On March 5, the CFPB issued a final rule that would significantly reduce late fees that may be charged on consumer credit card accounts from $30 or more to $8 in most cases. A proposed rule on this subject matter
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Conflict Resolution: The SEC Adopts Final Rule 192 (Conflicts of Interest in Securitization Transactions)
On November 27, 2023, the US Securities Exchange Commission (“SEC”) adopted final Securities Act Rule 192 (“Final Rule 192”) prohibiting certain conflicts of interest in securitization transactions. In general, Final Rule 192 prohibits a “securitization participant” with respect to an…
Proposed Rule 192: Conflicts of Interest in Asset-Backed Securitization
The Securities and Exchange Commission (the “Commission”) published proposed Rule 192 (Conflicts of Interest Relating to Certain Securitizations) on January 25, 2023 and closed the public comment period on March 27, 2023. After several months of review and discussions with…
Legal Update – Bad Omen: CA Imposes New Fee, UDAAP, and Annual Reporting Requirements on Small Business Financers
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…
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…
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”…
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…
Legal Update: Connecticut and Florida Join the Fray, Enact Commercial Finance Disclosure Laws
Following closely on the heels of a Georgia law enacted in May, Connecticut and Florida have become the latest states to enact laws requiring providers of small business financing to provide disclosures to recipients—and in Connecticut’s case, to require certain…
Legal Update: Electronic Trade Documents Act: Paper to Data
On 20 July 2023 the long awaited Electronic Trade Documents Act 2023 (the Act) received Royal Assent, and will come into effect in the UK on 20 September 2023.
The Act, which is largely based on the UK Law Commission’s…
SIFMA Webinar Series: SEC Re-Proposal on Conflicts of Interest in Securitization
Earlier this year, the SEC re-proposed a rule to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act.
The Dodd-Frank provision, intended to prohibit certain conflicts of interest in securitization…