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Bank Law Monitor

A legal blog for the financial services industry

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At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the...
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Oregon Presses Pause on Foreclosures, Payment Defaults, and Evictions
In an effort to provide relief to homeowners, businesses, landlords, and tenants affected by COVID-19, Governor Brown signed two bills that impose significant limitations on lenders and landlords. Under HB 4204, lenders cannot foreclose on loans secu...
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Hemp-Banking Guidance Leaves a Lot of Questions
The financial services industry has been waiting with bated breath for guidance from its regulators on banking hemp and hemp-derivatives like CBD. On Tuesday, December 3, federal regulators issued a joint statement attempting to “provide clarity” on...
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Banking Regulators Encourage Lenders to Work with Borrowers Impacted by COVID-19
Federal banking regulators took a bold, first step this past Sunday, announcing Interagency Guidance ("the Guidance") to encourage lenders to work with borrowers impacted by the COVID-19 outbreak.[1] The Guidance specifically permits lenders to enter...
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Congress CARES: Federal Stimulus Package to Provide Emergency Relief to Borrowers and Financial Institutions
On Wednesday, March 25, 2020, the Senate unanimously passed a $2 trillion economic stimulus package. Called the Coronavirus Aid, Relief, and Economic Security (or CARES) Act, this unprecedented bill is expected to be passed by the House this Friday a...
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CARES Act Expands Small Business Lending and Provides Potential Loan Forgiveness
In its current form, the CARES Act amends the Small Business Administration's (SBA) Section 7(a) loan program to encourage banks and credit unions to make small business loans under what is known as the “Paycheck Protection Program.” If passed, the A...
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