News & Analysis as of

Hurricane Maria

La Salsa Nunca Se Acaba (Salsa Never Ends)

by Gerald Nowotny on

Act 20 and Act 22 in the Aftermath of Hurricane Maria – The Contrarian’s Nirvana - Overview - By now every American is aware of the hurricane devastation in Puerto Rico. The PR’s 9/11 occurred on September 20, 2017....more

Maria, Where Are The Claims?

by Zelle LLP on

In the six months since Hurricane Maria devastated Puerto Rico, much progress has been made. Water service has been restored to 99% of the island and electricity to 93%. Of the total losses in the Caribbean from Maria,...more

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Drones Helping to Restore Power in Puerto Rico

In the mountains near Ponce, Puerto Rico, after Hurricane Maria tore through, the terrain made it difficult to repair power lines that stretched from peak to peak. For over four months, the entire area was in the dark and so...more

FDIC, Federal Reserve Board, and OCC Issue Interagency Statement on CRA Consideration for the U.S. Virgin Islands and Puerto Rico...

by Weiner Brodsky Kider PC on

The interagency statement recently issued by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors (FRB), and the Office of the Comptroller of the Currency (OCC) addresses the availability of...more

The Eerie Similarities Between The Gulf Spill In 2010 And Hurricane Maria In Puerto Rico 7 Years Later: How the Facts About the...

by K&L Gates LLP on

The massive public attention focused on the Jones Act in Puerto Rico immediately after Hurricane Maria was eerily analogous to the public spotlight on the law during the Deepwater Horizon oil spill (the “Gulf Spill”) in the...more

US Federal Banking Regulators Announce Favorable Community Reinvestment Act Consideration to Aid Areas Affected by Hurricane Maria

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System, the US Office of the Comptroller of the Currency and the US Federal Deposit Insurance Corporation announced that the agencies will give favorable consideration under...more

Deadline to Report Qualified Payments for Disaster Assistance with the Puerto Rico Department of the Treasury is Soon Approaching

by Littler on

On October 4, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination No. 17-21 (AD 17-21) to exclude from gross income certain payments employers made to employees for...more

Smith to Moderate Judges’ Panel at ABI Symposium to Benefit Puerto Rico

by Moore & Van Allen PLLC on

Charlotte Bankruptcy Member and Team Leader Zach Smith will be moderating a panel of Puerto Rico’s Bankruptcy Judges at the American Bankruptcy Institute’s Caribbean Insolvency Symposium on February 1 in Miami, Florida....more

Congress Passes Government Funding Measures

by Baker Donelson on

On December 21, Congress passed a bill to continue funding the government through January 19, 2018, averting a potential government shutdown ahead of the December 22, 2017, deadline for the previous funding measure. The House...more

Puerto Rico Department of the Treasury issues Q&As Clarifying Guidance on Qualified Payments Made for Hurricane María Disaster...

by Littler on

As previously discussed, on October 4, 2017, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination No. 17-21 (“AD 17-21”) granting temporary income tax exemption for payments...more

2017 Hurricane Season the Costliest on Record

by Locke Lord LLP on

The 2017 United States Atlantic hurricane season, which officially ended on November 30, was the most expensive ever according to one report. Disaster modelers Chuck Watson and Mark Johnson concluded that total damages for...more

Puerto Rican Evacuees Increase Pressure for Affordable Housing in Florida

More than 150,000 people have left Puerto Rico since Hurricane Maria devastated the island in September and have come to Florida. This surpasses the number of Cubans who fled to Miami in the Mariel boatlift of 1980. ...more

Puerto Rico Treasury Department Issues Post-Hurricane Rules for Qualified Retirement Plan and IRA Distributions and Loans

by Littler on

On November 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide special rules and procedures applicable to distributions from...more

Puerto Rico Secretary of Labor Issues Opinion Regarding Allowed Payroll Deductions Following Hurricanes Irma and María

by Littler on

On November 10, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources (“Secretary”) issued Opinion No. 2017-002 (“Opinion”) addressing allowable deductions from non-exempt employees’ pay following...more

Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent...

by Littler on

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions...more

Puerto Rico’s New Post-Hurricane Guidance: A How-To on Paying Exempt and Non-Exempt Workers

On October 17, 2017, the Secretary of the Puerto Rico Department of Labor and Human Resources (Secretary of Labor) published Opinion No. 2017-001, providing further guidance to private-sector employers on how they should...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Samsung, beset by top-level resignations and a mess of bribery allegations reaching the former South Korean President and the crown prince of the family’s chaebol, has announced a new slate of execs “In an effort to bring...more

Puerto Rico Agencies Issue Employee-Related Guidance, Tax Relief In Wake Of Hurricane

by Jackson Lewis P.C. on

The passage of Hurricane María through Puerto Rico in September 2017 left catastrophic damages. In an effort to encourage employer assistance and provide temporary economic relief to employees in Puerto Rico, local government...more

Big Pharma BI, CBI, and Service Interruption Claims Percolating in Puerto Rico

by Zelle LLP on

As recovery and rebuilding efforts drag on in Puerto Rico, Hurricane Maria’s impact on Big Pharma is radiating across the U.S., and around the globe as the dozens of drugs manufactured in Puerto Rico become scarce. Maria...more

Deadline to Make Contributions and File Quarterly Unemployment and Disability Tax Report in Puerto Rico Extended until December...

by Littler on

On October 24, 2017, Puerto Rico's Secretary of the Department of Labor and Human Resources issued an Administrative Order granting an automatic extension for all employers required to file a Quarterly Unemployment and...more

Agencies Issue Temporary Exceptions To Appraisal Requirements In Hurricane Areas

by Fox Rothschild LLP on

The Federal Reserve Board has issued a statement providing for temporary exception to appraisal requirements in hurricane areas affected by severe storms and flooding related to Hurricanes Harvey, Irma, and Maria....more

Trigger for Hurricane and Named Storm Deductibles

Recent damage from Hurricanes Harvey, Irma, and Maria have focused attention on special “named storm” and “hurricane” deductible endorsements found in most property insurance policies issued for coastal areas. Such...more

Additional Hurricane Relief for Retirement Plan Participants Makes Landfall

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more

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