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In furtherance of Krieg DeVault’s continuing commitment to provide timely information and developments affecting secured lenders, set forth below are brief summaries of recently reported court cases providing guidance to secured lenders:
President Biden Issues Executive Order on Artificial Intelligence
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial… Secured Lender: Second Circuit Court Affirms Syndicated Loans are [STILL] Not Securities
OVERVIEW On August 24, 2023, the United States Court of Appeals for the Second Circuit (the “Second Circuit Court”) ruled that syndicated term loans are not considered to be “securities” – meaning syndicated loans are not subject to federal securities regulations or state-specific securities… LIBOR Transition in the Final Weeks
With the end date for the London Interbank Offered Rate (LIBOR) less than two months away (June 30, 2023), lenders and borrowers are busily revising their loan documents in anticipation of this deadline. Although a large proportion of legacy loans in the loan market still reference LIBOR, most new… New York DFS Issues Final Commercial Lending Disclosure Regulation
The New York Department of Financial Services (“NYDFS”) finalized the New York Commercial Finance Disclosure Law (“NYCFDL”) regulation on February 1, 2023. The NYCFDL disclosure rule (“NY Disclosure Rule”) is effective on August 1, 2023, and with few exceptions, closely tracks disclosure… FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency
On September 29, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) implementing Section 6403 of the Corporate Transparency Act (CTA) (which was initially enacted on January 1, 2021 as part of the Defense Authorization Act for Fiscal Year 2021) that requires… President Signs Bankruptcy Threshold Adjustment and Technical Corrections Act of 2022
As noted in our prior Alerts, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which became law March 27, 2020, included various COVID-19 pandemic-related bankruptcy relief provisions which sunsetted on Saturday, March 27, 2021, but were extended by the “COVID-19 Bankruptcy… Website Compliance with the ADA: Is Your Company Compliant With the Latest DOJ Guidance?
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging… Indiana Senate Bill Would Replace LIBOR When Necessary
Trillions of dollars are tied up in lending contracts that rely on the London Interbank Offered Rate (“LIBOR”) as their benchmark rate. On June 30, 2023, LIBOR will no longer be published in any capacity.1 Many LIBOR-based contracts contain inadequate provisions, or none at all, to deal with the… Protecting Against Insolvency Risks related to Customers and Suppliers
Credit risk issues permeate supply chain relationships in both directions. Current circumstances seem to exacerbate these considerations as the supply chain and pervasive pandemic effects continue to impact all sectors at all levels. The following outline identifies some potential problems and… Overview of New Federal COVID-19 Vaccination Requirements for Employers (Podcast)
Employment Practice attorney Shelley M. Jackson discusses the new vaccination requirements for employers with over 100 employees. Update Regarding CFPB's Finalized Changes to Regulation F to Implement the Fair Debt Collection Practices Act
As noted in our two earlier Alerts, “CFPB Issues Finalized Changes to Regulation F to Implement the Fair Debt Collection Practices Act,” December 16, 2020, and “CFPB Proposes Two Measures to Address Ongoing COVID-19 Pandemic Concerns,” May 13, 2021, the Consumer Financial Protection Bureau’s (… |
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