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Recent Comments by US Treasury Secretary Mnuchin Should Give PPP Applicants Pause

In statements made yesterday on “Squawk Box” on CNBC, Secretary Mnuchin said: “I’m going to be putting out an announcement later this morning that for any loan over $2 million, the Small Business Administration will be...more

Clear as Mud: SBA Offers Further Clarification to PPP Eligibility

In FAQ #31 posted on April 23, 2020, the US Small Business Administration offered the following clarification (italics added): 31. Question: Do businesses owned by large companies with adequate sources of liquidity to...more

TALF 2020 and CLOs

On April 9, 2020, the U.S. Federal Reserve announced revised preliminary terms for the Term Asset-Backed Securities Loan Facility ("TALF 2020"). Certain CLO securities that are rated AAA by at least two rating agencies and...more

SBA Issues New Official FAQs for the Paycheck Protection Program (PPP) Addressing Borrower Eligibility, Affiliation, Underwriting,...

The SBA’s Paycheck Protection Program, a $349 billion loan guaranty program established by the CARES Act to provide deferrable, forgivable loans up to $10 million to small business owners addressed in more detail in prior...more

CARES Act Payroll Protection Program

On March 31, 2020, the U.S. Department of the Treasury issued guidance on the Payroll Protection Program (PPP) under the CARES Act.  The PPP provides small business with funds to pay payroll costs, including employee...more

Potential for Fintech Lenders and other “Additional Lenders” to enter the SBA Market: What Lenders Need to Know

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. Among other things, the CARES Act creates the “Paycheck Protection Program” (PPP), which provides up to $349 billion...more

Small Business Loans under the CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. ...more

US ARRC Proposes a New York State Legislative “Solution” for Legacy LIBOR Contracts Without Adequate Fallbacks—But What Does It...

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) released its “Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition,” which the ARRC...more

US Agencies Proposed Revisions to Volcker Rule Covered Funds Provisions

On January 30, 2020, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), the Securities and Exchange...more

Potential Volcker Rule Changes Announced

On January 30, 2020, five federal financial regulatory agencies published the long awaited notice of proposed rulemaking (the “NPR”) to revise certain aspects of the Volcker Rule (Section 13 of the Bank Holding Company Act)...more

US Interagency statement on the use of alternative data in credit underwriting

On December 3rd, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the...more

Blue Bonds Floated, Adding the Latest Color to the Sustainability Finance Palette Wheel

Following the inaugural sovereign blue bond issuance by the Republic of Seychelles last October, there have been two recent blue bond announcements. First, The Nature Conservancy recently announced its ambitious “Blue Bonds...more

SEC Expands Safe Harbor to Promote Research on Investment Funds

On November 30, 2018, the Securities and Exchange Commission (the “Commission”) adopted a new rule establishing a non-exclusive research report safe harbor (“Rule 139b”) for unaffiliated brokers or dealers that publish or...more

SEC Issues Final Rule to Modernize Property Disclosures for Mining Registrants

On October 31, 2018, the US Securities and Exchange Commission (“SEC” or “Commission”) issued a final rule (Final Rule) to modernize required property disclosures for mining registrants. ...more

SEC Petitioned for an ESG Disclosure Rulemaking

On October 1, 2018, a public petition (Petition) was filed with the US Securities and Exchange Commission (SEC) for a rulemaking on environmental, social and governance (ESG) disclosure. The Petition was authored by two law...more

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