News & Analysis as of

Emergency Response Financial Institutions

Blake, Cassels & Graydon LLP

Loi sur les mesures d’urgence : personnes désignées et entreprises de services monétaires

Le 15 février 2022, en réponse aux événements rattachés au convoi national de camionneurs, le gouvernement du Canada a, par proclamation, déclaré l’état d’urgence en vertu de la Loi sur les mesures d’urgence et a...more

Blake, Cassels & Graydon LLP

The Emergencies Measures Act: Designated Persons and Money Services Businesses

On February 15, 2022, in response to the events related to the Canadian truckers’ convoy, the Canadian government issued a proclamation under the Emergencies Act and passed an Emergency Economic Measures Order (Order)...more

Tucker Arensberg, P.C.

Cares Act Mortgage Forbearances: Where is the Peak?

Tucker Arensberg, P.C. on

On April 16, 2020, Black Knight Inc., a leading provider of mortgage and lending analytics, reported that 5.5% or 2.9 million homeowners have entered into CARES Act Forbearance Plans. As of May 7, 2020, Black Knight Services...more

A&O Shearman

Bank of England Announces COVID-19 Changes to Resolution Measures

A&O Shearman on

The Bank of England and U.K. Prudential Regulation Authority have issued a statement on changes to the resolution measures applicable to the major U.K. banks and building societies, designed to ease the operational burden on...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During the Coronavirus Pandemic: Tips for Negotiating Forbearance Agreements

In many cases, borrowers and lenders are working together to weather this crisis. A forbearance agreement is often the first step—after a pre-negotiation agreement is entered into. A forbearance agreement can benefit both...more

Latham & Watkins LLP

COVID-19: PRA Welcomes Suspension of Dividends, Share Buybacks, and Cash Bonuses

Latham & Watkins LLP on

Seven of the largest systemically important UK deposit-takers to suspend dividends and share buybacks and to cancel payments of any outstanding 2019 dividends. On 31 March 2020, the PRA published a statement on deposit...more

Ballard Spahr LLP

NYDFS Adopts Emergency Regulation Requiring COVID-19 Mortgage Loan Forbearance

Ballard Spahr LLP on

On March 24, 2020 the New York State Department of Financial Services (NYDFS) adopted on an emergency basis a regulation that requires New York-regulated banking organizations and New York-regulated mortgage servicers subject...more

Cole Schotz

COVID – 19 Update: New York Residential Mortgage And Other Banking Relief

Cole Schotz on

On March 21st New York Governor Andrew Cuomo issued an executive order which seeks to protect individuals who experience financial hardship as a result of the COVID-19 pandemic. The executive order does the following: 1....more

Chartwell Law

In the Face of the COVID-19 Pandemic's Impact on Business and Policyholders, the New York Department of Financial Services Sets...

Chartwell Law on

The World Health Organization’s (“WHO”) formal declaration that the spread of the novel coronavirus COVID-19 is now a pandemic, accompanied by the United States’ Federal Government and individual states’ “state of emergency”...more

Latham & Watkins LLP

US Federal Banking Agencies Introduce Additional Measures to Address COVID-19-Related Risks

Latham & Watkins LLP on

The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic. The three US federal banking agencies — the Board of Governors of the Federal...more

A&O Shearman

The Fed Repurposes the Financial Crisis Playbook for Pandemic Response

A&O Shearman on

In the face of the coronavirus (“COVID-19”) pandemic, the U.S. Federal Reserve Board (the “Fed”) and the U.S. federal banking agencies have announced several market and supervisory actions to address the sudden market stress...more

Nutter McClennen & Fish LLP

Nutter Bank Report: Special Edition: Working with Customers Affected by COVID-19

The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more

WilmerHale

Federal Reserve Announces Commercial Paper Funding Facility

WilmerHale on

In a significant move to provide liquidity to U.S. corporations, the Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (“CPFF2020”). The Federal Reserve’s action parallels its...more

Nutter McClennen & Fish LLP

Nutter Bank Report: Special Edition

The FFIEC recently issued updated guidance on actions that banks should take to minimize the potential adverse effects of a pandemic. The Interagency Statement on Pandemic Planning (“Interagency Statement”) released on March...more

Downs Rachlin Martin PLLC

News from the Vermont Statehouse - An Analysis from DRM’s Government & Public Affairs Team - April 2017 #2

Senate Money Panel Passes Budget Bill - On a vote of 7-0, the Senate Appropriations Committee passed a $5.8 billion budget on Friday that closes a $72 million projected gap between revenues and expenditures in the 2018...more

Cozen O'Connor

U.S. Departments of the Treasury and Commerce Announce Additional Revisions to Cuba Sanctions Regulations

Cozen O'Connor on

Last week, the Department of the Treasury and the Department of Commerce announced additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building off the changes put...more

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