News & Analysis as of

Lenders Good Faith

Bennett Jones LLP

In Dealing with Fraudulent Conveyances—The Rebuttable Presumption of Fraudulent Intent—IE CA 3 Holdings Ltd. v NYDIG ABL LLC, 2024...

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A requirement of proving a fraudulent conveyance occurred is establishing that the conveyance was fraudulently intended. Courts in British Columbia will rely on the presence of ‘badges of fraud’, such as whether the...more

A&O Shearman

FMLC paper on good faith

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This blog has a keen (some might say unhealthy) interest in good faith. If you share this affliction, then please make some time for a paper that the Financial Markets Law Committee has put together on the topic....more

Bowditch & Dewey

Five Things to Know About PPP Loan Audits

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The Paycheck Protection Program was one of the more innovative and written-about of the CARES Act’s fiscal stimulus packages. The U.S. Treasury and Small Business Administration (SBA) leveraged the private banking sector to...more

Husch Blackwell LLP

Advancing Agriculture: Security Interests and Article 9 Challenges (Part 2)

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In the second installment of this two-part series, Husch Blackwell's Elizabeth Benefield & Stephanie Kaiser will discuss security interests in agricultural lending and some of the issues a creditor may face in these areas....more

Harris Beach PLLC

SBA Issues Loan Necessity Questionnaires to PPP Recipients; Signals Next Step in Loan Compliance Investigations

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The U.S. Small Business Administration (SBA) has begun to issue loan necessity questionnaires to Payroll Protection Program (PPP) borrowers, adding clarity to the good faith certification they required with initial...more

Burr & Forman

SBA Requires Borrowers Who Received PPP Loans of $2 Million or More to Submit “Pre-Audit Review” Information

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On October 31, 2020, the SBA released new forms and related instructions requiring borrowers with PPP loans of $2 million or more to provide additional information related to their PPP loans. Titled “Loan Necessity...more

McDermott Will & Emery

PPP Update: SBA Issues Loan Necessity Questionnaires with 10-Day Turnaround

McDermott Will & Emery on

The Small Business Administration (SBA) has released two loan necessity questionnaire forms (Form 3509 for for-profit borrowers and Form 3510 for nonprofits) for lenders to transmit to certain Paycheck Protection Program...more

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process - Update #2

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process - Update

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Schwabe, Williamson & Wyatt PC

A Guide to the SBA PPP Loan Forgiveness Review Process

Borrowers applying for loan forgiveness under the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) should familiarize themselves with the SBA guidance regarding the loan forgiveness review process....more

Pillsbury Winthrop Shaw Pittman LLP

SBA Extends PPP Safe Harbor to May 14

On May 5, 2020, the Small Business Administration (SBA) and the Treasury Department extended by one week the “safe harbor” for CARES Act Paycheck Protection Program (PPP) applicants to return their loans in the event that the...more

Bowditch & Dewey

PPP Loan Safe Harbor Date Extended One Week to May 14

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As we wrote about in a client alert on May 4, the SBA recently issued guidance to PPP loan borrowers (FAQ 31) about the required certification that the loan is necessary to support ongoing operations. Now, in determining...more

Bowditch & Dewey

PPP Loan Applicants Directed to Assess (or Reassess) the Necessity for Loan Funds; SBA Imposes May 7th Deadline to Return Loans...

Bowditch & Dewey on

The U.S. Department of the Treasury recently issued additional guidance in the form of Frequently Asked Questions (“FAQ”) for businesses that have received or are still seeking PPP loans. The critical piece of the FAQ is the...more

Foodman CPAs & Advisors

FinCEN re-clarifies FAQ’s on how Lenders can meet BSA requirements when issuing PPP loans

On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection...more

Cohen & Gresser LLP

Paycheck Protection Program: Meeting the Good Faith Need Standard

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On April 24, 2020, the Paycheck Protection Program and Healthcare Enhancement Act was signed into law, providing an additional $310 billion in funding for the Paycheck Protection Program, which commenced under the original...more

BCLP

Finding the Unicorn in Lender Liability Litigation

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Investors frequently talk in terms of trying to find the next unicorn, that small start-up company that is going to turn into a billion dollar valuation. Lawyers are like that as well, always looking for that new decision...more

Mintz - Bankruptcy & Restructuring Viewpoints

Turning A Blind Eye Cost Lender Hundreds Of Millions Of Dollars; Inquiry Notice Spoils Lender’s Good Faith Defense In Fraudulent...

Lending credence to the old adage “if it’s too good to be true, then it probably is,” the Seventh Circuit Court of Appeals recently held that a secured lender was on inquiry notice of possible fraud by its borrower in...more

Akerman LLP

Lenders are Required to Investigate Suspicious Loan Transactions

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The Seventh Circuit Court of Appeals recently held that a lender is obligated to conduct a diligent investigation when it becomes aware of suspicious facts relating to the legitimacy of a loan transaction. In Sentinel...more

Ballard Spahr LLP

Transitional period and initial supervisory practice over TRID

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The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Parker Poe Adams & Bernstein LLP

A Duty to Negotiate in Good Faith - A New Lender Liability Claim in North Carolina?

North Carolina courts have long held that a lender does not owe a fiduciary duty to its borrowers. But what about a “Duty to Negotiate in Good Faith?" In a recent opinion (RREF BB Acquisitions, LLC v. MAS Properties, June 9,...more

Brooks Pierce

NC Business Court Says That Bank Didn't Owe A Fiduciary Duty To Its Customer, But Recognizes New Cause Of Action: Breach Of A Duty...

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Were you thinking that the Business Court might, one day, find that a bank owed a fiduciary duty to its customer? That seemed like it might happen eventually, as the NC Supreme Court seemed to hold out that possibility last...more

Locke Lord LLP

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

Locke Lord LLP on

On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

Bilzin Sumberg

Considerations For Lenders in Workouts & Loan Restructurings

Bilzin Sumberg on

Despite the improvement in the economy since the advent of the “Great Recession,” many businesses nevertheless continue to struggle. Accordingly, lenders are well advised to stay up to date on  “best practices” when facing a...more

Poyner Spruill LLP

E.D.N.C. Bankruptcy Court Rules that Borrower Can Raise Unfair and Deceptive Trade Practices Claims Against Lender Based on...

Poyner Spruill LLP on

Does a lender have a duty to act in good faith when negotiating with a borrower during a commercial loan modification? In an order issued recently by the United States Bankruptcy Court for the Eastern District of North...more

K&L Gates LLP

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

K&L Gates LLP on

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

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