News & Analysis as of

Fees Interest Rates

Seward & Kissel LLP

Hertz So Good, Drawing Lots, and Sack Lunch

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Hertz Noteholders Land Win in Bankruptcy Interest Payoff Fight | Bloomberg Law - On Tuesday, an appeals court ruled that car rental company the Hertz Corp, which emerged from bankruptcy in 2021, must pay over $270 million...more

Troutman Pepper

CFPB Fixes Spotlight on Credit Card Rewards Programs

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) published an Issue Spotlight focusing on consumer complaints relating to credit card rewards programs. The report notes that credit card companies often...more

Hinshaw & Culbertson - Consumer Crossroads

Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York

The Buy Now Pay Later ("BNPL") legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and,...more

DailyPay, Inc.

Earned Wage Access: The Anti-Loan

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Currently, more than 60% of Americans are living paycheck-to-paycheck. And for the average American household, emergency expenses don’t always align perfectly with the typical biweekly payday. This financial strain leads...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report: Credit Card Companies Charged Consumers $130B in Interest and Fees

On October 25, the CFPB released its sixth biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). The report found that in 2022 credit card companies charged...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023

FTC Amends Safeguards Rule to Require Non-Banking Financial Institutions to Report Data Security Breaches - “Amendment will require non-bank financial institutions to report when they discover that information affecting...more

Pillsbury Winthrop Shaw Pittman LLP

Not So Fast: Satisfaction of Default-Rate Interest Required before Loan Reinstatement

A New York Bankruptcy Judge held that a debtor must pay default-rate interest and fees to a secured lender as a condition to reinstatement of defaulted and accelerated debt under a chapter 11 plan. A debtor must pay...more

Sheppard Mullin Richter & Hampton LLP

CFPB 2022 Loan Data: Decrease in Originations; Increase Loan Payments, Fees

On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide...more

Dechert LLP

SEC Adopts Money Market Fund Reforms; Form PF Amendments

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Today, the Securities and Exchange Commission, by a vote of 3 to 2, approved amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940 (Amendments). Among other things,...more

Harris Beach PLLC

New Mortgage Fees Tied to Credit Scores Gain Media Attention, Raise Questions

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On May 1, 2023, new loan-level price adjustments (“LLPAs”) for single-family mortgages purchased by Fannie Mae and Freddie Mac (the “agencies”) went into effect. The Federal Housing Finance Agency (“FHFA”) – the independent...more

Patton Sullivan Brodehl LLP

Default Interest Based on Single Late Payment Declared Unenforceable

It is not uncommon for loan agreements to provide for fees, penalties, and default interest in the event of the borrower’s late payment. However, a case recently published by California’s First Appellate District — Honchariw...more

White & Case LLP

The Basics of Bridge Loans - European Leveraged Finance Client Alert Series: July 2022

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Bridge loans are a key way to finance large acquisitions, but their terms are very specialized. In "The Basics of Bridge Loans", the White & Case team explains the key terms of bridge loans and discusses some challenges faced...more

Miller Canfield

Commitment Fees Might Constitute Interest Under Michigan Law

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Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more

DailyPay, Inc.

Unfair and Deceptive Acts and Practices: Tips

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If I told you I was going to give you money now and forcibly take it back from you a few days from now, that is a loan. If you paid me a fee for this, you’d probably presume this to be interest on your loan. But what if...more

McDermott Will & Emery

Are Crypto Loans Taxed as Loans?

Transactions involving the borrowing and lending of units of virtual currency (or crypto loans) are increasing in number and type. Lacking Treasury or IRS guidance with respect to crypto loans, potential tax issues that arise...more

A&O Shearman

New Case Law on Upfront Fees in German Loan Agreements

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On 4 July 2017, the German Federal Court of Justice (BGH)—in two separate cases—held that pre-formulated agreements on work fees that are payable independent from the term of the underlying loan and agreed between a financial...more

Proskauer Rose LLP

Wealth Management Update - February 2017

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February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The February § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 2.19.16

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Barclays has agreed to pay $50 million to settle claims by Plaintiff Axiom Investment Advisors that it “misused a system intended to block stale foreign exchange prices as a way to boost the bank’s profits while hurting...more

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