ARRC Issues Updated Fallback Language For LIBOR-Denominated Bilateral Business Loans

The Alternative Reference Rates Committee (“ARRC”) issued (i) updated recommended contractual fallback language for U.S. dollar LIBOR-denominated bilateral business loans; and (ii) a technical reference document to support previously released conventions for syndicated loans.

The ARRC updated the bilateral business loan fallback language revising the language released in May of 2019. Specifically, the updates (which the ARRC noted are similar to recommendations for new originations of syndicated loans) amended the (i) “Hardwired Approach” to include a recommended use of the Daily Simple Secured Overnight […]

By | September 2nd, 2020 ||

NY State Legislature Considers Bill Proposing Tax On Mezzanine Debt And Preferred Equity

Earlier this year, Senator Julia Salazar and Assembly Member Harvey Epstein introduced a bill (S7231/A09041) in the New York State Legislature proposing to charge a recording tax (similar to the mortgage tax) on mezzanine debt financings to help fund public housing. On August 17, 2020, an updated version of the bill was introduced in the New York State Assembly that proposed extending the application of the mortgage recording tax to preferred equity investments.

The updated bill […]

By | August 28th, 2020 ||

CFPB’s First Redlining Action Against A Non-Bank Lender: Key Takeaways

Last month the Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender, alleging that the company “redlined” African-American neighborhoods in the Chicago Metropolitan Statistical Area and discouraged prospective applicants from applying for mortgage loans on the basis of race. This marks the first time that a federal regulator has taken a public redlining action against a non-bank mortgage lender. Please join Mayer Brown attorneys Tori Shinohara and Jim Williams for a […]

By | August 27th, 2020 ||