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Troutman Pepper

Trade Organizations Challenge Colorado’s DIDMCA Opt-Out Legislation in Federal Court

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Monday, three trade organizations filed a complaint in Colorado federal court challenging H.B. 1229, Colorado’s effort to limit interest charges by out-of-state financial institutions, which is set to take effect on July 1,...more

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

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In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Ballard Spahr LLP

Rate Exportation Opt-Out and “Anti-Evasion” Bill Introduced in Washington D.C.

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District of Columbia Council Bill B 25-0609, which would opt out of Section 27 of the Federal Deposit Insurance Act (“FDIA”) with respect to loans made in the District of Columbia, was introduced in the District of Columbia...more

Lewis Roca

Arizona Voters Modify Creditors' Remedies with Passage of Proposition 209

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On November 8th, Arizona voters approved Proposition 209, which significantly modifies the rights of creditors. Although the pre-election publicity focused mostly on medical debt, Prop. 209 changes how all types of debt can...more

Clark Hill PLC

Window on Washington – Vol. 5, Issue 51

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Outlook for This Week in the Nation’s Capital Congress. The House and Senate are both in recess for the rest of the year. The Senate is expected to return on Jan. 3, and the House on Jan. 10. Congress managed to push through...more

Proskauer Rose LLP

Wealth Management Update - August 2021

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Federal interest rates were largely stable in August of 2021.The August applicable federal rate ("AFR") for use with a sale to a defective grantor trust, self-canceling installment note ("SCIN") or intra-family loan with a...more

Holland & Knight LLP

President Biden Unveils FY 2022 Budget Request

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The White House on May 28, 2021, released President Joe Biden's $6 trillion proposed budget for federal spending in fiscal year (FY) 2022. The president's budget proposal serves as a fiscal blueprint for the administration's...more

Robins Kaplan LLP

Financial Daily Dose 3.11.2021 | Top story: Massive $1.9T Covid-Relief Legislation Passes Congress, Set to Become Law Friday

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With Wednesday’s passage in the House, the $1.9 trillion Covid relief bill is heading to President Biden’s desk for an anticipated Friday signature, “cementing one of the largest injections of federal aid since the Great...more

King & Spalding

What Happened To My Interest Rate? Planning Now To Avoid Value Transfer And Other Risks Upon The Demise Of U.S. Libor

King & Spalding on

As the title suggests, U.S. LIBOR (LIBOR) is going away, with official announcements expected as soon as year-end 2020 of LIBOR’s December 31, 2021 demise. The end of LIBOR will be replete with a plethora of risks for banks,...more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – July 2020 #6

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In Washington: Just as some federal agencies are calling for federal employees who are teleworking to return, several Virginia and Maryland lawmakers are warning that it might be too early. ...more

Franczek P.C.

General Assembly Approves Legislation Allowing All Counties Except Cook County to Waive Interest Penalties for Late Property Tax...

Franczek P.C. on

Last week, the General Assembly adopted legislation that attempts to clarify the power of county boards to waive all or a portion of the interest penalty of 1.5% per month that is normally applied to late property tax...more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – May 2020 #6

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In Washington: The House schedule is still up in the air and there is no new information on when Democrats will release their draft of the new coronavirus stimulus legislation....more

Hogan Lovells

ARRC Proposes New York Legislation to Reduce LIBOR Litigation Risk

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In an effort to provide more clarity and certainty with respect to the LIBOR transition – and in particular to reduce the significant litigation risk associated with the transition -- the Alternative Reference Rates Committee...more

Mayer Brown Free Writings + Perspectives

US ARRC Proposes a New York State Legislative “Solution” for Legacy LIBOR Contracts Without Adequate Fallbacks—But What Does It...

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) released its “Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition,” which the ARRC...more

Kramer Levin Naftalis & Frankel LLP

ARRC Releases Proposal for New York State Legislation for US Dollar LIBOR Contracts

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) convened by the Federal Reserve Board and the Federal Reserve Bank of New York released a proposal for New York State legislation that is intended to reduce...more

Robins Kaplan LLP

Financial Daily Dose 1.10.2020 | Top Story: Ransomware Attack on Travelex Sows Chaos Across Foreign Exchange Sector

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Hackers who targeted airport currency exchange mainstay Travelex in a ransomware attack on New Year’s Eve have alerted British media that they possess 5 GB of sensitive customer data from the company “since gaining access to...more

Robins Kaplan LLP

Financial Daily Dose 12.20.2019 | Goldman nearing $2B deal with DOJ to resolve 1MDB scandal claims

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Goldman Sachs is reportedly in negotiations with federal prosecutors to resolve claims about its role in the Malaysian 1MDB scandal for upwards of $2 billion. A settlement—which “could include a guilty plea from Goldman’s...more

Ballard Spahr LLP

Bill to impose 36% rate cap on consumer credit expected to be introduced

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According to an NPR report published last week, a group of lawmakers consisting of three Democratic Senators, one Democratic House member, and one Republican House member is expected to introduce House and Senate versions of...more

Ballard Spahr LLP

California Financing Law Rate Cap Advances to Governor Newsom’s Desk

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On the last day of California’s 2019 legislative session, by a vote of 61 to 8, the California State Assembly overwhelmingly passed Senate Bill 539, the Fair Access to Credit Act. Governor Newsom has until October 13th to...more

Ballard Spahr LLP

Movement on two California bills implicating the California Financing Law

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There was movement last week on two California bills that we have been tracking closely and which could substantially alter the lending and brokering landscape under the California Financing Law (“CFL”)....more

Ballard Spahr LLP

Sen. Durbin Reintroduces Bill to Cap Consumer Loans at 36 Percent

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Last week, Senator Dick Durbin, D-Ill., reintroduced a bill, the “Protecting Consumers From Unreasonable Credit Rates Act of 2019,” that would create a national interest-rate cap of 36% on consumer loans. ...more

Ballard Spahr LLP

California Bill Would Cap Some Deregulated Interest Rates And Address Unconscionability Issue

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A bill introduced last week in the California State Assembly could change the consumer lending landscape in California considerably....more

Akin Gump Strauss Hauer & Feld LLP

Podcast: Akin Gump Post-Funds Conference Report

In this episode, Akin Gump investment management partners Kelli Moll and Stephen Vine report on the firm’s recent New York Private Investment Funds Conference, the topics covered from the dais and the hot topics going into...more

Ballard Spahr LLP

State AGs urge Senators to reject bills addressing Madden and “true lender”

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A group of 21 state attorneys general have sent a letter to the Senate majority and minority leaders as well as to the chairman and ranking member of the Senate Banking Committee urging them to reject H.R. 3299 (“Protecting...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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As widely expected, the Fed affirmed the general strength of the US economy today by raising the benchmark interest rate again today—the 5th raise since the financial crisis....more

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