BankruptcyandRestructuringBlog

California Legislature Passes Mini-CFPB Bill; If You Liked The Department Of Business Oversight, Get Ready For The Department Of Financial Protection And Innovation

09/15/20

On August 31, both houses of the California legislature passed and sent to Governor Newsom for signature the California Consumer Financial Protection Law (the CCFPL).  Effective on January 1, 2021 if Governor Newsom signs the bill (which he is expected to do), the Department of Business Oversight will be replaced by the Department of Financial Protection and Innovation (DFPI).  Much of the law comes directly from Title X of the Dodd-Frank Act, with a particular focus on consumer protection.  While the DBO has authority to enforce specific laws, the focus of the DFPI will be on the kinds of

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Protecting Exclusive Distribution Rights for Patented Products and Other Licensed IP

07/30/20

This post originally appeared as an article in the July/August 2020 issue of the Journal of Corporate Renewal (JCR), the official publication of the Turnaround Management Association (TMA).

The ability of companies to continue as going concerns has become more challenging than ever. As companies pivot and move forward with product production
and sales, they must consider not only their financial viability but the financial viability of their customers, suppliers, and licensors.

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Federal Reserve Clarifies that Distributions to Tribal Governments are Permitted Under the Main Street Lending Program

07/15/20

On July 15, 2020, the Federal Reserve Bank of Boston issued new guidance expressly permitting tribal businesses that are borrowers under the Main Street Lending Program (“MSLP”) to pay dividends to their tribal government owners.  In its amended Frequently Asked Questions (the “July 15th FAQs”), available here, the Federal Reserve announced that the Treasury Secretary exercised his authorit

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U.S. Supreme Court finds Muscogee (Creek) Nation’s Reservation Remains Intact For Purposes of Criminal Jurisdiction

07/13/20

The U.S. Supreme Court in a 5-4 decision on July 9, 2020 held that the State of Oklahoma lacked jurisdiction to prosecute an enrolled member of the Seminole Tribe of Oklahoma because the crimes he was accused of committing occurred within the Muscogee (Creek) Reservation.

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Paycheck Protection Program: Updated Loan Forgiveness Estimator Workbook

07/10/20

Below please find a link to a newly-updated version of the Sheppard, Mullin, Richter & Hampton LLP (Sheppard Mullin) Paycheck Protection Program (PPP) Loan Forgiveness Estimator Workbook (the Workbook), which was created by and is the property of Sheppard Mullin.

COVID-19, Estimator Workbook

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Interplay of Main Street Lending Program Documents (the Rights and Role of the Main Street SPV)

07/08/20

The $600 billion Main Street Loan program has been highly anticipated to provide financial support in the form of loans to small and medium-sized U.S. businesses affected by the COVID-19 pandemic. The Federal Reserve Bank of Boston that is administering the Main Street Loan program has released term sheets and various other program documents for the three types of loans, “New,” “Priority” and “Expanded,” as well as over 70 pages of Frequently Asked Questions (FAQs).

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CFPB Issues Factsheet On TRID Title Insurance Disclosures And Updates TRID FAQ

07/01/20

On June 9 the Consumer Financial Protection Bureau (CFPB) published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure, including when a negative owner’s title insurance cost disclosure is appropriate, and updated the TRID FAQs to include guidance on the total of payments disclosure, using the optional signature line on the Loan Estimate and Closing Disclosure, and the requirement to include seller information on the consumer’s disclosures if providing separate Closing Disclosures.  This blog discusses the Factsheet, and sets forth the four questions

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Updates to the PPP Loan Forgiveness Application Form

06/19/20

On June 16, 2020, the U.S. Department of Treasury (Treasury) and U.S.

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[UPDATED] Paycheck Protection Program Flexibility Act: Major Changes to the PPP

06/12/20

[Update: This is an updated version of an article published on June 5, 2020]

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