NYDFS Urges OCC To Withdraw “True Lender” Rule Proposal

The New York State Department of Financial Services (“NYDFS”) urged the OCC to withdraw a proposed rule that would clarify when a national bank or federal savings association is considered to be the “true lender in the context of a partnership between a bank and a third party, such as a marketplace lender.”

The proposed rule would clarify that a national bank or federal savings association is considered to have made a loan if, on the date that the […]

By | September 8th, 2020 ||

OCC Authorizes Closure Of Banks Along U.S. Gulf Coast

The OCC authorized national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices located in areas affected by severe weather along the U.S. Gulf Coast. The OCC proclamation also referred to previously issued supervisory guidance on emergency conditions.
Primary Sources

OCC Press Release: OCC Allows National Banks and Federal Savings Associations along U.S. Gulf Coast to Close

By | September 4th, 2020 ||

ARRC Issues Updated Fallback Language For LIBOR-Denominated Bilateral Business Loans

The Alternative Reference Rates Committee (“ARRC”) issued (i) updated recommended contractual fallback language for U.S. dollar LIBOR-denominated bilateral business loans; and (ii) a technical reference document to support previously released conventions for syndicated loans.

The ARRC updated the bilateral business loan fallback language revising the language released in May of 2019. Specifically, the updates (which the ARRC noted are similar to recommendations for new originations of syndicated loans) amended the (i) “Hardwired Approach” to include a recommended use of the Daily Simple Secured Overnight […]

By | September 2nd, 2020 ||