In late December 2020, New York Governor Andrew Cuomo signed S.B. 5470 into law, which will impose a range of Truth in Lending Act-like disclosure requirements on providers of commercial financing in amounts of $500,000 or less. The law will
Retained Interest
An Analysis of Structured Finance, Financial Assets and Related Topics
The Mayer Brown blog covers a broad spectrum of legal topics with a focus on financial services, banking and finance, lending, and private credit. It provides analysis and updates on regulatory developments, litigation, and transactional issues affecting sectors such as capital markets, corporate and securities law, cybersecurity and data privacy, and international trade. The blog also addresses industry-specific matters including fintech, insurance, private equity, and infrastructure projects. Mayer Brown's insights include discussions on legislative changes, compliance requirements, and risk management strategies relevant to financial institutions, corporations, and investors globally.
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State Prudential Standards for Mortgage Servicers: “Ahead of the Curve” or “Dead Man’s Curve”?
I was only 9 years old when Jan and Dean in 1963 released their hit song “Dead Man’s Curve.” I thought about this song when I read the Conference of State Bank Supervisors’ (“CSBS”) Proposed Regulatory Prudential Standards for Nonbank…
CFPB Issues New QM Definition and Seasoning Provisions
The Consumer Financial Protection Bureau (“CFPB”) issued two relatively welcome surprises yesterday. First, along with ditching a debt-to-income ratio (“DTI”) ceiling, the agency expanded its proposed general Qualified Mortgage (“QM”) to include loans up to 2.25 percentage points over the…
Structured Finance Bulletin
In this Winter 2020 edition of our Structured Finance Bulletin, we provide updates on recent legal and regulatory developments in the consumer loan space as well asthe latest on the transition from LIBOR.
We also analyze the Federal Housing Agencies and…
Treating a Nonbank Like a Bank: New Proposed Prudential Standards for Nonbank Mortgage Servicers
Should US state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though the nonbanks do not solicit and hold customer funds in federally insured deposit accounts
…
Financial Statement Disclosure of Supply Chain and other Trade Payables Programs
Financial Statement Disclosure of Supply Chain and other Trade Payables Programs
Trade payables programs have in recent years increased greatly in popularity among both large and small companies. While originally the sole domain of the large global banks and firmly…
New Rev Proc 2020-44 Provides Limited Relief for Amending Legacy Contracts to Add IBOR Fallbacks
On Friday, October 9, 2020, the US Internal Revenue Service released Revenue Procedure 2020-44 (the “Revenue Procedure”), providing retroactive but limited relief for amending specific types of legacy contracts to add fallback mechanics for LIBOR or other IBORs. The fallback…
California’s AB913 Permits Securitization for Recovery of COVID-19 Electric Utility Undercollections
In what we understand to be the first state law to do so, California’s Assembly Bill 913 (AB913), which was enrolled on September 4, 2020, amends Section 850 of the Public Utilities Code to allow electrical corporations to apply for…
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…
Temporary Stay on Residential Evictions to Slow Spread of COVID-19 Reveals Unique Authority of CDC
On Tuesday, September 1, 2020, the US Centers for Disease Control and Prevention (the “CDC”) filed a notice of an agency order in the Federal Register titled Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19 (the…