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Bank Law Monitor

A legal blog for the financial services industry

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Supreme Court Limits the Ability to Discharge Debts Obtained by Fraud
The discharge provided in bankruptcy is fundamental, allowing the “honest but unfortunate” debtor a fresh start. There are various exceptions to the discharge found in Sections 523 and 727 of the Bankruptcy Code—designed to prevent the discharge of d...
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FedNow—The Fed Announces Launch Timeline and Pricing
The Federal Reserve’s long-awaited new payment system, FedNow, will be here and available to financial institutions sooner than we expected. In fact, many organizations have already been participating in the FedNow Pilot Program, including a num...
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Sales under the Oregon Receivership Code as an Alternative to Foreclosure
Commercial loan documents typically include provisions granting a lender the right to obtain appointment of a receiver following a loan default. Historically, these provisions were most often used by lenders to put in place a receiver to collect rent...
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Federal Regulators Continue to Encourage Special Purpose Credit Programs
In a recent interagency statement, the federal banking regulators highlighted the availability of Special Purpose Credit Programs (SPCPs) as a tool for financial institutions to expand access to credit for underserved communities. The industry has al...
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SEC Approves Nasdaq’s Revised Board Diversity Disclosure Deadlines
On December 14, 2022, the Securities and Exchange Commission (SEC) approved a proposed rule change with regard to upcoming disclosure deadlines in Nasdaq Listing Rules 5605 and 5606. The rule change aligns the disclosure deadlines in the rules with c...
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Ninth Circuit Expands Securities Seller Liability to Social Media Promoters
On December 21, 2022, the Ninth Circuit sent a holiday gift to investor plaintiffs and a stocking full of coal to promoters advertising on social media. If you are thinking about touting your business plan on Instagram, think again. The court held fo...
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