Loans

News & Analysis as of

New regulation tightens Vietnam sovereign guarantees

A new regulation took effect from 1 March 2017 on Vietnam sovereign guarantees for loans, commonly referred to as MOF Guarantees. Decree 04 imposes more stringent conditions on the issuance of MOF Guarantees compared with its...more

Your Daily Dose of Financial News

Eddie Lampert’s Sears mega-gamble appears to finally be catching up with him. Or the store, at least. Mr. Lampert, it seems, will come out not as worse for the wear as one might have expected....more

Driver’s License Please – Article 9 Style

If you are loaning money in Pennsylvania on a secured basis you must use the name of your individual debtor as stated on his/her driver’s license for your financing statement. 13 Pa.C.S.A. § 9503(a)(4). Secured lenders...more

Consumer Lending Industry Targeted by the Alabama Legislature

Last month, a group of 45 members of Alabama’s House of Representatives introduced a proposed amendment to the Alabama Constitution that would cap the interest rate a lender may charge an individual on a “consumer loan, line...more

Commercial Division Dismisses Claim Against Major Chinese Securities Firm Due to Lack of Personal Jurisdiction

In Lantau Holdings, Ltd. v. Orient Equal International Grp., No. 653920/2016, 2017 BL 77469 (Sup. Ct. Mar. 6, 2017), Judge Anil C. Singh of the New York County Commercial Division dismissed several claims by the plaintiff,...more

Tennessee's Bankers to CFPB: "Regulation by Enforcement" Concerns Loom Large

The conference room was filled to capacity as bank presidents, chief compliance officers and lending executives sat in a U shape, facing the two speakers. A fissure of tension hung in the room and the audience looked...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

Financial Services Weekly News - March 2017 #3

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

Court Affirms Conviction In Case Involving $126 Million Loan For Shopping Mall Transaction, Rejecting Argument That Sentence...

In a summary order on March 8, 2017, the Second Circuit (Katzmann, C.J. and Pooler and Lynch, J.) affirmed the conviction and sentence for wire fraud in United States v. Frenkel. The case attracted some public attention...more

“PACE” for Residential and Commercial Renewable Energy Projects – What is it?

“PACE” – Is it the new buzzword? Lately, it seems I keep hearing about securitizations backed by PACE financings. What is a PACE financing program, and what is happening in the securitization market?...more

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

CFPB Monthly Report Returns its Focus to Credit Reporting and Mortgage Complaints Fall Out of the Top Three

The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more

Michigan Department of Insurance and Financial Services Announces New Online Complaint Form

The Michigan Department of Insurance and Financial Services (DIFS) has announced the launch of a finalized version of its online portal to assist Michigan consumers with the filing of electronic complaints. DIFS' Office of...more

Maryland Issues Revised Proposed Rules for Servicing Transfers

The Maryland Commissioner of Financial Regulation recently issued a revised proposed regulation impacting servicing transfers. The Commissioner previously issued proposed regulations on this topic in January 2015. This...more

West Coast Real Estate Update: February 2017 #2

Jury Trial Waiver Undone by a Fundamental California Policy - It is common for commercial contracts to contain a choice of law provision. Some commercial contracts may even contain a clause that waives the right to seek...more

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

New lending opportunities for EU Alternative Investment Funds in Italy

On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated...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

The Problem With Loans

When I draft a new 401(k) plan for a client, I’ll recommend a loan provision even though it can be an administrative headache. The reason that I add it because I think participants need to have access to money if in their...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

Blog: Negotiating the Venture Debt Term Sheet

Now that you’ve decided that borrowing money is a better option than doing an equity round, how do you determine the terms of the loan? Venture debt lenders will typically present you with a term sheet so you can evaluate...more

Novità in materia di direct-lending. Gli OICR di credito

In data 23 dicembre 2016, Banca d'Italia ha integrato il regolamento sulla gestione collettiva del risparmio (il "Regolamento") con cui, inter alia, viene data attuazione all'art. 46-ter del d.lgs. n. 58/1998 ("TUF"),...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

Recent California Court of Appeal Decision Invalidates Jury Trial Waiver Made Under New York Law

A recent California Court of Appeal decision may have a major impact on the enforceability of jury trial waivers in loan agreements and other documents governed by New York law. In Rincon EV Realty LLC v. CP III Rincon...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

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