On June 9, the California Office of Administrative Law (OAL) approved the Department of Financial Protection and Innovation’s (DFPI) proposed commercial financing disclosure regulations issued pursuant to ... Read full article
During times of corporate uncertainty, the company’s message to customers, vendors and employees can either instill confidence or foster anxiety. This holds true more than ever in the digital and social media era. In a chapter 11 scenario, then, engaging ... Read full article
As of November 1, 2021, dealers in security-based swaps (“SBS”) whose dealing activity exceeds certain de minimis thresholds ( e.g ., gross notional amount of $3 billion for credit default SBS, $150 million for other SBS, and $25 million for SBS where the ... Read full article
On July 13, the Federal Reserve, FDIC, and OCC proposed risk management guidance to help banking organizations manage risks related to third-party relationships, including relationships with vendors, FinTech companies, affiliates, and the banking ... Read full article
On July 12, the CFPB issued a consent order against a FinTech company for facilitating point of sale financing activities without authorization from consumers. The consent order requires the company to pay up to approximately $9 million in redress to ... Read full article
On July 6, the CFPB posted a blog titled, “Should you buy now and pay later?” describing how buy now pay later (BNPL) deferred payment options work, and the benefits and risks that come with BNPL. Generally, if a consumer selects the BNPL option at an ... Read full article
On June 29, the CFPB released its summer 2021 Supervisory Highlights . The findings of the report, which cover examinations that generally were completed between January 1, 2020 to December 31, 2020, are issued to “help institutions and the general ... Read full article
At the recent FDIC conference, “Fintech: A Bridge to Economic Inclusion,” FDIC Chairman Jelena McWilliams remarked that while the proportion of U.S. households that were banked in 2019 was 94.6 percent, 7 million households still reported no banking ... Read full article
On June 15, the Senate swore in President Biden nominee Lina Khan as Chair of the FTC following confirmation by vote of 69-28. Her current term on the Commission will expire on September 25, 2024. ... Read full article
On June 16, the CFPB issued an interpretive rule reversing its prior determination that it lacked authority to examine institutions for compliance with the Military Lending Act (MLA). In 2018, the CFPB discontinued checking for ... Read full article
On June 10, the Federal Trade Commission (FTC) filed an amended complaint for civil money penalties and other relief under Section 5 of the FTC Act prohibiting “unfair or deceptive acts or practices” and Section 521 of the Gramm-Leach-Bliley Act (GLBA) ... Read full article
With the continuing spread of the Coronavirus Disease 2019 (“COVID-19” or “coronavirus”), hospitality service providers are facing a number of issues that have already exacted a heavy financial toll. With consumers staying home and employers limiting ... Read full article
In 2018, securitization provided an estimated $13.1 trillion in financing. Contrast that with the US $10.24 trillion issued at the end of the 2nd quarter of 2008, and we can see that the securitization market is back. However, the market, particularly ... Read full article
On May 16, 2016, the United States Supreme Court in Husky International Electronics v. ... Read full article
In a news conference today President Obama addressed rules and proposed regulations announced Thursday intended to help the U.S. ... Read full article
On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit unions and their affiliates, certain nonbanks, and service ... Read full article
On December 23, 2014, the United States Court of Appeals for the Second Circuit issued an opinion on an issue of first impression, namely the scope of § 304(a)(2) of the Trust Indenture Act of 1939, 15 U.S.C. §§ 77aaa-77aaaa (the “TIA”), and its ... Read full article
According to New York’s Department of Health Commissioner, “nearly half [of] New York’s 227 hospitals are financially distressed.” [1] What then is the future for New York’s hospitals, especially in light of healthcare reform and declining reimbursement ... Read full article
According to New York’s Department of Health Commissioner, “nearly half [of] New York’s 227 hospitals are financially distressed.” [1] What then is the future for New York’s hospitals, especially in light of healthcare reform and declining reimbursement ... Read full article
