Newsletters

08.27.20

SEC Makes Key Changes to Accredited Investor Definition

In its Final Rule issued on August 26, 2020, a divided Securities and Exchange Commission (SEC) expanded the group of individuals and entities permitted to invest in private securities by amending the definitions of “accredited investor” and “qualified institutional ...


08.10.20

FFIEC Guidance Continues to Encourage Prudent Credit Accommodations

On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a new joint statement of principles for banks to consider while working with their loan customers as the end of COVID-19 initial loan accommodation periods wind down.


06.30.20

Volcker Rule Changes Provide Stimulus Effect With Banks and Investment Funds

On June 25, 2020, federal banking and securities regulators issued new regulations that will ease burdens on banks that involve themselves with certain types of investment funds.


06.16.20

IRS Provides New Markets Tax Credit Relief Due to Ongoing COVID-19 Pandemic

On Friday, June 12, the Internal Revenue Service (IRS) released Notice 2020-49 (the NMTC Relief Notice), which provides extensions for certain time-sensitive actions related to the new markets tax credit (NMTC) for community development entities (CDEs) and qualified active low-income community ...


06.05.20

IRS Provides Additional Opportunity Zone Relief Due to Ongoing COVID-19 Pandemic

On Thursday, June 4, the Internal Revenue Service (IRS) released Notice 2020-39 (the OZ Relief Notice), which provides certain forms of relief for opportunity zone (OZ) investors, qualified opportunity funds (QOFs), and qualified opportunity zone businesses (QOZBs) affected by COVID-19.


05.29.20

New Guidance for Main Street Lending Program

The Federal Reserve Bank issued new guidance for the Main Street Lending Program (the Program) on May 27, 2020.


05.08.20

Nasdaq Provides Temporary Relief From Shareholder Approval Requirements

On May 4, 2020, in response to the tremendous economic uncertainty and ensuing securities market downturn resulting from COVID-19, the Securities and Exchange Commission approved effectively immediately Nasdaq Listing Rule 5636T providing a temporary exception from Nasdaq’s shareholder ...


05.04.20

Main Street Lending Program Expansion Announced

On April 30, the Federal Reserve Board, after receiving more than 2,200 letters in response to a request for feedback on its Main Street Lending Program, announced an expansion of the scope of and eligibility for the program.


04.21.20

Preparing for Post-COVID-19 Regulatory Exams: What Banks Need to Do Now

While we are still immersed in the economic fallout of the COVID-19 pandemic, banks must look ahead to a post-COVID-19 world and, in particular, the next 12-to-24-month regulatory exam cycle, when federal and state banking regulators will have the opportunity to take their first very close look at ...


04.10.20

Regulators Facilitate Favorable Capital Treatment For Banks Participating in the PPP

In the federal government’s ongoing effort to facilitate participation by depository institutions in its signature Paycheck Protection Program (PPP), on April 9, 2020, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve Board (FRB) ...