Lenders

News & Analysis as of

Explanation of J. Crew “back-door” provision and proposal for how lenders might address this in their documentation.

Recently, J. Crew used a “back-door” provision in its credit facility to transfer approximately $250 million worth of intellectual property (“IP”) to an unrestricted subsidiary with the aim of borrowing against the...more

NY Proposed Budget Would Expand NYDFS Authority over FinTech Lending Companies

Lender license requirements recently included in the New York governor’s proposed 2017-2018 budget would expand the jurisdiction of the New York State Department of Financial Services (NYDFS) to cover many financial...more

The Devil's Dictionary of Bankruptcy Terms: Venue

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Court Rejects Lender’s Objection to Payment of Debtor’s Counsel’s Fees and Expenses from Pre-Petition Retainer

In a decision rendered on December 30, 2016, the bankruptcy court for the Southern District of Florida (the “Court”) addressed the debtor’s counsel’s interim application for an award of fees and expenses for services rendered...more

Security interests in the UK Capacity Market: new rules

Lenders and capacity providers in the UK’s Capacity Market will want to take note of new procedures introduced by National Grid in its role as the Capacity Market’s Delivery Body. The Capacity Market aims to incentivise...more

Financial Services Weekly News - February 2017 #3

Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

Understanding Agreements among Lenders: How the Unitranche Differs from an Intercreditor Agreement

When seeking a loan, borrowers require both good financial terms and an efficient closing process. Unitranche facilities help accomplish both goals by combining a senior/first lien credit facility with a junior/second lien...more

Southern District of New York holds that intercreditor agreement allows for payment of subordinated lender’s post-petition...

On January 27, 2017, the United States District Court for the Southern District of New York ruled that the subordinated creditor was entitled to payment of post-petition interest prior to repayment of the senior lender’s...more

Implied terms: Lord Neuberger's Cardinal Rule Applied

In IBRC v Camden, the Court of Appeal held that a lender's express contractual power to market a loan was not subject to an implied limitation that doing so should not interfere with the borrower's ability to obtain the best...more

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

Appellate Court Restores Lis Pendens Protections in Do-Ober Decision

The tides have turned in Ober v. Town of Lauderdale-By-The-Sea as the Fourth District Court of Appeal recently reversed its decision and revived the full impact of Florida’s lis pendens statute. By withdrawing and replacing...more

NEW BUSINESS OPPORTUNITY - Italian Lending Market Opens to EU Alternative Investment Funds

On 23 December 2016 the Bank of Italy issued the long-awaited implementing rules outlining the ability of EU alternative investment funds (“EU Credit AIFs”) to engage in direct lending in Italy. As a result, EU Credit AIFs...more

Inaccurate TILA Disclosures Not Enough to Create Standing

A district court from New York recently ruled that even assuming a creditor’s initial TILA disclosures fell short under the statutory requirements, the plaintiff must show an injury in fact in order to have standing under...more

CFPB Fines Lender and Real Estate Brokers for Improper Kickback Scheme

On Jan. 31, 2017, the Consumer Financial Protection Bureau (CFPB) filed consent orders against one of the largest independent residential mortgage lenders, two real estate brokers and a mortgage servicer for their roles in an...more

Minnesota State Court Defendants Win Partial Summary Judgment Over RFC and ResCap

Wednesday, February 1 brought a welcome development for the many correspondent lenders currently defending against claims filed by (or threatened with future lawsuits by) Residential Funding Company (“RFC”) and its...more

New court decision affects Florida foreclosures

Until late 2016, Florida appellate courts had not considered what happens to liens placed on property between a foreclosure final judgment and a foreclosure sale. However, an August 24, 2016 opinion issued by the Fourth DCA...more

Class Action Against Lending Club and WebBank Headed to Defeat

On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more

Managing a Dairy in Crisis: A Lender’s Guide

Managing a failing dairy is always a challenge for agricultural lenders. The complexity of large dairies, the nature of the collateral (live animals and perishable feeds), and the tight margins that exist when milk prices...more

Lenders Need to Understand Green Building Risks

During the recession, one of our developer clients advised us that he was fending off foreclosure on his high-rise by using the bank’s failure to include the source of the building’s air conditioning in its lien. The...more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

Top three trends in venture debt for 2017

As the bank regulatory environment continues to tighten, and the private credit markets expand, venture debt remains a go-to source of working capital for venture-backed growth stage companies. While the terms, players and...more

Can we help you? NSW Supreme Court provides guidance on Code of Banking Practice

A recent decision by the Supreme Court of New South Wales has provided some useful guidance on the meaning of clause 28.2 of the Code of Banking Practice (Code) that obliges banks to “… try to help you overcome your financial...more

Important Banking Development From California Courts

Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more

Algorithms and bias: What lenders need to know

The algorithms that power fintech may discriminate in ways that can be difficult to anticipate—and financial institutions can be held accountable even when alleged discrimination is clearly unintentional....more

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