Board Briefs Archive

by Michael Odom Relying on the CARES Act, the Federal Reserve Board (Fed) established the Main Street Lending Program (MSLP) to facilitate lending to small and medium-sized businesses in order to help maintain operations until conditions normalize. The program provides a relatively low-risk mechanism ...Read More

by Dhruv Sharma, McGlinchey On Jan. 1, California’s Consumer Privacy Act (“CCPA”) went into effect, activating the most onerous privacy regime in the nation. Broadly speaking, CCPA grants consumers the right to know what personal information is being collected from them; know how that ...Read More

by Brian Malcom With the promise of low-interest or no-interest loans, and even the possibility of loan forgiveness, small businesses rocked by COVID-19 have recently turned to banks to apply for federally guaranteed funds. These funds are vital to many small businesses in order ...Read More

by Chris Couch, McGlinchey Stafford In Tims v. LGE Community Credit Union, the Eleventh Circuit upended how numerous banks think about their Overdraft Protection (“ODP”) obligations under Regulation E. In the wake of Tims, though, with some thought and clarification, banks can still use ...Read More

by Michael Rediker and Mike Murphey, Porter White & Co. The Financial Accounting Standards Board (“FASB”) has mandated a new methodology known as Current expected Credit Loss (“CECL”) to calculate a bank’s Allowance for Loan and Lease Losses (“ALLL”). Currently, ALLL estimates charges over ...Read More

by Marc Adesso and Kevin Tran, Waller Evolution of Federal Hemp Legislation For decades, federal law failed to distinguish hemp from other varieties of the cannabis plant, all of which were made illegal under the Controlled Substances Act of 1970 (the “Controlled Substances Act”).  ...Read More

by Michael Odom Can a bank be held liable for breach of contract for calling a loan after the maturity date, or where the note says it is payable on demand? Can a lender be held liable for refusing to make an advance under ...Read More