Bank Law Monitor
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Ninth Circuit Revives State-Law Class Action Claims against Financial Advisor
On March 4, 2021, the United States Court of Appeals for the Ninth Circuit reversed a district court’s ruling and held that a putative class action alleging state-law fiduciary duty claims against a financial services and advisory firm (the “Financia...
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SEC Adopts New Amendments to Exempt Offering Rules
The Securities and Exchange Commission (SEC) has adopted a series of amendments to rules under the Securities Act of 1933 (Securities Act) applicable to offerings exempt from public registration. The amendments will become effective 60 days after the...
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Oregon Legislature Introduces New Foreclosure Moratorium Bill (HB 2009)
On February 9, 2021, the Oregon House introduced a second foreclosure moratorium bill related to COVID-19. Known as House Bill 2009 (HB 2009), the new legislation would extend Oregon’s now-expired foreclosure moratorium during an extended “emergency...
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PPP Update: Temporary Changes to Increase Lending to Small Businesses and Sole Proprietors
This week, the Biden-Harris administration announced a number of reforms to the Paycheck Protection Program (PPP) aimed at increasing lending to small businesses and sole proprietors, as detailed further in this fact sheet released by the White House...
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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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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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