News & Analysis as of

Lenders New Guidance Borrowers

Orrick, Herrington & Sutcliffe LLP

HUD updates requirements for mortgagee interviews

On June 3, HUD published Mortgagee Letter (ML) 2025-14, “Updates to Modernization of Engagement with Borrowers in Default and Loss Mitigation,” which revised requirements for mortgagee interviews with FHA borrowers in default...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Highlights Widespread Violations in Student Loan Sector

On December 16, the CFPB released a special edition of its Supervisory Highlights, which detailed findings from the Bureau’s recent examinations of student loan markets. The report identifies a range of violations related to...more

Moore & Van Allen PLLC

OCC Issues Guidance Reminding Banks of Risks Associated with Refinancing Commercial Loans

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With the amount of commercial real estate loans scheduled for maturity over the next several years expected to increase significantly, there is accompanying heightened risk that some borrowers may be unable to replace their...more

Sheppard Mullin Richter & Hampton LLP

CFPB Interpretive Rule Holds That BNPL Lenders Are Credit Card Providers

On May 22, the CFPB announced an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders qualify as credit card providers under the Truth in Lending Act, Regulation Z and are required to provide consumers legal...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Risk-Based Supervision Order Against Installment Lender

On February 23, the Consumer Financial Protection Bureau announced its first public decision designating a nonbank lender for supervision based on the institution’s potential risk to consumers....more

Morrison & Foerster LLP

OCC Issues Guidance on Venture Lending

Morrison & Foerster LLP on

On November 1, 2023, the Office of the Comptroller of the Currency (OCC) issued detailed guidance (the Bulletin) to national banks and federal savings associations addressing risk management standards and safe and sound...more

Ballard Spahr LLP

Dept. of Education issues framework for student loan servicer accountability

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The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more

Bradley Arant Boult Cummings LLP

CFPB Issues Guidance to Lenders and Collectors on So-Called Zombie Second Mortgages

On April 26, 2023, the CFPB issued an advisory opinion clarifying that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection...more

Bradley Arant Boult Cummings LLP

South Carolina Ruling Gives Lenders Flexibility on When to Foreclose in Face of Borrower Litigation

In a ruling that will provide guidance on when lenders must raise a foreclosure counterclaim in a borrower lawsuit, the South Carolina Court of Appeals in Deutsche Bank National Trust Company v. Estate of Patricia Ann Owens...more

Schwabe, Williamson & Wyatt PC

The Lender’s Role in the PPP Loan Review Process - After the Economic Aid Act: An Updated Guide to the PPP Loan Forgiveness Review...

Lenders play a large role in the Paycheck Protection Program (“PPP”) loan forgiveness review and appeals process. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act” or “PPP2...more

Schwabe, Williamson & Wyatt PC

Initial Takeaways and Agency Guidance for the Latest PPP Updates - After the Economic Aid Act: An Updated Guide to the PPP Loan...

On January 19, 2021, the Small Business Administration (the “SBA”) in consultation with the Department of Treasury (“Treasury”) posted new forgiveness application forms and the Interim Final Rule on Loan Forgiveness...more

Perkins Coie

Portal Opens for New PPP Loans With New SBA Guidance and Application Forms

Perkins Coie on

The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since...more

Cole Schotz

PPP Alert: SBA Issues Additional Guidance On Loan Necessity Questionnaire

Cole Schotz on

The U.S. Small Business Administration (the “SBA”), in consultation with the Department of the Treasury, has further updated its Frequently Asked Questions (“FAQs”) regarding the issuance of Loan Necessity Questionnaires to...more

Blank Rome LLP

SBA Issues Guidance on Change of Ownership Transactions in Which SBA Consent Is Not Required

Blank Rome LLP on

The U.S. Small Business Administration (the “SBA”) recently provided important and long anticipated guidance on requirements and exceptions for SBA consent in certain “change of ownership” transactions involving companies...more

Buchalter

Buchalter COVID-19 Client Alert: New PPP Guidance Simplifies Forgiveness Application Process for Small PPP Loans of $50,000 or...

Buchalter on

On October 8, Treasury issued a new Interim Final Rule Re Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules (new IFR), along with a new Loan Forgiveness Application Form 3508S and...more

Partridge Snow & Hahn LLP

SBA Issues Guidance on Treatment of PPP Loans in Mergers and Acquisitions

On October 2, 2020, the SBA issued guidance under a procedural notice (the “Notice”) providing information concerning the required procedures for changes of ownership of an entity that has received a Payroll Protection...more

Perkins Coie

SBA Announces New Guidance on Consent Requirements for Changes of Ownership of PPP Loan Borrowers

Perkins Coie on

The U.S. Small Business Administration (SBA) released a procedural notice (the Notice) on October 2, 2020, that describes the process and requirements that Paycheck Protection Program (PPP) borrowers and lenders must follow...more

Foley Hoag LLP

New SBA Guidance on Change in Ownership by PPP Borrowers

Foley Hoag LLP on

On October 2, 2020, the U.S. Small Business Administration (“SBA”) released new guidance on when SBA consent is required in connection with a change in ownership of an entity that has received Paycheck Protection Program...more

Buchalter

Buchalter COVID-19 Client Alert: SBA Issues New PPP Guidance Regarding Required Approval for a Sale of Assets or Transfer of...

Buchalter on

On October 2, the SBA issued SBA Procedural Notice 5000-20057, Paycheck Protection Program Loans and Changes of Ownership (“Notice”). A link to the Notice is set out below. The Notice sets forth SBA procedural...more

Pillsbury Winthrop Shaw Pittman LLP

Paycheck Protection Program Update: New SBA Guidance Impacting M&A Activity

The Small Business Administration’s latest guidance tells PPP lenders under what conditions they may approve changes of ownership involving PPP borrowers. Standard PPP loan paperwork has required PPP borrowers to seek...more

Perkins Coie

New PPP Loan Forgiveness Guidance Issued in Advance of Opening of SBA’s Loan Forgiveness Portal

Perkins Coie on

While debates in Congress continue regarding extending or providing additional COVID-19 relief legislation, the Small Business Administration (SBA), U.S. Department of the Treasury (Treasury), and lenders under the Paycheck...more

Burr & Forman

SBA Releases PPP Loan Forgiveness FAQs

Burr & Forman on

On August 4, the Small Business Administration (“SBA”) released an initial set of frequently asked questions regarding the forgiveness of paycheck protection program (“PPP”) loans (the questions, the “Forgiveness FAQs”). The...more

Pillsbury Winthrop Shaw Pittman LLP

Fed Updates its Guidance for the Main Street Lending Program

The update generally provides further clarifications to existing guidance, but one change regarding the Expanded Loan Facility could enable eligible borrowers to access additional funding that was previously unavailable to...more

Proskauer Rose LLP

Where is Main Street? The Federal Reserve Provides Guidance on the Main Street Lending Program (Updated)

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UPDATE: Where is Main Street?—Fed Provides Guidance on the Main Street Lending Program - On June 11, 2020, the Federal Reserve Bank of Boston (the “Boston Fed”) released updated information for potential lenders and...more

Lowenstein Sandler LLP

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified,...more

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