Utah has followed California and New York by enacting its own Truth in Lending-like commercial financing disclosure law, but with an additional twist—Utah’s new law has a registration requirement. On March 24, Utah Governor Spencer Cox signed SB 183 into
Retained Interest
An Analysis of Structured Finance, Financial Assets and Related Topics
Blog Authors
Latest from Retained Interest
Legal Update: Marketplace Lender’s Suit Challenges “True Lender” Recharacterization by California DFPI
Marketplace lender Opportunity Financial, LLC (“OppFi”) has gone on the offensive against the California Department of Financial Protection and Innovation (“DFPI”) to protect its bank partnership program against challenge on a “true lender” theory. On March 7, 2022, OppFi filed…
SEC Adopts Amendments to Change the Format and Procedure on Filing Fee Disclosures
The Securities and Exchange Commission (“SEC”) recently implemented amendments to most fee-bearing forms and related rules with a stated goal of modernizing filing fee disclosure and enhancing the validation speed and accuracy of filing fee amounts. Most of the rule…
CFPB Wins Reversal of Dismissal – And Key Ruling on Securitization Trusts
By Ori Lev
Earlier this week, the Consumer Financial Protection Bureau (“CFPB”) won an important court ruling in a long-running case against student loan securitization trusts. The case has a long (and for the CFPB, somewhat ignoble) history. The CFPB first filed suit…
FASB Rule Proposal regarding Disclosure Requirements for Trade Payables Programs
As we discussed in a previous post, last October the Financial Accounting Standards Board (“FASB”) added the development of guidance on disclosure requirements with respect to trade payables programs to their agenda. At the same meeting, FASB explicitly decided…
NYDFS Issues Pre-Proposed Rules to Implement New Commercial Financing Disclosure Law
The New York Department of Financial Services (NYDFS) has issued “pre-proposed” rules under New York’s commercial financing disclosure law that was enacted at the end of 2020. The pre-proposed rules are 45 pages in length and were posted on the…
Update on IFRS Disclosure Requirements for Supplier Finance Arrangements
Following on from our April 2020 post (where we discussed the call from certain accounting firms and others for guidance from the Financial Accounting Standards Board (“FASB”) on the treatment of trade payables programs) and our October 2020 post (where…
Report by the Joint Committee of the European Supervisory Authorities on the EU Securitisation Regulation
The Joint Committee of the European Supervisory Authorities (the “Joint Committee” and the “ESAs”, respectively) has published a report on the implementation and functioning of the EU Securitisation Regulation (the “EUSR”) on 17 May 2021 (the “Report”).
The Report has…
ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the EU Securitisation Regulation
The European Supervisory Authorities (the “ESAs”) have published an opinion on 25 March 2021 entitled “ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the Securitisation Regulation” (the “Opinion”). The Opinion, which is addressed to the…
Illinois Imposes Strict 36% Usury Cap for a Range of Consumer Finance Products and Providers
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar to the Military Lending Act’s MAPR) for a variety of…