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 […]
The 85th Session of the Texas Legislature passed H.B. 1217 to allow online notarization, making it the third state (after Virginia and Montana) to allow notaries to perform remote notarial acts. Effective on July 1, 2018, the new law enables a signing […]
Business bankruptcy filings have dropped by more than one-third over the last five years. One potential reason for this drop is that lenders have increasingly sought non-bankruptcy solutions for defaulted or distressed loans. Virtually all non-bankruptcy […]
The House of Representatives recently passed H.R. 3299, the "Protecting Consumers Access to Credit Act of 2017." This act codifies the "valid-when-made" doctrine and ensures that bank loans that fall within the maximum rate […]
The London Interbank Offered Rate ("LIBOR") is a nearly 50-year old global borrowing benchmark which underpins more than $350 trillion of financial products. LIBOR is based on daily submissions from a panel of banks estimating the interest […]