News & Analysis as of


Inadvertent Transmutation - How What was ‘Mine’ became ‘Ours’

by Jaburg Wilk on

We frequently represent clients who have engaged in some type of transaction with his or her spouse during the marriage that inadvertently causes them to lose certain rights to property unknowingly. This often happens in the...more

Maryland Enacts Financial Consumer Protection Act of 2018

by Weiner Brodsky Kider PC on

Maryland recently enacted the Financial Consumer Protection Act of 2018 (FCPA) to expand the Maryland Consumer Protection Act (MCPA) to include “abusive practices,” and to make modifications to certain consumer lending and...more

S.D.N.Y. Denies Motion for Sampling in Trustee Action

On May 17, 2018, Judge Jesse M. Furman of the United States District Court for the Southern District of New York denied the BlackRock Plaintiffs’ request to use sampling to prove their case against an RMBS trustee in...more

Lottery Winner Loan Case Sets Precedent, B.C. Court Reforms Centuries-Old Consideration Doctrine

In its May 18, 2018 decision, Rosas v. Toca (Rosas), the British Columbia Court of Appeal (Court of Appeal) permitted a contract to be varied without the exchange of fresh consideration. If adopted more broadly, Rosas may...more

HVCRE Clarification Finally Arrives – Congress Passes Legislation Addressing Treatment of ADC Loans under the Capital Rules

by Morrison & Foerster LLP on

On May 22, 2018, Congress passed a financial regulatory reform bill, S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (the “Reform Bill”). Among other things, the Reform Bill clarifies the...more

Investment Services Regulatory Update - May 2018

by Vedder Price on

SEC Proposes Amendments to Auditor Independence Rules to Address Certain Lending Relationships - Summary - On May 2, 2018, the SEC issued proposed amendments to its auditor independence rules concerning the...more

Minnesota Publishes Dollar Amounts Regarding Consumer Credit Code and Regulated Loan Act Adjustments

by Weiner Brodsky Kider PC on

The Minnesota Department of Commerce recently published the adjusted dollar amounts indexed in the Minnesota Statutes governing the Minnesota Consumer Credit Code—Minnesota Statutes, Chapter 56—and the Regulated Loan...more

With CDD and Beneficial Ownership Rule in Effect, FinCEN Continues to Clarify and Refine Rules for Financial Institutions

Long awaited rules for “Customer Due Diligence Requirements for Financial Institutions” (the CDD Rules) went into effect on May 11, 2018. FinCEN has taken steps to clarify and refine implementation of the CDD Rules, issuing...more

Risk disclosure obligations – new leverage for borrowers of structured loans

by Allen & Overy LLP on

The disclosure obligations arising from an implied advisory agreement between a bank and a non-consumer borrower of a structured loan have been recently spelt out by the Federal Court of Justice (Bundesgerichtshof, BGH). The...more

SEC Proposes Amendments to Auditor Independence Rule to Address the “Loan Provision”

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC) voted unanimously on May 2, 2018 to propose amendments to Rule 2-01(c)(1)(ii)(A) under Regulation S-X – the so-called “Loan Provision” (Proposal). Generally, the Loan...more

Regulatory Alert - La question des emprunts dits « toxiques » arrive …enfin… devant la Cour de cassation

C’est un arrêt dont on aurait sans doute voulu disposer il y a quelques années de cela, lorsque le contentieux des emprunts dits (le plus souvent par les emprunteurs) « toxiques » accordés à des collectivités territoriales...more

Tackling the Challenges of Complying With FinCEN’s New Customer Due Diligence Rule

Effective May 11, 2018, covered financial institutions are required to comply with the customer due diligence rule (the Rule) that the Financial Crimes Enforcement Network (FinCEN) finalized in May 2016. The Rule mandates the...more

FTC Doesn’t Hide Action Over LendingClub’s Allegedly Hidden Fees

Did a marketplace lender assess its customers “hidden fees”? A Federal Trade Commission suit in federal court accuses Lending Club of making false promises to consumers, then charging hundreds or even thousands of dollars in...more

Flip or Flop: What to Know and Ask When Buying a House

by Hellmuth & Johnson PLLC on

While the adage “What you don’t know can’t hurt you,” is typically more of a hope than a fact, it can be particularly wrong for home buyers and investors. In recent years as the real estate market as gone up and down,...more

Canadian Investors Take Note: Budding Green Loan Market Set to Ramp Up in 2018

Green bonds have been steadily gaining in popularity, becoming a high-profile instrument in capital markets and now green loans are set to ramp up in 2018. Green loans are getting their own voluntary recommended guidelines...more

Common But Costly Mistakes in 401(k) Plan Loans

by Dickinson Wright on

Many 401(k) plans allow participants to borrow amounts from their vested 401(k) plan accounts and repay such amounts, typically through payroll deductions, back to their own accounts. Plan loans must comply with IRS rules...more

FDIC Announces Testing of Standardized Process for Loan File Review

by Weiner Brodsky Kider PC on

The FDIC has alerted covered entities that it will be conducting testing of a standardized process for reviewing imaged loan files. The testing and discovery phase will last through December 2018....more

Default Judgment Entered on a Promissory Note Even Though Claim Likely Violated Criminal Usury Laws

by Farrell Fritz, P.C. on

So a plaintiff obtains a default judgment against a defendant on a promissory note case. Defendant fails to appear or defend. ...more

Federal Reserve Board Publishes SOFR as a Replacement for LIBOR

The Federal Reserve Board ("FRB") began publishing the Secured Overnight Financing Rate ("SOFR") in April. This rate was developed to be a more reliable benchmark than LIBOR, which lost credibility a few years ago when it was...more

Blog: SEC Proposes Amendments To Auditor Independence Rule Related To Debtor-Creditor Relationships

by Cooley LLP on

The SEC has posted a new rule proposal that would modify the analysis of auditor independence in the context of lending relationships between the auditor and certain shareholders of an audit client during the audit or...more

Transferability – An attempt to take the heat out of the transfer market

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 4, 2018 - Immediately in the aftermath of the 2008/2009 financial crisis, the provisions governing transfers of interests in loans were more or less settled, with an...more

House Committee Passes USPAP Exemption Bill

by Fox Rothschild LLP on

The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000...more

FTC Files Complaint Against Lending Club for Allegedly Deceptive and Unfair Online Loan Practices

by Kelley Drye & Warren LLP on

The FTC today filed a complaint against Lending Club alleging that it deceived consumers by advertising loans with “no hidden fees” and subsequently concealing substantial loan origination fees. The complaint points to...more

Summary of Proposed Changes to HUD's LEAN 232 Loan Documents

by Pepper Hamilton LLP on

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. ...more

When Is a Loan “Green”?

by Bennett Jones LLP on

New international guidelines on environmental sustainability adopted from green bonds allow lenders and borrowers to designate “green loans" - More than US $150 billion in “green bonds”—bonds that fund projects that...more

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