Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees -
A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
10/1/2020
/ Banking Sector ,
CARES Act ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dismissals ,
Disparate Impact ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HUD ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Transaction Fees
Federal Court Dismisses Class Action Claims Against PPP Lenders for Agent Fees -
A federal court in Florida has dismissed claims made in a class action lawsuit against several banks and other Small Business Administration...more
8/27/2020
/ Banking Regulators ,
Banking Sector ,
BSA/AML ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
FDIC ,
FFIEC ,
Financial Institutions ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Relief Measures
On August 7, 2020, an Assurance of Discontinuance (the “AOD”) was entered into by and among the Colorado Administrator of the Uniform Consumer Credit Code (the “Administrator”); the Colorado Attorney General; Avant of...more
On July 29, 2020, the state attorneys general for California, Illinois, and New York filed a complaint against the Office of the Comptroller of the Currency (“OCC”) challenging the OCC’s final “valid when made” rule (the “OCC...more
SBA Issues Instructions to Lenders on Submitting PPP Loan Forgiveness Applications The U.S. Small Business Administration (the “SBA”) has issued a procedural notice announcing that the SBA will begin accepting forgiveness...more
7/30/2020
/ BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Eviction ,
FinCEN ,
Foreclosure ,
Loan Forgiveness ,
Moratorium ,
Paycheck Protection Program (PPP) ,
SBA ,
Single Director
On July 22, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued Interpretive Letter No. 1170 (the “Letter”) authorizing national banks and federal savings associations to provide cryptocurrency custody...more
On July 20, 2020, the Federal Deposit Insurance Corporation (the FDIC or the Agency) issued a Request for Information (RFI) on a proposed voluntary public/private standard setting and certification system to promote the...more
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPR) defining the “true lender” in bank partnerships with third party marketplace lenders. The NPR seeks comment on...more
On June 30, 2020, the Federal Deposit Insurance Corporation (the “FDIC”) announced the start of a rapid prototyping competition among 20 data and technology firms to develop a new and innovative approach to financial...more
Federal Regulators Ease Restrictions on Volcker Rule Covered Funds The federal banking agencies, along with the SEC and the CFTC, have issued a final rule to amend the regulations that implement Section 13 of the Bank...more
6/30/2020
/ Bank Holding Company Act ,
CFTC ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Federal Reserve ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Preemption ,
SBA ,
Securities and Exchange Commission (SEC) ,
Valid When Made Doctrine ,
Volcker Rule
On June 25, 2020, Acting Comptroller Brian Brooks announced that the Office of the Comptroller of the Currency (the “OCC”) intends to introduce the first in a series of at least two national bank charters for payments...more
The Massachusetts Division of Banks has issued guidance to Massachusetts-chartered mutual savings banks, mutual co-operative banks, and mutual holding companies on postponement of their annual meetings and alternative...more
On May 29, 2020, Joseph Otting stepped down as Comptroller of the Currency, and Brian Brooks was named Acting Comptroller. In his opening remarks, Acting Comptroller Brooks outlined his priorities, the first of which...more
On May 29, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule (the “Rule”) confirming the validity of interest rates on bank loans transferred to third parties, including fintech affiliates....more
Last week, the Consumer Financial Protection Bureau (the “CFPB”) released two “no action” letter templates that address the affordable small dollar loans and mortgage repayment relief for consumers when many may need it most....more
Division of Banks Updates Guidance on COVID-19 Forbearance Under Emergency Law
The Massachusetts Division of Banks has updated its guidance in the form of answers to frequently asked questions (FAQs) about Chapter 65 of...more
The Main Street Lending Program (the “MSLP”) is designed to provide capital to small- and medium-sized businesses that were in sound financial condition before the pandemic. The MSLP will operate through three facilities...more
5/11/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
SBA ,
Special Purpose Vehicles ,
Term Sheets ,
U.S. Treasury
President Signs New COVID-19 Relief Bill into Law, Funding Additional PPP Loans -
The Paycheck Protection Program and Health Care Enhancement Act was signed into law by President Donald Trump on April 24, providing $484...more
5/1/2020
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Electronic Notarization Standard ,
Eviction ,
Federal Reserve ,
Financial Institutions ,
Foreclosure ,
Governor Baker ,
HMDA ,
Leverage Ratio ,
Loan Modifications ,
Moratorium ,
Notarization ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
State and Local Government ,
Virtual Notarization Procedures
On April 9, 2020, the Federal Reserve established new liquidity facilities to support lending programs authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Federal Reserve’s press release...more
The Massachusetts Division of Banks has issued guidance that grants immediate supervisory relief to Massachusetts-chartered banks from statutory lending limits on loans to one borrower for loans made pursuant to the U.S....more
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27. The CARES Act includes broad economic stimulus measures, and a number of provisions designed to provide relief to...more
Massachusetts Governor Charlie Baker has issued an emergency order closing the physical workplaces and facilities of all businesses and organizations that do not provide “COVID-19 Essential Services,” which does not apply to...more
Federal Reserve Announces Unlimited Quantitative Easing and New Emergency Lending Programs -
On March 23, the Federal Reserve announced new liquidity facilities, expanding its efforts to help shore up the U.S. economy....more
On March 18, the Board of Directors of the FDIC approved the deposit insurance applications of Square, Inc. and Nelnet, Inc. to create two de novo industrial loan companies (“ILCs”). The approvals come a day after Jelena...more
The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more
3/18/2020
/ Banking Sector ,
Capital Controls ,
Commercial Loans ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Crisis Management ,
Debt Restructuring ,
Depository Institutions ,
Emergency Response ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Hardship Distributions ,
Hardship Extensions ,
Joint Policy Statements ,
Liquidity ,
OCC ,
Relief Measures