Drew Parobek, a partner in the Vorys Cleveland office, and Thomas Loeb, an associate in the Vorys Columbus office, co-authored an article for Law360 titled “What High Court Sears Case May Mean for Section 363 Sales”.
On April 7, 2022, the Federal Deposit Insurance Corporation (FDIC) released a Financial Institution Letter requesting that all FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto assets provide notice to the FDIC.
It’s never too early to get ahead of the curve on the LIBOR transition front. While lenders may have just cleared the first hurdle in the process - ensuring no new LIBOR contracts moving forward - questions still remain about what comes next.
Advisory boards can be, and typically are, a very helpful resource for seeking and obtaining important business and professional expertise, as well as community insights and input, for financial institutions. Advisory board members are often sought for those qualities and activities, and to serve as “good will ambassadors” for the institution, particularly in new markets or in seller markets that remain following bank charter consolidations.
With almost every state adopting the Uniform Electronic Transaction Act (UETA) and the federal government enacting the Federal Electronic Signatures in Global and National Cmmerce Act (15 U.S.C. § 7000, et seq.) (E-SIGN), the acceptance of electronic signatures has grown steadily in the past 20 years.
The federal banking agencies (including the FDIC, the OCC, the Federal Reserve, and the CFPB) adopted an important final rule in early 2021 (Rule) relating to how the agencies view and treat the impact and role of “supervisory guidance” (SG) in the regulation and oversight of their constituent institutions.
While there seems to be light at the end of the tunnel with the COVID-19 pandemic, many parts of the economy are still hurting. For lenders, that means there will continue to be more credits being pushed into workouts or special assets.
With the White House and Congress now under Democratic control, the political shift has fueled renewed optimism in the cannabis industry regarding the prospects for wide-scale legalization or, as a consolation prize, cannabis banking reform.
The federal Corporate Transparency Act (CTA) mandates that U.S. legal entities and non-U.S. legal entities registered to do business in the U.S. report to the federal government specific information about their “beneficial owners” and the persons who form or register those companies, with certain exceptions.
The ICE Benchmark Administration Limited (IBA), the administrator of the London Interbank Offered Rate (LIBOR), published a consultation on December 4, 2020 requesting public feedback on its intention to cease the publication of (1) the 1-Week and 2-Month USD LIBOR on December 31, 2021 and (2) the Overnight and 1, 3, 6 and 12 Month USD LIBOR on June 30, 2023 (the IBA Consultation).
Even in the midst of the coronavirus (COVID-19) pandemic, the Securities and Exchange Commission (SEC) staff continued to update and streamline disclosure requirements applicable to public reporting companies.
As a result of the COVID-19 pandemic, the U.S. Senate passed multiple phases of federal Coronavirus relief legislation, including the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), the third phase of the legislation.