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Updated Treasury Department FAQs

The Treasury Department has updated its FAQs on the SBA PPP loan program. The FAQs can be found here It answers some but not all of the lenders’ questions.

Borrowers Impacted by COVID-19: Banking Regulators Provide Some Relief for Banks

On March 22, the Federal Reserve, OCC, CFPB, NCUA and State Banking Regulators issued an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.” The regulators recognize that the COVID-19 outbreak will adversely impact banks and their borrowers, and have taken steps designed to help relieve these impacts.

For Bank and Bank Holding Company Boards: What Does It Mean When a Director or Shareholder Abstains From a Vote?

As attorneys, we often talk to directors about abstaining. For example, if a board of directors has to make a decision about something – say, whether or not the bank should lease specific office space – and a director has a personal conflict of interest in the decision – say, she is a part owner of the LLC that owns the property – we may advise the conflicted director to “abstain” from voting on the decision. This is one way a director can deal with a conflict of interest consistently with her fiduciary duties. By abstaining, the director prevents her personal interest from affecting the validity of the board’s decision.

UCC Filing Declared Invalid Because Debtor's Name On UCC Filing Not Exactly The Same As It Appears On Debtor's Driver's License

Wisconsin enacted certain UCC Article 9 amendments in 2013, including the "only if" rule for designating an individual debtor's name on a UCC financing statement. Under the "only if" rule, the UCC financing statement is sufficient only if the name of the debtor on the UCC financing statement is exactly the same as it appears on the debtor's unexpired Wisconsin driver's license.