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Special Alert: CARES Act “Paycheck Protection Program” offers relief and opportunities for small businesses and lenders
On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). The legislation’s first title, the “Keeping American Workers Paid and Employed Act,” provides a host of relief measures for small businesses, including $349 billion for Small Business...
Special AlertsSpecial Alert: California governor announces financial relief package during Covid-19 crisis
On March 25, California Governor Gavin Newsom announced a financial relief package (Proposal) and related guidance to assist borrowers in California experiencing financial hardship as a result of the Covid-19 outbreak. According to the news release, the relief efforts are being supported by several...
Special AlertsSpecial Alert: Fed’s new facilities offer hundreds of billions of dollars to businesses and issuers of credit for consumer and business debt
On March 23, the Federal Reserve announced that it is establishing and expanding a number of facilities to provide powerful support for the flow of credit to large U.S. employers and other businesses and families in the midst of the coronavirus pandemic. The Fed’s facilities and related actions are...
Special AlertsSpecial Alert: Covid-19 news and resources page
Covid-19 and its impact on the global economy is presenting new questions and challenges for financial services companies at an unprecedented pace. Federal, state, and local governments and industry groups are working quickly to issue new guidance in response. Buckley LLP has created a Covid-19...
Special AlertsSpecial Alert: CFPB releases Supplemental Notice of Proposed Rulemaking on Time-Barred Debt Disclosures
On February 21, the CFPB issued a Supplemental Notice of Proposed Rulemaking (NPRM) to amend Regulation F, which implements the Fair Debt Collection Practices Act (FDCPA), to require debt collectors to make certain disclosures when collecting time-barred debts (the “Supplemental Proposed Rule”)...
Special AlertsSpecial Alert: Trailer bill would enact California Consumer Financial Protection Law
A trailer bill accompanying the governor’s proposed 2020-2021 state budget would expand the Department of Business Oversight’s (DBO) authority and enact the California Consumer Financial Protection Law (Law). Specifically, the provisions outlined in the proposed Law would revamp and rename the...
Special AlertsSpecial Alert: California attorney general releases modified proposed CCPA regulations
The California attorney general last week released modifications to the proposed regulations announced last October (covered by a Buckley Special Alert ) implementing the California Consumer Privacy Act (CCPA). The CCPA—enacted in June 2018 (also covered by a Buckley Special Alert ) and amended...
Special AlertsSpecial Alert: NYDFS accelerates Libor transition planning
On December 23, 2019, the New York Department of Financial Services issued an “ Industry Letter ” requesting that each NYDFS-regulated institution submit the institution’s plan for addressing the transition away from Libor-based credit, derivative, and securities exposures. The NYDFS letter has...
Special AlertsSpecial Alert: OCC and FDIC issue CRA modernization proposal
On December 12, 2019, the OCC and the FDIC jointly issued a notice of proposed rulemaking (NPR) to modernize the regulatory framework implementing the Community Reinvestment Act. The NPR generally focuses on expanding and delineating the activities that qualify for CRA consideration, providing...
Special AlertsSpecial Alert: Banks no longer required to file SARs for hemp-related businesses
Federal and state banking regulators confirmed in a December 3 joint statement that banks are no longer required to file a suspicious activity report on customers solely because they are “engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.” * * * Click...
Special Alerts