What started with Bitcoin in 2009 has developed into a market of over 6,500 digital assets increasingly competing with traditional products offered by financial institutions. The rapid expansion of digital assets, including cryptocurrencies, has led […]
In May 2021, as part of the American Families Plan, the Biden Administration proposed that financial institutions should report consumer and business account activity exceeding $600 annually. Proponents of the legislation claim that it will give the […]
There has been a recent trend in Texas litigation of borrowers asserting claims or counterclaims against their lenders for breach of fiduciary duty. The first thing that a plaintiff has to establish in such a claim is that the lender actually owed it […]
A Lender has two choices for funding a Main Street Loan. A Lender may fund a Main Street Loan and then seek to sell a participation interest in said Main Street Loan to the Main Street SPV. A Lender may condition its extension of credit to […]
The following documents were updated by the Federal Reserve Friday, July 31st: (1) Lender Registration Certifications and Covenants; (2) Loan Participation Agreement Transaction Specific Terms; (3) Loan Participation Agreement Standard Terms and Conditions […]
On Friday, June 26th, the Federal Reserve circulated a revised version of its Frequently Asked Questions (FAQs) for the Main Street Lending ("MSL") Program. This blog reviews the five new FAQs that were added and the two minor changes that […]
On April 14, 2020, the Office of the Comptroller of Currency, Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued an interim final rule (the “Interim Rule& […]
In an effort to manage the huge volume of loan applications being received under the Paycheck Protection Program (“PPP”) created under the Coronavirus Aid, Relief, and Economic Security Act, H.R. 748 (“CARES Act”), some banks […]
The “valid-when-made doctrine” is an important component of usury law. It provides that a loan that has a non-usurious interest rate when it is made cannot become usurious if the loan is subsequently transferred to a third party, even if […]
Every lender that has accelerated a note in order to pursue foreclosure has likely faced the argument from a borrower at one time or another that foreclosure proceedings were filed too late because of a prior acceleration that started the statute of […]
In Obduskey vs. McCarthy & Holthus LLP (No. 17-1307), the Supreme Court addressed whether a law firm hired to carry out a non-judicial foreclosure on a Colorado home owned by the Petitioner was acting in the capacity of a "debt collector" […]
On July 27, 2017, Andrew Bailey, the head of the U.K. Financial Conduct Authority (FCA), surprised the banking industry (and other financial markets) when he announced the London Interbank Offered Rate (LIBOR) may cease to be published as early as the […]