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Financial Contracts

Thomas Fox - Compliance Evangelist

The Affordable Housing Crisis

We conclude our three-part blog series with a look at the affordable housing crisis. It is an omnipresent challenge facing many communities across the United States. From small towns like Kerrville, Texas, to bustling cities...more

Seward & Kissel LLP

IRS Proposes Regulations Regarding Tax Treatment of Certain Basket Option Contracts and Basket Contracts

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Last week, the Internal Revenue Service (“IRS”) proposed regulations (the “Proposed Regulations”) to treat certain basket contracts as listed transactions. Basket contracts were previously identified as transactions of...more

Carlton Fields

Third Circuit Reverses Order Denying Motion to Compel Arbitration, Holds Arbitration Clause in Consumer Financing Agreement Is...

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In Mancuso v. MDG USA Inc., the Third Circuit Court of Appeals considered defendant MDG’s appeal of an order denying its motion to compel arbitration of the plaintiff’s lawsuit alleging violations of state and federal fair...more

Cadwalader, Wickersham & Taft LLP

Beware of Monsters

In a rare application of Section 1234A, the Tax Court has held that extending the settlement dates of a set of variable prepaid forward contracts (“VPFCs”) was an exchange for a second set of VPFCs that terminated the...more

Ballard Spahr LLP

442 Congress members did NOT join anti-arbitration letter to CFPB

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Recently, 93 members of Congress (all Democrats) signed a letter in support of the pending Petition for Rulemaking filed by consumer advocacy groups in September that would prohibit pre-dispute consumer arbitration clauses...more

Ballard Spahr LLP

Professor Sovern’s reply underscores need for consumer education

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Recently, Professor Sovern replied to our blog post that commented on the letter that he and 160 other law academicians submitted to the CFPB in support of the pending Petition for Rulemaking that would prohibit pre-dispute...more

Ballard Spahr LLP

CFPB rulemaking on post-dispute consumer arbitration agreements not mentioned in Fall 2023 rulemaking agenda: is there...

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As we reported, the CFPB just released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions....more

Ballard Spahr LLP

Comment letters from consumer advocates bolster case against CFPB rulemaking on post-dispute arbitration clauses

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We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups...more

Troutman Pepper

FTC and Wisconsin DOJ Settle with Auto Group over Alleged Illegal Add-Ons and Discrimination Against American Indian Consumers

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On October 24, the Federal Trade Commission (FTC) and the Wisconsin Department of Justice announced a settlement with Wisconsin auto dealer group Rhinelander Auto Center, Inc. (Rhinelander), its current and former owners, and...more

Ballard Spahr LLP

California ends automatic stays of litigation when orders denying motions to compel arbitration are appealed

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Currently, California trial court proceedings are automatically stayed when a party appeals an order denying a motion to compel arbitration.  However, on October 10, 2023, Governor Newsom signed California Senate Bill No. 365...more

Carlton Fields

Expect Focus - Volume III, September 2023

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Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more

Carlton Fields

SCOTUS Removes Burden Handicapping Appeals Seeking Arbitration

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The U.S. Supreme Court’s June 2023 decision in Coinbase Inc. v. Bielski requires that district court litigation in any matter remain in the starting gate while any appeal from a denial of a motion to compel arbitration in...more

Troutman Pepper

After Initiating Credit Risk Show Cause Proceedings in 2022, FERC Finds that CAISO’s, ISO-NE’s, and NYISO’s Tariffs Remain Just...

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On September 21, 2023, the Commission issued separate orders on show cause proceedings finding that the existing tariffs of the California Independent System Operator Corporation (“CAISO”), ISO New England Inc. (“ISO-NE”),...more

Cadwalader, Wickersham & Taft LLP

Foreign Sovereign Immunity Garden Guide September 2023 - Laying the Groundwork on Foreign Sovereign Immunity

The doctrine of sovereign immunity is a foundational element of the interplay between a governmental investor’s contractual obligation to satisfy capital calls and a fund’s or lender’s ability to enforce that obligation...more

Ballard Spahr LLP

New study targets arbitration opt-outs in online contracting, but misses the point

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Professor Jeff Sovern, who recently joined the University of Maryland Francis King Carey School of Law faculty, has recently blogged about a forthcoming Study by academicians at other institutions that will be published in...more

Ballard Spahr LLP

If consumers are “clueless” about arbitration, it’s not industry’s fault

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Last week, Professor Jeff Sovern of St. John’s University School of Law published a blog post discussing a new empirical study by Roseanna Sommers, Assistant Professor of Law at the University of Michigan Law School, dealing...more

Ballard Spahr LLP

Challenges accepted, Professor Sovern

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Our response to Professor Sovern’s article about arbitration opt-outs and so-called “dark patterns” prompted a reply in which he poses two “challenges”: (1) “prove that opt outs benefit consumers by telling us how many...more

Ballard Spahr LLP

FTC requests comment on consumer advocate petition regarding auto “yo-yo financing”

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On May 31, 2023, the Federal Trade Commission (“FTC”) requested public comment on a petition for rulemaking it received from six national consumer advocate groups regarding “yo-yo sales,” a term the groups use to refer to...more

Cadwalader, Wickersham & Taft LLP

Fore!ward June 2023 - Make-Whole Clauses: It's All About the Enforceability Question

Make-whole clauses (also known as prepayment premiums, call premiums or call protection) are provisions in financing transactions that require the borrower to make a specified payment to the lender if a loan is prepaid before...more

Ballard Spahr LLP

Arbitration opt out provisions benefit consumers, Professor Sovern

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For the past decade, Professor Jeff Sovern has criticized companies for including opt out provisions in their consumer arbitration clauses, even though such provisions give consumers freedom of choice by allowing them to...more

BCLP

More good news for depositors of Silicon Valley Bank and Signature Bank

BCLP on

Here is the latest regarding the former Silicon Valley Bank of Santa Clara, California (“SVB”) and Signature Bank of New York, NY (“SB”) as of Monday, March 13, 2023 according to the FDIC and other regulators. We expect to...more

Nelson Mullins Riley & Scarborough LLP

SEC Division of Corporation Finance Releases Updated Financial Reporting Manual

The SEC’s Division of Corporation Finance, or CorpFin, has released an updated financial reporting manual (FRM). In keeping with prior convention, updates as of Dec. 31, 2022, are marked with a “Last updated: 12/31/2022”...more

Ballard Spahr LLP

California expands co-signer notice requirement

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On August 15, 2022, the California governor signed SB 633 into law, expanding the obligations of creditors obtaining the signatures of more than one person on a consumer credit contract, including a motor vehicle lease, who...more

Katten Muchin Rosenman LLP

California Court of Appeal Ruling Limits Application of Default Interest

The California Court of Appeal recently ruled that California law treats default interest measured against the unpaid principal balance of a loan as an unenforceable penalty. In Honchariw v. FJM Private Mortgage Fund, LLC...more

McGlinchey Stafford

California Amends Cosigner Notice for Consumer Credit Contracts

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On August 15, 2022, the California governor signed SB 633, which expands the obligation of creditors to provide a cosigner notice when obtaining more than one person’s signature on a consumer credit contract. For purposes of...more

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