Proposed “HOPE” Act To Provide Financial Assistance To CMBS Borrowers Through Preferred Equity Lending Facility

In the wake of the ongoing COVID-19 pandemic, Congress has enacted various legislation in an effort to provide critical assistance to individuals and businesses. The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)1 is the largest economic stimulus package in United States to date. Additionally, the Federal Reserve has instituted a number of loan facilities to provide certain borrowers access to alternative sources of financing during the economic challenges of the COVID-19 pandemic.2 However, […]

By | August 23rd, 2020 ||

Regulation Round Up

The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case.

The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20) setting out its expectations and guidance relating to auditors’ work on the matching adjustment.

The FCA published a statement explaining its view of the risks and benefits of Employer Salary Advance Schemes, and setting out issues that both employers and employees should consider when offering or using these schemes.
29 July
The FCA published a guidance consultation on draft […]

By | August 14th, 2020 ||

Bank Settles CFPB Charges For Improper Sales Practices Concerning Overdraft Protection Services

A bank settled CFPB charges for enrolling customers in an overdraft-protection service using improper sales practices. According to the CFPB, the bank’s failures included “failing to obtain consumers’ affirmative consent” to enroll in the service and the subsequent charging of overdraft fees.

In a CFPB Consent Order, the Bureau stated that the institution did not present new customers with written disclosures concerning the service prior to enrollment, in violation of CFPB Rule 1005.17 (“Requirements for overdraft services”), and that […]

By | August 11th, 2020 ||