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Inflation Reduction Act
What Labor Nominee Walsh Means for the Fiduciary Rule’s Future
On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (DOL’s) fiduciary rule , which regulates “investment advice fiduciaries” under...
New PPP Rules Governing M&A Transactions
The Small Business Administration issued long-awaited rules governing lender and borrower obligations when there is a change in ownership of an entity that has received a Paycheck Protection Program (“PPP”) loan. The new guidance, issued on October 2, 2020, eliminates...
Major Changes Coming To PPP With Paycheck Protection Flexibility Act
The Paycheck Protection Program Flexibility Act (PPFA), passed by both houses as of June 3, makes significant changes to the Paycheck Protection Program affecting both new and existing loans, including reducing the amount of loan proceeds that must be spent...
Guide to Federal Reserve Main Street Loan Facilities and Primary Market Corporate Credit Facility
The Federal Reserve has created a number of programs to provide loans and other credit facilities to support the economy in response to COVID-19. Several of these programs provide for new extensions of credit for small, medium and large businesses...
SBA Revises Certification Rules: Safe Harbor for Loans Under $2 Million, Larger Loans Still Subject to Audit
The Small Business Administration has issued new guidance regarding the certification of necessity under the Paycheck Protection Program. Now, borrowers who received loans for less than $2 million -- roughly 98% of PPP loans to date -- will automatically “be...
Broad U.S. Discovery Now Available in Foreign Arbitrations
In a decision that may significantly increase access to domestic discovery in foreign arbitration proceedings, the United States Court of Appeals for the Sixth Circuit ruled on September 19 that courts may order individuals and entities within the United States...
CFPB Rules Permitting Consumer Class Actions Against Financial Institutions Set to Take Effect Absent Action by Congress
In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow consumers to initiate or participate in class...
United States Supreme Court Limits Definition of Debt Collector Under the Fair Debt Collection Practices Act
On June 12, 2017, the United States Supreme Court issued an opinion resolving a circuit court split as to whether a company that collects debts that it purchased for its own account would fall within the statutory definition of "debt...
NY Expands Jurisdictional Reach Over Foreign Banks Using Correspondent Accounts
The New York Court of Appeals recently gave a leg-up to plaintiffs seeking to hale foreign banks before New York state courts, clarifying that the use of a New York-based correspondent account could, under certain circumstances, suffice to provide personal...
Does Your Bank's Website Violate The ADA?
There has been a recent surge in claims brought by people with visual and hearing impairments alleging that company websites violate the accessibility standards of the Americans with Disabilities Act (ADA). Until now, these claims have typically been made against...
New CFPB Rules Threaten More Consumer Class Actions Against Financial Institutions
Recently, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on proposed rules that would significantly change two aspects of consumer finance dispute resolution. First, the proposed rules limit the effect of mandatory arbitration clauses for...