2021 11 
Troutman Sanders
OCTOBER 16, 2023
On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the Securities and Exchange Commission (SEC) informed the U.S. For more information, click here. For more information, click here.
ABI
JANUARY 22, 2023
John's University School of Law American Bankruptcy Institute Law Review Staff Title 11 of the United States Code (the “Bankruptcy Code”) contains certain provisions addressing “single asset real estate” or “SARE.” [i] million construction loan from Evertrust Bank (“Evertrust”) to build a hotel. [v] Paul Spagnoli St.
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Jimerson Firm
FEBRUARY 10, 2022
The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. See Caplinger v.
Credit Corp
APRIL 26, 2024
Some of the items on this list include: Canceled amounts that were gifts or inheritances Certain student loans and student loan discharges Qualifying purchase price reductions If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.
Troutman Sanders
OCTOBER 13, 2020
Small Business Administration, in consultation with the Treasury Department, released an updated loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Small Business Administration (SBA) released guidance on required procedures for changes of ownership in an entity that obtained a PPP loan.
Troutman Sanders
JANUARY 11, 2021
Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. A temporary rule, created in response to COVID-19, has been in place since June 2020 and is set to expire on February 17, 2021.
Troutman Sanders
OCTOBER 19, 2021
Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.
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