A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more
5/7/2024
/ Appeals ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Due Diligence ,
Petition for Writ of Certiorari ,
SCOTUS ,
Securitization ,
Unfair or Deceptive Trade Practices
The SEC released the final Securities Act Rule 192 relating to conflicts of interest in asset-backed securities transactions on November 27, 2023. In this OnPoint, we summarize the provisions of the final Rule 192 and...more
12/7/2023
/ Asset-Backed Securities ,
CMBS ,
Conflicts of Interest ,
Fannie Mae ,
FHFA ,
Final Rules ,
Freddie Mac ,
Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Sponsors
On October 30, 2023, after continued pressure from legislators and industry participants—and a recent lawsuit—the SEC issued an order providing relief for fixed-income securities sold pursuant to Rule 144A from the public...more
Key Takeaways -
CRE CLOs are attractive exit strategies for lenders of commercial bridge loans, in part due to the flexibility the structure provides in the modification of performing loans.
n light of adverse...more
After a decade of regulatory inaction on the matter, the SEC recently re-proposed regulations implementing the Dodd-Frank Act’s prohibition on material conflicts of interest in securitization transactions.
The proposed...more
In 2021, the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) surprised the industry when it issued an interpretation stating that fixed income securities (including asset-backed securities) fall...more
12/2/2022
/ American Bar Association (ABA) ,
Asset-Backed Securities ,
Broker-Dealer ,
Compliance ,
Credit Enhancements ,
CREFC ,
Institutional Investors ,
No-Action Requests ,
Rule 144A ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SIFMA
In 2013, the Obama administration issued the Cole Memorandum, which called a truce between federal prosecutors and marijuana businesses operating legitimately under state law. After regime change in Washington, however, it...more
9/7/2018
/ Bankruptcy Court ,
CMBS ,
Cole Memorandum ,
Commercial Leases ,
Commercial Loans ,
Controlled Substances Act ,
Department of Justice (DOJ) ,
Dispensaries ,
Federal Reserve ,
Marijuana Related Businesses ,
Mortgage-Backed Securities ,
Mortgages ,
Non-Bank Lenders ,
Nonbank Firms ,
Obama Administration ,
OCC ,
Securitization
In seven short years, the Consumer Financial Protection Bureau (CFPB) has managed to court controversy across the political spectrum. Under the leadership of former Director Richard Cordray, the bureau (for better or worse)...more