The hotel industry appears to be on an uptick, which is good news for lenders. Hotel construction in May 2014 is up over 13% from the same time period in 2013. Moreover, record high occupancy rates and low supply could...more
On July 9, 2014, Governor Tom Corbett signed into law Act 117 of 2014 which amends the Mechanics’ Lien Law to grant lien priority to open-end mortgages over mechanics’ liens, provided that sixty percent (60%) of the proceeds...more
On June 12, Louisiana Governor Bobby Jindal signed HB 766, which requires all creditors seeking to conduct any consumer credit transaction or deferred presentment transaction to obtain a license in the state, regardless of...more
By now it is a known fact that one of the most important features of an examination conducted by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a rigorous review of fair lending compliance. So, given its...more
On 5 June 2014 the UK Parliament passed the Public Lending Right Scheme 1982 (Commencement of Variations) Order 2014 (“Order“), implementing its obligations under the Rental and Lending Directive.
Under the Public...more
On May 14, six Senate Democrats, including Senate Banking Committee Members Jeff Merkley (D-OR) and Elizabeth Warren (D-MA), sent a letter to CFPB Director Richard Cordray asking that the CFPB consider the proposals included...more
In Baker v. Bank of America, N.A., No. 5:13-CV-92-F, 2014 U.S. Dist. LEXIS 9578 (E.D.N.C. Jan. 27, 2014), the United States District Court for the Eastern District of North Carolina held that even if a consumer timely...more
Mortgage repurchase demands are par for the course in the world of mortgage lending, but they should not be ignored. Before you act, consider the following strategies for handling mortgage repurchase demands.
On April 30, the CFPB published its second annual report to Congress on its fair lending activities. According to the report, in 2013 federal regulators referred 24 ECOA-related matters to the DOJ—6 by the CFPB—as opposed to...more
Securities lending is a type of transaction in which an entity ("Lender") with a large portfolio of securities (e.g., a pension fund or endowment) lends its securities to a borrower ("Borrower") in exchange for collateral...more
In the increasingly competitive lending market, how does a lender separate itself from the herd? By informing borrowers about new mandatory disclosure regulations and potentially saving them money in complying with such...more
The United States Supreme Court indicated that it will review an opinion from the United States Court of Appeals for the Eighth Circuit involving whether notice alone was sufficient to effectuate a rescission under the Truth...more
Few people following the crowdfunding space have been able to ignore the recent meteoric rise of online direct lending, often called “peer-to-peer” (P2P) lending. What started out as a simple one-to-multiple consumer lending...more
In a recent case the Court of Appeal has answered “yes” to the question of whether loan agreements are debentures. Reversing the decision of the judge at first instance, the Court concluded that the literal words of the...more
#5: When your plaintiff has another means to get the funds they need, say no.
Lawsuit funding companies exist to serve those plaintiffs who have no other options. For plaintiffs who have exhausted all credit/loan...more
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
Back to Top