The CFPB’s debt collection rule goes a long way towards resolving a long standing FDCPA question: How often can I call a debtor? Rather than institute a bright line rule, the CFPB adopted a rebuttable presumption which effectively limits debt collectors (including loan servicers subject to the FDCPA) to placing seven calls in a seven-day period. To further complicate matters, the rule also effectively prohibits calls for seven days after you actually reach a debtor ...
I Banking and Finance The Government of Latvia has approved a business support program that provides for financial measures ensured in cooperation with state development agency Altum. The program is planned to continue until mid-2021. Depending on individual needs, companies, regardless of industry, can use six crisis alleviation programs: Working capital loan – a liquidity support for companies, whose activities have been affected by Covid-19 ...
On November 19, 2020, the Securities and Exchange Commission (SEC) voted 3-2 to adopt additional amendments to Regulation S-K for public companies, including Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A). These amendments reflect the latest development in the SEC’s ongoing disclosure effectiveness initiative, which seeks to modernize and streamline public company disclosure requirements ...
The Federal Reserve has issued amended For Profit and Non-Profit Frequently Asked Questions for the Main Street Lending Program, addressing the key dates for the end of the program in December, 2020. These dates are driven by the end of the Federal Reserve’s Special Purpose Vehicle’s authority to purchase MSLP loan participations on December 31 ...
ICE Benchmark Administration, the British-based LIBOR administrator, announced that it intends to cease the publication of the one-week and two month U.S. Dollar LIBOR settings immediately after December 31, 2021, and the other U.S. Dollar LIBOR settings immediately after June 20, 2023. Accordingly, on November 30, the U.S ...
During the 2019 legislative session, California enacted SB 908 - the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., requiring consumer debt collectors who are collecting on their own account or the account of others, including debt buyers, to be licensed beginning January 1, 2022 ...
What is it? A group account system (Nw: konsernkonto) («GAS«) is a technical solution a bank may offer its customers that simplifies the process for lending amounts within the customer’s group. It can be a useful tool for managing and controlling the liquidity in the group and ensuring flexibility for allocating liquidity within the various participating group members ...
Back to 2020 - Forward to 2021 2020 was a busy year – and a uniquely challenging one to say the least. Legal and regulatory changes, many of them linked to the COVID-19 crisis, have impacted your business and will continue to impact it in the new year. That is why we are pleased to provide you with an overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law ...
Regional Insights [VIDEO] Salary Arrangements & Restructuring in the Time of COVID-19: Market Views & Legal Implementation Watch our latest video to gain a clearer view on the salary arrangement options available to human resources departments in light of the disruption caused by the COVID-19 global pandemic ...
In a notable decision interpreting the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Bankruptcy Court for the Middle District of Alabama held that Chapter 13 debtors behind on their payments before March 2020 may seek modification of their plan if they suffered from COVID-19 related financial distress. In In re Fowler, No. 16-31791; In re Lewis, No. 19-32243, 2020 WL 6701366 (Bankr. M.D. Ala. Nov. 13, 2020), Bankruptcy Judge William R ...
Vassily Rudomino, Senior partner of ALRUD, Ksenia Tarkhova and Ruslana Karimova, Senior associate of ALRUD, Roman Vedernikov, Associate of ALRUD, and Anastasia Kayukova, ALRUD Senior attorney, prepared an article for the eighth edition of 'The Foreign Investment Regulation Review' by Law Business Research. This review focuses on the main aspects of foreign investment regulation in various jurisdictions ...
DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...
British Virgin Islands entities and structures are frequently used to hold assets located onshore, outside the BVI. Sometimes these assets represent the proceeds of wrong-doing including breach of fiduciary duty, breach of express trust, or pure fraud. The vast majority of the 400,000 active BVI companies on the register tend to be holding companies, holding real property, investments, or shares in other companies including shares in trading companies ...
On November 27, 2020, the Federal Official Gazette published Resolution No. 50, by means of which the National Mining Agency (“ANM”) amends Resolution No. 46/2020, which suspended the deadlines of certain procedural and material acts and the extension of mining titles. According to the new wording, the period of certain procedural and material acts as well as the tacit approval by the Agency is suspended from March 20, 2020 to December 31, 2020 ...
On November 23, 2020, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a proposed amendment to Federal Housing Administration (FHA) regulations that would allow lenders to accept private flood insurance policies on FHA-insured properties located in Special Flood Hazard Areas ...
On November 17, 2020, the San Francisco Board of Supervisors unanimously approved an extension to the commercial eviction moratorium that had been previously enacted and extended on a month-to-month basis by mayoral declaration. The new commercial eviction ordinance (the “Ordinance”) keeps the majority of the terms of the current moratorium in effect, while providing a new four-tiered system for qualified tenants for repayment of deferred rent ...
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired ...
The Federal government’s COVID emergency loan programs and credit facilities have moved into critical new phases. As highlighted by the recent media focus on the new SBA PPP Forgiveness Questionnaire for borrowers, both borrowers and lenders face new and challenging issues regarding these loan programs, particularly PPP loans and the Main Street Loan Program. PPP Loan Program – For most borrowers, the time period for spending PPP loan proceeds has expired ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
Hong Kong has in recent times seen an increasing use of remote on-boarding of customers by banks as a result of COVID-19. Banks are generally required to pay more attention to the remote on-boarding assessment of corporate customers as opposed to individual ones due to the higher money laundering and terrorist financing risks associated with corporate vehicles ...
In September 2020, the Hong Kong Monetary Authority (“HKMA”) issued the Guideline explaining the HKMA’s interpretation of some of his oversight requirements under the Payment Systems and Stored Value Facilities Ordinance (“PSSVFO”) relating to designated Retail Payment Systems (“Designated RPS”) so as to assist system operators (“SO”) or settlement institutions (“SI”) of Designated RPS to understand and comply with such requiremen
