- Client Alert
The SEC announced modifications to its Municipalities Continuing Disclosure Cooperation Initiative on July 31, 2014.
- Client AlertJuly/August 2014 (Originally Published May 22, 2014)
Pratt's Journal of Bankruptcy Law republished a Chapman Client Alert.
- Client Alert
The Municipal Securities Rulemaking Board has released for public comment a revised draft of its proposed Rule G-42 on the duties of municipal advisors.
- Regulatory Updates - SFI
On July 23rd, the SEC adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940.
- Client Alert
Given today’s low interest rate environment, the enforceability of make-whole provisions has been the subject of intense litigation as debtors seek to redeem and refinance debt entered into during periods of higher interest rates, and investors seek to maintain their contractual rates of return. This trend has come to the forefront most recently in two separate cases, one filed in Delaware and the other in New York.
- To the Point!
In this issue:
- Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of-Draw Periods
-
Mortgage Rules Update: Application of the Ability to Pay Rule
- Client Alert
On July 8, 2014, the Securities and Exchange Commission issued its first cease-and-desist order under its Municipalities Continuing Disclosure Cooperation initiative.
- Client Alert
The recent Chicago federal criminal trial of Cherron Phillips, a.k.a. “River Tali El Bey” has shed some public light on the “sovereign citizen” movement and their insidious practice of “paper terrorism” of filing false liens against public officials, judges, police officers, corporations and banks.
- Client Alert
In a much anticipated decision that could have significantly changed the landscape of our federal courts and agencies, the United States Supreme Court’s recent decision in Executive Benefits Ins. Agency, Inc. v. Arkison left the bankruptcy world in the status quo, leaving many of the larger constitutional issues unanswered.
- Client Alert
In this issue:
- A Creditor May Obtain a Judicial Lien upon Distributions from a Trust
- Attorneys Beware! Executing a Proof of Claim May Be a Waiver of Privilege
- Lenders' Obligations under the Servicemembers Civil Relief Act
- Article
A recent Chapman Insight on proxy advisory firms was posted by the Harvard Law School Forum on Corporate Governance and Financial Regulation.
- Article
A recent Chapman Client Alert was published in the May—June issue of the Journal of Passthrough Entities.
- To the Point!
In this issue:
- CFPB Spring 2014 Supervisory Highlights
- CFPB Spring 2014 Rulemaking Agenda
- Changes to OCC Large Bank Supervisory Process
- Client Alert
On June 2, 2014, the United States Environmental Protection Agency issued a proposed a rule aimed at cuttingcarbon pollution from existing fossil-fuel fired power plants pursuant to President Obama’s Climate Action Plan.
- Client Alert
On May 2, 2014, the IRS released Notice 2014-33, offering transitional relief for the enforcement and administration of FATCA.
- Corporate Governance Quarterly Update
The 2014 proxy season, like previous seasons, has provided shareholders of public US companies with an opportunity to vote on a number of corporate governance proposals and director elections.
- Client Alert
In 2013, the Securities and Exchange Commission brought a number of enforcement actions in the municipal market that not only reinforced the agency’s commitment to regulating the municipal market, but also brought about a number of firsts for the SEC’s municipal securities enforcement program.
- Client Alert
A defaulting borrower and its guarantors, owing millions of dollars, claim that a series of emails sent to the lender’s attorney constitutes a legally binding settlement agreement to modify the loan agreement and to settle the matter for pennies on the dollar.
- Client Alert
On May 19, 2014, the Staff of the Office of Municipal Securities of the Securities and Exchange Commission issued additional guidance on the SEC’s registration rules for municipal advisors.
- Client Alert
The Municipal Securities Rulemaking Board recently announced the approval and effectiveness of its new fair-pricing rule. Amended MSRB Rule G-30 consolidates dealer fair-pricing obligations into a single rule on prices and commissions for principal and agency transactions in municipal securities.
- Client Alert
Two recent bankruptcy court decisions from the District of Delaware and Eastern District of Virginia raise serious concerns for secured lenders and purchasers of secured loans in the secondary market.
- To the Point!
In this issue:
- Proposed Amendments to Mortgage Rules
- CFPB Fair Lending Report
- Update on City of Chicago Vacant Property Ordinance
- Client Alert
While the common law has long held that an individual is liable for those tortious acts he or she personally commits, the Illinois Appellate Court’s decision in Dass v. Yale, 2013 IL App. (1st) 122520, appears to insulate limited liability company members from liability for torts personally committed while acting within their role for the LLC, unless the articles of the organization contain a contrary provision and the member has consented in writing to adoption of the provision or to be bound to the provision.
- Client Alert
On February 18, 2014, the Federal Reserve issued the final version of new Regulation YY establishing “enhanced prudential standards” for large bank holding companies and large foreign banks operating in the United States.
- Client Alert
A bill that would allow a taxing district subject to the Property Tax Extension Limitation Law to seek referendum approval to increase its aggregate extension has passed the Illinois State Senate and is now being considered by the House of Representatives.
- To the Point!
In this issue:
- Unfair, Deceptive or Abusive Acts or Practices
- Remittance Transfer Rule
- CFPB Advisory Encourages Student Loan Borrowers to Request Co-Signer Release
- FFIEC Joint Statement - Distributed Denial-of-Service (DDoS) Cyber-Attacks
- ArticleLate Winter 2014
An article by Chapman partner Larry White was published in the Late Winter 2014 issue of IGFOA's Dispatch newsletter.
- Client Alert
As providers of utility service to federal government offices, most investor owned utility companies are “federal contractors” subject to the Equal Opportunity rules established and enforced by the U.S. Department of Labor’s Office of Federal Contract Compliance Programs.
- Regulatory Updates - SFI
The Basel Committee on Banking Supervision released its final Supervisory Framework for Measuring and Controlling Large Exposures (Large Exposures Framework) today.
- To the Point!
In this issue:
- Garnishment of Accounts Containing Federal Benefit Payments
- Coming Up - Prepaid Card Fee Disclosures
- CFPB 2013 Consumer Response Annual Report
- Regulatory Updates - SFI
On April 8th, each of the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") voted to adopt a final rule that strengthens supplementary leverage ratio standards for large, interconnected U.S. banking organizations (the "Final Rule").
- Regulatory Updates - SFI
On April 8, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted a notice of proposed rulemaking (the "Proposed Rule") to implement revisions to the denominator measure for the supplementary leverage ratio ("SLR").
- Regulatory Updates - SFI
On April 7th, the Federal Reserve Board (the Board) announced that it intends to allow banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations (CLOs) covered by the Volcker Rule.
- Client Alert
The thought of more litigation can be intimidating, but through awareness of the process, working with your attorney to focus the issues, and analyzing the possibility of a recovery, the process can be mastered and work in your favor to turn your paper judgment into cash.
- Client Alert
The Financial Industry Regulatory Authority, Inc. recently filed proposed advertising rule changes with the Securities and Exchange Commission.
- Client Alert
On March 29, Governor Herbert signed into law 2014 Senate Bill 179, which amends various provisions of the Utah Procurement Code, Title 63G, Chapter 6a, Utah Code Annotated.
- Regulatory Updates - SFI
The FDIC has announced that the Board of Directors will meet in open session at 2:00 PM on April 8th to discuss, among other things, a notice of proposed rulemaking to implement revisions to the denominator measure for the supplementary leverage ratio (“SLR”).
- Regulatory Updates - SFI
Today, the SEC has extended the comment period on Regulation AB to April 28, 2014.
- Client Alert
Last month, the Sustainability Accounting Standards Board published its first standards calling for financial institutions to voluntarily collect, quantify and report data relevant to their environmental, social and governance performance.
- Client Alert
The Securities and Exchange Commission recently approved the Municipal Securities Rulemaking Board’s rule proposals that focus on fair dealing obligations of dealers in municipal securities.
- Client Alert
The Court in the City of Detroit municipal bankruptcy proceeding has issued a decision granting the City’s motion to disband the Official Committee of Unsecured Creditors that had previously been appointed in the case by the U.S. Trustee.
- Client Alert
Both House Ways and Means Committee Chairman Dave Camp and President Obama have recently released proposed changes to certain pension and retirement plans in the Internal Revenue Code.
- Client Alert
The following is a summary of certain proposed changes to the Real Estate Investment Trust provisions of the Internal Revenue Code included in recent legislative proposals.
- Client Alert
Legislative proposals by House Ways and Means Committee Chair Dave Camp would expand the scope of the unrelated business taxable income rules so that state and local pension funds would be subject to tax on certain investment income, including, in some instances, income from investment funds.
- Client Alert
Recently proposed legislation would generally (i) require sale treatment when a C corporation elects to become a regulated investment company or transfers assets to a RIC, (ii) treat certain RIC shares as United States real property interests subject to tax by non-U.S. persons on disposition, and (iii) provide that RIC dividends received through foreign corporations would not be eligible for a dividends received deduction.
- Client Alert
On March 10, the Division of Enforcement of the Securities and Exchange Commission announced its Municipalities Continuing Disclosure Cooperation Initiative.
- Client Alert
Both Representative Camp, Republican Ways and Means Committee Chair, and President Obama have recently released far reaching proposed changes to the U.S. taxation of cross-border financial transactions.
- Client Alert
Plaintiffs in a recent California Federal district court decision and in lawsuits in process against large health care systems in four other jurisdictions have argued that the ERISA exemption for “church plans” should be limited to plans of actual churches.
- Client Alert
The Tax Reform Act of 2014 intends to simplify and consolidate the individual taxation scheme by consolidating, changing, or eliminating a variety of current tax benefits and the tax rates.