News & Analysis as of

Loans

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

by Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

PA Corrupt Organizations Act Claims against “Rent-a-Bank” Loan Investors Dismissed

by Weiner Brodsky Kider PC on

The U.S. District Court for the Eastern District of Pennsylvania recently dismissed Pennsylvania Corrupt Organizations Act claims against an investor and its affiliate for their involvement with high-interest consumer loans...more

Recent Illinois Court Decision Illustrates Pitfalls of Multiple Filings of a Mortgage Foreclosure Action

by Hinshaw & Culbertson LLP on

While Illinois mortgagees have the option of recouping delinquent mortgage loan debt through different types of lawsuits, the pursuit of this option can violate Illinois' prohibition on refiling the same cause of action. A...more

New VA Policy Guidance for Interest Rate Reduction Refinance Loans

by Weiner Brodsky Kider PC on

On February 1, 2018, the Department of Veterans Affairs issued Circular 26-18-1, in which it announced a new policy regarding certain disclosures for the VA Interest Rate Reduction Refinance Loans (IRRRL). In general, for...more

Section 9003 Biorefinery and Renewable Chemical Loan Program Gains Momentum - USDA Program Proves to Be Viable Commercialization...

by Holland & Knight LLP on

• The U.S. Department of Agriculture's 9003 Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program (Section 9003 Program) had an unprecedented year in 2017, issuing numerous conditional...more

FHA Announces Increase in Nationwide Loan Limits for 2018

by Weiner Brodsky Kider PC on

On December 8, 2017, FHA issued Mortgagee Letters 2017-16 and 2017-17, announcing a new schedule of Nationwide Loan Limits for 2018 for forward and Home Equity Conversion Mortgages (HECM’s). These limits are effective for FHA...more

European leveraged debt lifts off: The future for European leveraged debt

by White & Case LLP on

Economies are strengthening and the outlook is probably the best it has been in 10 years, but there can be no room for complacency in the debt market. The momentum is set to continue into 2018, although the dynamics could...more

CFPB’s $287 Million Restitution and Penalties Request Denied

by Weiner Brodsky Kider PC on

The U.S. District Court for the Central District of California recently denied the CFPB’s request for $236 million in restitution and $52 million in penalties against a lender, its president and CEO, and two affiliates...more

State Regulatory Enforcement Initiatives: Cooperation and Conflict

On January 30, 2018, DWT payments team member Andy Lorentz moderated a panel at ACI’s 18th National Forum on Prepaid Card Compliance, in Washington, D.C., entitled “Update on State Regulatory Enforcement Initiatives Affecting...more

Tax Issues When Fixing Rate and Fee Adjusters in Tax-Exempt Loans

The recently enacted reduction of the maximum federal corporate tax rate may trigger contractual provisions that provide for a significant increase in the interest rate on tax-exempt debt privately placed with a bank lender...more

PA Updates Inflation-Adjusted Definition of “Base Figure” for 2018

by Weiner Brodsky Kider PC on

The Pennsylvania Department of Banking and Securities (the Department) updated its definition of “base figure” in the Loan Interest and Protection Law to account for adjustments due to inflation for the 2018 calendar year....more

Asset-Based Lending: A Powerful Tool With Increasing Flexibility

Asset-based lending has historically provided to borrowers a number of benefits that are generally not available under cash flow loans, including lower pricing, a general lack of financial maintenance covenants (other than a...more

Interest Rate Increase Coming for Many Tax-Exempt Borrowers

by Holland & Knight LLP on

Many states, local governments and conduit borrowers (e.g., 501(c)(3) not-for-profit corporations) have directly placed tax-exempt loans (secured by the issuance of notes or bonds) with lenders, such as banks and their...more

The Rosenbaum Law Firm Review - January 2017

by Ary Rosenbaum on

Whether A Plan Sponsor Should Hire An ERISA §3(16) Administrator. It's not for every plan. Running a business is a complicated activity. You have to be an expert in your field, service, or specialty. In order to get...more

2018 Tax Reform Series: A Change To Participant Loan Rollovers

by Jackson Lewis P.C. on

One welcome qualified plan change under the Tax Cuts and Jobs Act is the extension of the period within which a participant may pay the amount of an “offset” of an outstanding plan loan to another qualifying plan or IRA to...more

DoD Expands Guidance on MLA

The Department of Defense (DoD) released a new interpretive rule under the Military Lending Act (MLA), building on prior interpretive guidance. What happened - Enacted in 2006, the MLA caps the total charge on covered...more

SEC Charges CEO/Director with Sarb-Ox Loan Violations for Unreimbursed Advances that Were Outstanding for 5 to 36 Days and...

According to the SEC in an order settling an enforcement action, Alan Shortall was CEO and Chairman of Unilife Corporation, a Nasdaq listed issuer. According to the SEC, Shortall arranged for Unilife to make personal payments...more

CFPB Updates the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms

by Weiner Brodsky Kider PC on

The CFPB updated the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms (Guide), dated December 2017, to incorporate the final rule that was issued on July 7, 2017 and published in the...more

Another Foolish Inconsistency – This Time For Broker-Dealers

by Allen Matkins on

Yesterday’s post chided Glass, Lewis & Co., LLC for its inconsistent positions on majority rule. Today’s post tackles a foolish inconsistency in the California Codes. Section 25217(c) of the California Corporations Code...more

FHFA Announces Maximum Conforming Loan Limits for 2018

On November 28, 2017, the Federal Housing Finance Agency (“FHFA“) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum...more

The Problem With Multiple Loans

by Ary Rosenbaum on

When drafting new 401(k) plans, I always recommend allowing for a loan provision. I know there are quite a few plan providers who don’t want any provisions that allow “leakage” of retirement assets, but I believe that when...more

Financial Services Weekly News - November 2017 #4

by Goodwin on

Editor's Note - A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more

House Passes Bill Addressing Industry Concerns Regarding the Capital Treatment of High Volatility Commercial Real Estate (HVCRE)...

by Morrison & Foerster LLP on

On November 7, 2017, the House of Representatives, by voice vote, passed H.R. 2148, the Clarifying Commercial Real Estate Loans Act (the “Bill”). The Bill was reported favorably out of the House Financial Services Committee...more

Application of the Twenty-Year Statute of Limitations S.C.Code Ann. §15-3-520(a) - SC Mortgage Not Required

by Nexsen Pruet, PLLC on

Most breach of contract claims in S.C. are governed by a three-year statute of limitations. S.C. Code Ann. § 15-3-530(1). A specific exception, however, is found in S.C. Code Ann §15-3-520(a) that provides for a twenty-year...more

Revised LSTA Code of Conduct and Statement of Principles for the Communication and Use of Confidential Information

by Reed Smith on

On November 16, 2017, the Loan Syndications and Trading Association (the “LSTA”) published its revised Code of Conduct (the “Code of Conduct”) and Statement of Principles for the Communication and Use of Confidential...more

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