Mere days before Halloween, California enacted California Senate Bill 666, imposing a set of restrictions on the fees that commercial financers may charge their small business customers. SB 666 closely follows an August 2023 rulemaking by the California Department of Financial Protection and Innovation targeting unfair, deceptive, or abusive acts or practices (“UDAAPs”) in commercial
Legal Update – MSR Fund Investments: 7 Aspects to Consider
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights (“MSRs”). The current mortgage market is supported by non-bank mortgage originators and servicers who lack the same access to capital and liquidity as traditional banks.
The Final Stretch: Securitization in the US Under the Proposed Basel III Endgame Rules
On July 27, 2023, the US banking regulators issued a proposal to significantly revise the risk-based capital requirements applicable to large banks and to banks with significant trading activity. The proposal, which is colloquially referred to as “Basel III Endgame” or “Basel IV,” includes important changes to the calculation of credit risk weights for securitization
The Private Fund Adviser Rule and the Kirschner Decision: An August Doubleheader
The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant.
On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles (“CLOs”) were concerned about being
Disclosure Technical Standards and Templates published in relation to the EU Securitisation Regulation
On 3 September 2020, two regulations were published regarding the detailed disclosure requirements under the Securitisation Regulation (the “Disclosure Technical Standards“). These consist of regulatory technical standards concerning the information and the details of a securitisation to be made available (the “Disclosure RTS“), and implementing technical standards with regard to the
Recommendations for developing the EU securitisation market – Report by the High Level Forum on Capital Markets Union
A recent report, entitled “A New Vision for Europe’s Capital Markets” (the “Report”), sets out some key recommendations for how the EU securitisation market can be scaled up. The Report has been published by the High Level Forum on the Capital Markets Union (the “HLF”) which was established by the European
CARES Act Payroll Protection Program
On March 31, 2020, the U.S. Department of the Treasury issued guidance on the Payroll Protection Program (PPP) under the CARES Act. The PPP provides small business with funds to pay payroll costs, including employee benefits. The funds can also be used to pay interest on mortgages, rent and utilities. The specific guidance issued included
CFPB seeks information for PACE financing for possible regulations
Congress amended the Truth in Lending Act in May 2018 by directing the Consumer Finance Protection Bureau to prescribe ability-to-repay regulations with respect to Property Assessed Clean Energy (“PACE”) financing. PACE financing helps homeowners cover the costs of home improvements, which financing results in a tax assessment on the consumer’s property. Ability-to-repay regulations, which TILA
2019 SEC filing deadlines
As we head further into 2019, we provide a reminder and refresher on the SEC’s 2019 filing deadlines.
2019 SEC Filing Deadlines and Financial Statements Staleness Dates