On 2 October 2024, the Central Bank of Ireland ("CBI") updated its Guidance on the Central Credit Register ("CCR") (version 2.6) to commence the reporting obligations in respect of guarantees under the Credit Reporting Act...more
Ein Jahr nach Inkrafttreten der neuen EU-Verbraucherkreditrichtlinie (Richtlinie 2023/2225) im November 2023: Wann kommt die Umsetzung, was wird geregelt und wie sind die Reaktionen der Wirtschaft? Die...more
I recently had the opportunity to present during a Strafford CLE webinar on strategies for mitigating the risks of lender liability claims when reworking troubled commercial real estate loans. A central theme throughout the...more
Bill 72, An Act to protect consumers against abusive commercial practices and to offer better transparency with respect to prices and credit, was recently tabled by the Québec government. This legislation includes amendments...more
The LSTA has regularly prepared and updated the LSTA Regulatory Guidance: U.S. Sanctions Issues in Lending Transactions (the “LSTA Guidance”). The LSTA Guidance contains a comprehensive review of sanctions, including...more
What’s New? A new European Union (EU) Directive on Credit Servicers and Credit Purchasers (the Directive) requires investors who acquire, manage, or sell non-performing loans (NPLs), issued by EU-authorised credit...more
When a borrower submits a request for borrowing in a syndicated credit facility, each lender in the lending group is generally obligated to make its pro rata share of the borrowing available to the administrative agent by a...more
In dismissing a class action last month alleging violations of the Military Lending Act (“MLA”), a federal district court in Virginia held that the MLA’s two-year statute of limitations is triggered by discovery of the facts...more
A common feature included in credit agreements is a limitation on the amount of the unfunded capital commitment of a single investor (or the aggregate unfunded capital commitments of a class of investors) that can be included...more
Takeaways - Loan agreement provisions allowing borrowers to repurchase their loans to take advantage of steep debt discounts and restructure their debt became popular in the wake of the financial crisis. The meaning of some...more
Credit documentation transfer provisions, which may in the past have been viewed as rather boilerplate, have increasingly become points of contention in the documentation process. Today these provisions are often highly...more
Amending Fund Finance facilities to replace LIBOR as the primary benchmark interest rate has all the makings of a potential client experience disaster for your Fund sponsor clients. This is not just theoretical – we are...more
With the COVID-19 pandemic continuing to adversely impact businesses across the globe, for the past year lenders have been reviewing their portfolios for credit degradation. Credit agreements will often contain a clause in...more
This bulletin provides a timely update on two emerging issues related to LIBOR transition – namely, requirements that administrative agents (including private credit lenders acting in that role on their facilities) may be...more
The FDIC Fall 2019 edition of Supervisory Insights contained an article entitled “Leveraged Lending: Evolution, Growth and Heightened Risk”. In the article, the FDIC noted that the credit agreement terms have continued to...more
Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more
The CFPB’s final rule on prepaid accounts, which became effective on April 1, 2019, requires issuers of prepaid accounts, with certain exceptions, to submit to the CFPB all account agreements that the issuer offers, amends,...more
Last week, the Consumer Financial Protection Bureau (CFPB) released its 728-page report on the use of arbitration clauses in consumer financial products and services contracts. The findings in the report come from a...more