Internet Payday Lenders

On January 24, New York Attorney General (AG) Eric Schneiderman announced the resolution of a lawsuit filed in August 2013 against Native American tribe-affiliated payday lending firms and their owners for allegedly violating...more

First MAT Determinations Are Deemed Certified

In October 2013, Javelin SEF, LLC (Javelin) and trueEX, LLC (trueEX) self-certified their determinations that certain interest rate swaps are made available to trade (MAT) for purposes of the Commodity Exchange Act (CEA) and...more

CFPB Tests the Limits of Tribal Lending Immunity With Cash Call Case

On December 16, 2013, the Consumer Financial Protection Bureau filed suit against Cash Call, Inc., WS Funding, LLC, Delbert Services Corporation and J. Paul Reddam (collectively “Cash Call”), alleging that the extremely high...more

Dealmaker’s Dish: Corporate Dealmaker Update

The Federal Reserve’s decision to begin tapering its bond buying program is likely to put a dent in M&A activity in 2014 because it will likely lead to higher interest rates, making deal financing more expensive, according to...more

FDIC’s Supervisory Insights Includes Article on Interest Rate Risk Management

The FDIC’s Division of Risk Management Supervision’s Winter 2013 issue of Supervisory Insights includes an article (the “Article”) that discusses how the banking industry’s asset mix and funding profile have shifted during...more

Financial Services Quarterly Report - Fourth Quarter 2013: Leveling the Playing Field: Recent Developments in Benchmarks...

The individuals and entities responsible for setting financial market reference rates or, more broadly, financial benchmarks, have not historically been subject to extensive regulation. Recent misconduct by banks with regard...more

Taking Advantage of Intra-Family Loans in a Low Interest Rate Environment

Interest rates are at historic lows. Family members may need help with financial or business transactions. This combination creates an opportunity for significant transfer tax savings for persons with the means to help their...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

2013 Recap: Changes in LIBOR That Could Affect the Agreements Concerning Your Financial Transactions

2013 saw a number of changes to LIBOR, the key interest rate benchmark that is used in a range of financial transactions. These changes have already impacted existing financial transactions, and, almost certainly, will...more

New York Targets Lead Generators In Expanded Online Payday Lending Investigation

On December 3, New York Governor Andrew Cuomo announced that the state Department of Financial Services (DFS) sent subpoenas to 16 online “lead generation” companies as part of its expanding investigation into online payday...more

The Portfolio Interest Exemption: A Pretty Good Thing

You know what’s better than earning portfolio interest? Nothing. OK, that may be an overstatement. But for non-U.S. lenders looking to earn a return on their U.S.-based investments, with respect to paying U.S. taxes, that’s...more

Public Lending Right Consultation 2014

The Department for Culture, Media & Sport has opened a consultation regarding the proposed rate per loan of the Public Lending Right for 2014....more

Protecting A Position By “Banging The Close” And “Spoofing” Will Be Penalized – The CFTC

On November 6, 2013, the Commodity Futures Trading Commission filed suit against Donald R. Wilson and his company, DRW Investments, for “banging the close” and “spoofing” the IDEX USD Three-Month Interest Rate Swap Futures...more

Illinois Supreme Court to Decide Whether Interest and Fees are Available on Legal Malpractice Claim

Our previews of the latest additions to the Illinois Supreme Court’s civil docket continue with Goldfine v. Barack, Ferrazzano, Kirschbaum and Perlman, a case from the First District Appellate Court. Goldfine poses a number...more

Changes of Note to Lenders From the 2013 Legislative Long Session

During the 2013 legislative session, several new laws were passed which directly affect the banking and financial services industries. While most of these changes are relatively minor, they are certainly worth noting. Below...more

The National Bank of Ukraine: Cap on maximum floating interest rate increase in loan agreements no longer imperative

The National Bank of Ukraine (the "NBU") reported on 23 October 2013 that its letter demanding parties to cross-border loan agreements to forecast maximum floating interest rate increases is no longer relevant....more

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