On March 27, the Office of the Comptroller of the Currency (OCC) issued a new asset-based lending handbook. This booklet “expands the asset-based lending (ABL) examination fundamentals discussed in the ‘Accounts Receivable...more
Too often, people lend money to family members with little planning and regard for potential unintended consequences. But a “family bank” can enhance the benefits of intrafamily loans, while minimizing the risks. A family...more
On March 27, the OCC issued the Asset-Based Lending (ABL) booklet, which is new to the Comptroller’s Handbook. The booklet provides guidance to examiners and bankers on ABL activities and risks, prudent credit risk management...more
According to a report by Kim Chipman and Carter Dougherty of Bloomberg, in a Q&A with state attorneys general that followed a speech today in Washington, D.C. to the National Association of Attorneys General, Director Cordray...more
Federal Reserve Board Proposes Amendments to Regulations Regarding Extensions of Credit by Federal Reserve Banks -
On Monday, December 23, 2013, the Federal Reserve Board proposed amendments to Regulation A (Extensions...more
On December 16, the CFPB announced a civil lawsuit against a California-based online loan servicer and its owner, subsidiary, and affiliate for allegedly violating the Consumer Financial Protection Act by collecting money...more
In honour of the current Ashes cricket series (and given that, at the time of writing, there has just been a resounding victory by Australia in the First Test), we have elected to focus this edition of Legal Notebook on a...more
In This Presentation:
- Crowdfunding - SEC Rules are Out - now what?
..JOBS Act Overview
..Backdrop: Current Crowdfunding Landscape – Five* Varieties
Los Angeles Businessman, David Raminfard, pleaded guilty on November 4th, 2013 in the Federal District Court in Los Angeles to conspiring to defraud the United States, the Justice Department and Internal Revenue...more
Reserve based lending (RBL) is a type of financing where a loan is secured by the undeveloped reserves of oil and gas of a borrower. The facility is repaid using the proceeds that derive from sales in the field or portfolio...more
In This Issue:
Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings.
Excerpt from Leading the Past Week -
While the Senate was on recess, the House was in, but staffs from...more
This guide considers some of the key issues related to lending activities in Canada by foreign entities.
Part I discusses the regulatory environment in which the foreign lender might be considered a “foreign bank” for...more
Many retailers and OEMs have engaged banks to provide private-label credit to their individual and small-business customers, or have joined with banks in offering them cobranded general-purpose credit. Many other...more
The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in The Otoe-Missouria Tribe of Indians et al. v. New York Department of Financial Services et al., a case stemming from New York’s...more
A few years ago, when condo developers began requiring significant up-front deposits from buyers prior to the finish of a project, it was a work-around for a lack of financing in the market.
In the last year, lenders...more
Last month, the Office of the Comptroller of the Currency published the Commercial Real Estate Lending handbook (August 2013). The 128 page handbook gives guidance to bank examiners and bankers on risks inherent in...more
A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...more
On August 20, the Office of the Comptroller of the Currency (OCC) issued the “Commercial Real Estate Lending“ booklet of the Comptroller’s Handbook to replace the OCC’s “Commercial Real Estate and Construction Lending”...more
On August 21, two Native American tribes and related entities announced a lawsuit against the New York Department of Financial Services (DFS) in response to its recent effort to halt the offering of online payday loans to New...more
The OCC issued a “Commercial Real Estate Lending” booklet (the “Booklet”) that is part of the Comptroller’s Handbook and that updates the OCC’s guidance for bank examiners and bankers and replaces its 1995 booklet entitled...more
Many lending institutions use the 365/360 method of calculating interest on their loans. This method involves applying the ratio of the annual interest over a year of 360 days, multiplied by the outstanding principal balance,...more
A recent article related to female entrepreneurs caught my eye. In connection with National Women’s History Month this past March, Wells Fargo announced its plans to commit to lend a total of $55 billion to U.S. women-owned...more
Consumer Financial Protection Bureau Director Richard Cordray recently provided a letter response to an inquiry from Democratic members of the House Committee on Financial Services requesting information about the Bureau's...more
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