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Federal Reserve Publishes Additional Detail on TALF

On Wednesday, May 20, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced further details on the Term Asset-Backed Securities Loan Facility (“TALF”).  The Board’s announcement contains key documents and forms, including the Master Loan and Security Agreement; updated FAQs and a blackline reflecting changes made against the version published on … Continue Reading

The PPP Economic Necessity Certification: SBA Provides Additional Guidance

On May 13, 2020, the Small Business Administration (“SBA”) released two FAQs, numbers 46 and 47, regarding two safe harbors from an SBA inquiry into a borrower’s statutorily required certification of economic necessity for a loan under the Paycheck Protection Program  (“PPP”).  FAQ 46 states that the SBA will deem any borrower that, together with … Continue Reading

Federal Reserve Announces Further Details on TALF

On Tuesday, May 12, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced additional details regarding the Term Asset-Backed Securities Loan Facility (“TALF”).  The TALF is a financial crisis-era liquidity facility designed to help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities (“ABS”). The … Continue Reading

Senators Criticize the Bureau of Consumer Financial Protection’s Decision to Ease Home Mortgage Disclosure Act Reporting Requirements

On April 28, 19 Democratic senators sent a letter to the Bureau of Consumer Financial Protection (“Bureau”) protesting both its decision to temporarily suspend quarterly mortgage lending reporting requirements under the Home Mortgage Disclosure Act (“HMDA”) during the COVID-19 pandemic, and to permanently reduce the number of entities that must provide certain types of  reporting … Continue Reading

The UK Court of Appeal Clarifies the Legal Test for Excessive Pricing

Under Article 102 of the Treaty on the Functioning of the European Union (“TFEU”), an undertaking may abuse its dominant position by “directly or indirectly imposing unfair purchase or selling prices”.  The UK Court of Appeal recently provided guidance regarding the legal test to determine whether pricing is excessive and unfair.  In March, it dismissed … Continue Reading

Federal and State Price-Gouging Enforcement in the Era of COVID-19

COVID-19 has had a profound effect on supply chains, creating shortages and, in some cases, raising prices of vital medical and consumer products. It is no surprise that consumers, businesses, and government authorities are sounding the alarm about potential price gouging and pursuing those who appear to be exploiting the current crisis. On March 23, … Continue Reading

USPTO Uses CARES Act Authority to Extend Deadlines for Patent and Trademark Owners and Applicants

The recently enacted Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a little-known provision to protect inventors during the ongoing COVID-19 pandemic.  Section 12004 of the CARES Act grants the U.S. Patent and Trademark Office (“USPTO”) director the temporary authority to “toll, waive, adjust, or modify, any timing deadline” established by federal patent or … Continue Reading

COVID-19 Relief and Nonprofits: What You Need to Know

In a wave of legislation designed to combat the global economic impacts of COVID-19, Congress has enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). At a high level and among many other things, the Acts provide: $349 billion in loan funds for small businesses and … Continue Reading

Only a global response can quell pandemic and economic slump [Opinion]

America’s political leaders overcame political differences to enact $2 trillion in national economic support bill, while the Federal Reserve took historic steps to assure liquidity for the economy to address COVID-19. Important steps for sure, but a bigger challenge lies around the corner. This is a global pandemic causing global economic crisis; the United States … Continue Reading

Federal Reserve Announces Main Street Lending Program and Other Facilities to Provide Credit to Businesses, States, and Municipalities Impacted by COVID-19

Today, the Board of Governors of the Federal Reserve announced the creation of four new liquidity facilities and the expansion of three previously announced liquidity facilities to provide credit to borrowers impacted by the COVID-19 pandemic.  Whereas the previously announced programs primarily targeted certain financial markets and their participants (such as the markets for commercial … Continue Reading

Audio and Key Takeaways Re: Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa

As a complement to our March 26, 2020 blog “Covington’s Ability to Help Respond to the COVID-19 Pandemic in Africa,” you may access the audio of our briefing call here. Key takeaways from the briefing can be accessed here. With African governments increasingly taking strong actions to impede the spread of the COVID-19 virus, including … Continue Reading

Compliance Considerations for Companies and Individuals Donating Funds, Goods, or Services to Domestic Government Entities

As the coronavirus pandemic continues across the country, many corporations, organizations, and individuals are looking for ways they can help fight back. This often includes donating money, goods, or services to federal, state, or local government entities. These well-intentioned donations can generate compliance problems if not handled appropriately from the start. While the situation will … Continue Reading

Agencies Encourage Banks to Make Small-Dollar Loans to Customers Affected by Coronavirus

Yesterday, March 26, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency released an interagency statement encouraging financial institutions to offer responsible small-dollar loans to both consumers and small businesses facing … Continue Reading

New Jersey “Dark Money” Disclosure Law Permanently Enjoined

Last year, we blogged about a new and highly restrictive disclosure law in New Jersey that took aim at so-called “dark money” spending by nonprofit and political organizations.  In response to a series of lawsuits, a federal court has issued an order permanently prohibiting the state from enforcing the law against “independent expenditure committees” as … Continue Reading
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