On April 16, the CFPB issued a HMDA final rule increasing the number of closed-end mortgage loans and/or open-end mortgage loans an institution must originate before it meets HMDA’s coverage thresholds. Effective July 1, 2020, institutions originating fewer than 100 closed-end mortgage loans in either of the two preceding calendar years will not have to report such data effective July 1, 2020 ...
In light of President Ramaphosa’s announcement of a phased approach to the end of lockdown, many businesses will still be required to remain closed (or partially closed) after 30 April 2020. With this in mind, many employers will still require assistance from the Coronavirus (COVID-19) Temporary Relief Scheme (“C19TERS”) ...
The Small Business Administration emphasizes that businesses who participate in the Paycheck Protection Program must make a good faith certification that the loan request is “necessary” to support ongoing operations due to the current economic uncertainty ...
Another week brings another round of COVID-19-related lawsuits. We are identifying some early trends and provide a synopsis of the more relevant lawsuits below. Will nursing homes be overwhelmed by wrongful death lawsuits? The daughter of a woman suspected to have died from COVID-19 has filed a wrongful death suit against the company who owns the Life Care Center of Kirkland where her mother was a resident ...
On April 21, 2020, the Minister of Public Safety and Solicitor General of British Columbia issued a Ministerial Order (the “Order”) permitting electronic attendance at meetings (collectively referred to as “Corporate Meetings”) held pursuant to the Business Corporations Act, the Cooperative Association Act and the Societies Act (collectively, the “Statutes”) ...
The stock market has had record declines and many businesses are shuttered, at least temporarily. Long-term prospects may still be positive but in the near-term the value of many entities has reduced. Are there transactions that privately-held businesses and their owners could implement that would allow them to achieve long-term goals that could benefit the business, the owner, and owner’s family? We believe that there are ...
As all lenders know by now, the Coronavirus Aid, Relief, and Economic Security Act’s (“CARES Act”) guaranteed Paycheck Protection Program (“PPP”) loans are the key piece of economic relief for small businesses during the COVID-19 crisis ...
The COVID-19 pandemic has resulted in many employees working from home, and brought about a need for a more collaborate meeting culture in place of physical meeting and travelling. Online meetings using video conferencing systems empower businesses to stay connected with their clients, and interact and collaborate with their employees working remotely via the Internet ...
In response to the economic impact of the COVID-19 pandemic, the federal government has passed several new laws to provide trillions of dollars of funding to affected businesses and individuals. But this also means there are new compliance considerations for entities receiving federal funds, especially as it relates to the False Claims Act’s “false certification” theory of liability ...
Hong Kong Securities and Futures Commission (SFC) licensed corporations (LCs) which store regulatory records in the cloud, data centres or other electronic storage facilities provided by external persons (EDSPs) without keeping copies of such records in their Hong Kong business premises are reminded of the need to comply with the following requirements, according to the circular issued by the SFC on 31 October 2019 (Circular): (i) notify the SFC of the external electronic data stor
The Chilean Central Bank increased the upper thresholds for the investment in alternative assets by Pension Funds type A, B, C, and D, with the purpose of “promoting the diversification of Pension Funds' portfolios, granting them access to a better combination of risk and return ”. In the case of Pension Funds type E, the former limit was kept ...
The Costa Rica´s General Directorate of Customs issued the statement DGA-010-2020, which expands the list of products for surgical use that have export and re-export restrictions, which they had initially established through directive DGA-003-2020. The products added are as follows: Mono-glasses: Mono-glasses with indirect ventilation, transparent lens, foam covered frame and adjustable headband. Ergonomic and panoramic design. HSC: 9004.90.10.00 ...
The so called “break-even point” is a relevant concept in business economy. Simply speaking, a company is in break-even point when the number of product units sold equals its Total Fixed Cost, divided by the respective Contribution Margin per Unit (i.e ...
The West Virginia legislature is considering bills to amend the Consumer Credit and Protection Act (“WVCCPA”) and they can affect how lenders, creditors, collectors, and others interact with consumers in financial transactions. The WVCCPA is the primary statute in West Virginia that regulates how lenders, creditors, collectors, and others deal with consumers in financial transactions ...
In an earlier post, we started discussing the IRS’ “John Doe” summons to Coinbase, a virtual currency exchange, to obtain information about every Coinbase user, who, at any time during the period of January 1, 2013 through December 31, 2015, conducted transactions in a convertible virtual currency as defined in IRS Notice 2014-21. One such user filed a motion to intervene in the proceeding and to quash the IRS’ summons ...
Florida legislature passes bill to add virtual currencies to money laundering statute in response to last year’s court ruling that bitcoin can’t be the basis for money laundering charges Last year, a Miami judge dismissed criminal charges against a Florida-based bitcoin seller who had been caught in a sting in which undercover law enforcement officers engaged him to convert cash into bitcoin. They told him they intended to use the bitcoin to buy stolen credit card numbers ...
A West Virginia federal district court recently addressed a plaintiff’s claims that her reverse mortgage violated at least two statutes and West Virginia common law. The plaintiff was one of two borrowers on that mortgage and sued the mortgage lender and its servicing affiliate. The servicer moved to dismiss. The court granted the motion in part and denied it in part ...
If you spend any time reading about the virtual currency space, you’ve picked up that blockchain technology is creeping into hundreds of industries and countries worldwide as more and more people create ways to use the public electronic ledger to better our lives in the not-too-distant future. Money transfers, trade settlements, property and health records, and just about any other part of the human endeavor are being tweaked, changed, and disrupted by this new technology ...
West Virginia Supreme Court of Appeals makes clear that third parties may not sue under the West Virginia Consumer Credit and Protection Act for collection attempts On May 17, 2017, the West Virginia Supreme Court of Appeals issued a unanimous decision that affirmed a trial court’s order granting summary judgment to a collector in a lawsuit brought by a third party over collection calls made to her home that were intended to reach another person living there. In Young v ...
The prosperous and globalized world as we know it has been suddenly slammed. Henry Kissinger, in his article published in WSJ on April 4, states that the historic challenge for the current leaders will be to manage the crisis while building a new future. If they fail, the world would be set on fire. He also says that nations rely on their institutions to foresee and deal with calamities, to arrest their impact and to restore stability ...
