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|Federal Reserve Bank of New York and Student Loans|
David Head; Weltman, Weinberg & Reis Co., L.P.A.;
March 13, 2015, previously published on February 24, 2015If you enjoy pie charts, line graphs, bar graphs, and even histograms, like I do, then the Federal Reserve Bank of New York did us a favor last week with its 3 part student loan series in its blog, Liberty Street Economics. The continuous drumbeat from the press can be numbing. However, data...
|Truth In Lending Act Requires Notice, Not Suit|
Pessin Katz Law P.A.;
March 12, 2015, previously published on January 27, 2015In a unanimous and brief five page opinion, both rarities for the U.S. Supreme Court, the decision in Jesinoski v. Countrywide Home Loans (Docket 13-684, Jan. 13, 2015) made clear that the Federal Truth in Lending Act (“TILA”) only requires an aggrieved borrower to provide a notice of...
|Supreme Court Upholds DOL's Rulemaking Procedure in Reclassifying Mortgage Loan Officers|
David A. Prather, Salvador P. Simao; Ford & Harrison LLP;
March 12, 2015, previously published on March 11, 2015Executive Summary: On March 9, 2015 the U.S. Supreme Court held that a federal agency is not required to engage in notice-and-comment rulemaking when it issues an interpretation of a regulation that is significantly different from its prior interpretation. In Nickols v. Mortgage Bankers...
|Second Circuit Denies Petition for En Banc Review of Fairfield Decision|
Ingrid Bagby, Daniel Gwen, David E. Kronenberg; Cadwalader, Wickersham & Taft LLP;
March 12, 2015, previously published on January 16, 2015On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the propriety of a Chapter 15 debtor’s transfers of property interests...
|High Court Rules that Borrowers May Exercise Right To Rescind Mortgage Loans By Providing Notice To Lender of Intent to Rescind Within Three Years of Loan Closing|
Robert Freund, Jennifer L. Gray, Kimberly A. Mello; Greenberg Traurig, LLP;
March 12, 2015, previously published on January 20, 2015On Jan. 13, 2015, the United States Supreme Court issued its long-awaited ruling in Jesinoski v. Countrywide Home Loans, Inc., No. 13-684, 2015 WL 144681 (U.S. Jan. 13, 2015) resolving a circuit split over the notice requirements that must be complied with under the Truth In Lending Act (TILA), 15...
|What You Should Know When Financing a Business Acquisition|
Alison W. Rind; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015Whether a purchaser is an employee, minority owner of a small business, or merely seeking a new business opportunity, financing options for the purchase and sale of businesses have always been an obstacle. While existing owners may seek to retire or begin new business ventures, the lack of...
|Proposed Amendments to the Civil Code Of Québec Concerning Hypothecs|
Pierre Côté, Joëlle Girard; Borden Ladner Gervais LLP;
March 9, 2015, previously published on February 19, 2015On November 26, 2014, Bill 28, entitled An Act mainly to implement certain provisionsof the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016, was introduced in the National Assembly of Québec by the Minister of Finance.
|Prepayment Premium Language: A Trap for the Unwary Lender|
Arnold D. Spevack; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015A recent Maryland U.S. District Court decision in Key Tidewater Ventures LLC, et al v. PNC Bank highlighted some of the pitfalls a lender faces when modifying loan documents. Subsequent to entering into a loan modification agreement with borrowers, a lender had difficulty enforcing a prepayment...
|Discover What You Need to Know About the Canadian OTC Derivatives Trading Facilities Consultation Paper|
Melanie Bradley, Carol E. Derk; Borden Ladner Gervais LLP;
March 6, 2015, previously published on February 11, 2015 As the latest regulatory initiative to fundamentally restructure derivatives trading in Canada, on January 29, 2015 the Canadian Securities Administrators Derivatives Committee (the “Committee”) published a consultation paper entitled CSA Consultation Paper 92-401 - Derivatives...
|Loan Prepayment Penalties|
Robinson Brog Leinwand Greene Genovese Gluck P.C.;
March 5, 2015It is generally accepted practice for commercial lenders to incorporate prepayment premiums or penalties into loan documents in order to counter act any potential lost interest or other costs resulting from the early payoff of a loan. These prepayment premiums may also be referred to as "make...