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UPDATED: FinCEN’s New Interim Final Rule (1) Exempts Domestic Companies from Corporate Transparency Act Reporting and (2) Sets New...

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) issued a new interim final rule (new IFR) significantly limiting the scope of reporting required under the...more

FinCEN’s New Interim Final Rule (1) Exempts Domestic Companies from Corporate Transparency Act Reporting and (2) Sets New...

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury (Treasury) significantly limited the scope of reporting required under the Corporate Transparency Act (CTA)....more

Michigan Federal Court Holds CTA Reporting Rule Unconstitutional, Enjoins Enforcement Against Named Plaintiffs

On March 3, 2025, a Michigan federal district court in Small Business Association of Michigan v Yellen, Case No. 1:24-cv-413 (W.D Mich 2025) (SBAM), held that the CTA’s reporting rule is unconstitutional under the Fourth...more

Treasury May Be Shifting CTA Reporting Rule Away from Domestic and Toward Foreign Reporting Companies

On March 2, 2025, the United States Department of Treasury announced that it will not enforce fines or penalties based on the existing deadlines for reporting beneficial ownership information under the CTA beneficial...more

FinCEN Again Delays CTA Reporting Deadlines and Suspends Enforcement

On February 27, 2025, the U.S. Financial Crimes Enforcement Network (FinCEN) announced that it intends to issue an interim final rule by March 21, 2025, with extended beneficial ownership information reporting deadlines. It...more

Recent Developments: Nationwide CTA Injunction Lifted, New March 21, 2025, Reporting Deadline Set, and Reporting Rule May Be...

On January 23, 2025, the United States Supreme Court (SCOTUS) reversed the U.S. district court’s preliminary injunction staying the Corporate Transparency Act (CTA) and the implementing Reporting Rule in Texas Top Cop Shop v...more

CTA Reporting Back On!

On February 19, 2025, the Financial Crime Enforcement Network (FinCEN) published an updated alert stating that, in view of the Smith district court’s decision lifting its nationwide stay of the CTA reporting rule, “beneficial...more

Fifth Circuit Reinstates Texas Federal District Court’s Nationwide Preliminary Injunction and Stay of the Corporate Transparency...

Late in the day on December 26, 2024, the United States Court of Appeals for the Fifth Circuit reinstated a nationwide injunction staying enforcement of the Corporate Transparency Act (CTA) and its reporting rules and...more

Fifth Circuit Stays the Texas Federal District Court’s Nationwide Preliminary Injunction and Stay of the Corporate Transparency...

On December 23, 2024, in Texas Top Cop Shop, Inc. v. Merrick Garland, Civil Action No.4:24-CV-478 (5th Cir. 2024), the Fifth Circuit Court of Appeals lifted a nationwide preliminary injunction and stay of the U.S. Corporate...more

Texas Federal District Court Enjoins Enforcement of Corporate Transparency Act and Implementing Reporting Rule Nationwide

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction temporarily enjoining the Corporate Transparency Act (CTA), 31 U.S.C. §5336 and its implementing...more

Cracks in the Corporate Transparency Act?

On March 1, 2024, an Alabama federal court declared the Corporate Transparency Act (CTA) unconstitutional—but only enjoined its enforcement as to the specific litigants. As described in our prior alerts, the CTA...more

Whose Risk? Impossibility and Frustration of Purpose in Michigan Leases

Following the COVID‑19 pandemic, many parties and jurisdictions grappled with how shutdown orders affected their private contract rights. Our commentary from March 2020 is still a good starting point for evaluating these...more

Unconstitutional 'self-actualizing, perpetual funding mechanism' may pose new problem for Consumer Financial Protection Bureau

On October 19, the Fifth Circuit Court of Appeals vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule. Although the holding is narrow, its rationale suggests—at least according to one court—that...more

Receiverships Under Michigan's New Assignment of Rents Act

The Michigan Uniform Assignment of Rents Act (“MUARA”), which takes effect on September 22, 2022, strengthens both the right to obtain a receiver and the power of the receiver to collect past due rent. The MUARA also confirms...more

How Michigan's New Assignment of Rents Act Affects Commercial Tenants

The Michigan Uniform Assignment of Rents Act (MUARA) will take effect on September 22, 2022, and has important implications for a tenant's rights. If a tenant's landlord defaults on its loan, to whom must the tenant pay rent,...more

When do Secured Lenders Have to Pay for Operating Expenses?

Secured lenders whose commercial loans are in default often face a serious question: should they allow a commercial property’s expenses to be paid, potentially increasing their losses? Or should they minimize their immediate...more

Hotel Revenues Are "Rents" Under New Michigan Law

On June 24, 2022, Michigan passed the Michigan Uniform Assignment of Rents Act (MUARA). When it did, Michigan became the first state with a Uniform Assignment of Rents Act that expands the definition of "rents" to include...more

Foreclosure Does Not Extinguish Assignment of Rents

Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more

Michigan Adopts Its Version of the Uniform Assignment of Rents Act

In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender when (1) a commercial loan is secured by a...more

CDC Eviction Moratorium: The Final Word

The United States Supreme Court nullified a nationwide residential eviction moratorium that has been in place for nearly a year. Alabama Association of Realtors v. U.S. Department of Health and Human Services, 594 U.S. ----...more

CDC Eviction Moratorium Not Quite Over: Where Do We Go From Here?

Last September, the Centers for Disease Control and Prevention (CDC) ordered a nationwide eviction moratorium on residential properties. 85 Fed. Reg. 55,292 (Sept. 4, 2020). On May 5, 2021, the United States District Court...more

Michigan Court of Appeals Holds That Development Agreement Obligations are Extinguished in Tax Foreclosure

The Michigan Court of Appeals recently held that assessments on a property under a development agreement between a city and the property's former owner did not survive a tax foreclosure and therefore were not liens against...more

Practice Pointer: Should Lenders Use Pre-Negotiation Agreements?

Some states feature statutes of frauds that protect lenders, but not all such statutes of frauds protect all lenders, and some offer more protection than others. Just as critically, many people now communicate predominantly...more

Practice Pointer: When is an Agreement Enforceable Against a Bank?

The short answer is that an agreement is enforceable against a bank when the agreement is in writing and signed by the bank. But, the answer really depends on the jurisdiction involved....more

Courts Are to Remain Open Under Michigan's Shelter In Place Order

On March 23, 2020, Michigan joined the growing ranks of states issuing shelter in place orders, designed to slow the spread of COVID-19. Michigan, like other states, recognizes exceptions to this mandate for essential...more

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