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Articles by Bryce Hunter
Christian Duality or: How I Learned to Stop Worrying and Love the Paradox
“11 What to me is the multitude of your sacrifices? says the Lord; I have had enough of burnt offerings of rams and the fat of fed beasts; I do not delight in the blood of bulls or of lambs or of goats. 12 When you come to appear before me,[a] who asked this from your hand? Trample my courts no more! 13 Bringing offerings is futile; incense is an abomination to me. New moon and Sabbath and calling of convocation — I cannot endure solemn assemblies with iniquity.
The Rural Historic Tax Credit Improvement Act Will Expand Access To Smaller Projects | Spilman Thomas & Battle | JD Supra
Last week, U.S. Senators Shelley Moore Capito, R-West Virginia, and Mark Warner, D-Virginia, introduced S. 631, which focuses on rural historic tax credit (HTC) use and also includes transferability for small projects (those with $5 million or less in qualified rehabilitation expenditures). The legislation will help make rural HTC projects more financially feasible and will result in a higher number of these projects being completed in rural areas and states.
Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024 | JD Supra
“ATTOM, a leading curator of land, property, and real estate data, released its January 2024 U.S. Foreclosure Market Report, which shows there were a total of 33,270 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, and up 10 percent from the prior month.” Why this is important: ATTOM’s latest report shows there were a total of 33,270 U.S. properties affected by foreclosure filings, which includes default...
Promissory Notes - Banking & Finance Insights: V 4, Issue 1, 2024 | JD Supra
Welcome! Welcome to the first issue of Promissory Notes - our banking and finance e-newsletter - for 2024. If you have any suggestions for this publication or legal questions, feel free to reach out. Your guidance helps make this publication worthwhile and of interest to our clients and colleagues. A few items of interest....
Promissory Notes - Banking & Finance Insights: V 3, Issue 8, November 2023 | JD Supra
By Joseph C. Unger Effective January 1, 2024, most legal entities incorporated, organized, or registered to do business (i.e., LLCs, LLP, PLLC, Inc., Co., etc.) in a state must disclose information relating to its owners, officers, and controlling persons with the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, pursuant to the Corporate Transparency Act (CTA). For banking institutions: “Any bank, as defined in: (A) Sec.
Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers | JD Supra
Originally published in West Virginia Banker With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks resolve most customer inquiries and disputes informally, with a phone call or through digital channels. Banks are incentivized in today’s hyper-competitive marketplace to do so to maintain customer satisfaction.
Promissory Notes - Banking & Finance Insights: V 3, Issue 7, August 2023 | JD Supra
Why this is important: In the wake of the granting of a Motion for Preliminary Injunction filed by the ABA and TBA, compliance for the CFPB’s Section 1071 final rule has been delayed. As a result of the Order, TBA and ABA asked CFPB Director Rohit Chopra to use his discretion to apply the stay to all FDIC-insured banks. Section 1071 would require banks to collect and report small business loan application data.
All Consuming - Financial Litigation Insights - Issue 2, July 2023 | JD Supra
"A law firm that sent delinquency notices to tenants for multiple landlords was engaged in debt collection regulated by the Fair Debt Collection Practices Act, or FDCPA, the Western District of Virginia has ruled." Why this is important: In Lord, et al., v. Senex Law PC, the law firm claimed its clients were the only “debt collectors” regulated by the FDCPA because each landlord reviewed and electronically signed the notices sent to tenants.
Promissory Notes - Banking & Finance Insights: V 3, Issue 6, June 2023 | JD Supra
Volume 3, Issue 6, 2023 Welcome! Thank you for reading. Bryce J. Hunter - Member; Chair, Tax Credits Practice Group; Chair, Community Banking Group; Co-Chair, Banking and Finance Practice Group; and Editor of Promissory Notes Joshua L. Jarrell - Member; Chair, Public & Project Finance Practice Group; Co-Chair, Banking and Finance Practice Group GOP Senator Backs Marijuana Banking Bill, but Doubts Democratic Leadership Will Advance It “Sen.
Promissory Notes - Banking & Finance Insights: V 3, Issue 5, May 2023 | JD Supra
“Recent uncertainty among lenders could lead to new challenges for U.S. construction firms as more projects fail to pencil out.” Why this is important: Economic conditions, including interest rate hikes, point to decreased construction activity in coming months as financing costs for many developers have become prohibitively high. Coupled with these conditions is the recent uncertainty in the banking industry.
Promissory Notes - Banking & Finance Insights: V 3, Issue 4, April 2023 | JD Supra
“Digitization and online banking will help the community banking sector grow substantially over the next five years.” Why this is important: Over the next five years, analysts are forecasting 5 percent growth in the community bank market share of overall banking services. If 5 percent seems comparatively small, consider the dollar comparison represented by that share: $207 billion. Community banks have many factors on their side as they continue this growth curve.
FDIC and Deposit Limits – Where Do Things Stand Now | JD Supra
April 3, 2023 To embed, copy and paste the code into your website or blog: The Federal Deposit Insurance Corporation (“FDIC”) guarantees bank deposits of up to $250,000. Following the failure of two banks in recent weeks, regulators created some confusion among the industry and the public when they guaranteed customer deposits above this limit claiming that doing so was necessary to stem serious systemic risk to the financial system.
Another Banking Crisis and Financial Regulation – Where Do Things Stand | JD Supra
April 3, 2023 To embed, copy and paste the code into your website or blog: An old adage is that history will repeat itself. In other words, all of this has happened before, and it will all happen again. Another banking crisis is upon us following the familiar cycle of financial deregulation. The failures of Silvergate, Silicon Valley, and Signature Banks provide an opportunity to learn and to act.
Promissory Notes - Banking & Finance Insights: V 3, Issue 2, February 2023 | JD Supra
“ICBA reiterates opposition to non-bank-owned lenders’ applications to the FDIC, naming GM, Ford, Rakuten.” Why this is important: The Independent Community Bankers of America (“ICBA”) maintains that so-called industrial loan companies, or ILCs, present outsized risks to the Deposit Insurance Fund (“DIF”), financial stability, consumers, and taxpayers and is lobbying Congress to close the ILC loophole to mitigate risks to the DIF and consumers, and to preserve the long-standing U.S. policy...
Promissory Notes - Banking & Finance Insights: V 3, Issue 1, January 2023 | JD Supra
Volume 3, Issue 1, 2023 Welcome! Welcome to our first issue of Promissory Notes of 2023. Promissory Notes is our Banking & Finance Insights e-newsletter where we highlight important news articles from the industry and explain why they are important. Thank you for reading and we wish you the best of 2023.
SCOTUS and Bankruptcy Orders – Considering Jurisdiction and Impact | JD Supra
The U.S. Supreme Court recently heard arguments in MOAC Mall Holdings LLC v. Transform Holdco LLC. The case involves the authority of a court of appeals to review a bankruptcy order authorizing a bankrupt tenant to sell its interest in a lease. The dispute involves a Sears store located in the Mall of America. As a result of Sears’ prior Chapter 11 bankruptcy, it agreed to transfer most of its assets to Transform. Eventually, Transform decided that it wanted to retain that store.
Auto Loan Delinquencies – The Rise and Reasons Why | JD Supra
With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments. TransUnion, a leading tracker of financial information, recently reported that the percentage of loans that are at least 60 days delinquent hit 1.65 percent in the third quarter, the highest rate for 60-day delinquencies in more than a decade.
All Consuming - Issue 12, 2022 | JD Supra
“Subprime borrowers in particular are feeling the impact of higher prices for both new and used vehicles.” Why this is important: With inflation cutting into the budgets of Americans, a growing percentage of people with auto loans are struggling to make their monthly payments.
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 11 2022 | JD Supra
Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act - “The House of Representatives passed the bill for the sixth time earlier this year.” Why this is important: The passage of the Secure And Fair Enforcement Banking Act will improve public safety within the communities where cannabis-related legitimate businesses operate by reducing the amount of cash on hand at such businesses. Following the midterm elections, recreational adult cannabis use is legal in nearly half of the country.
All Consuming - Financial Litigation Insights, Volume 3, Issue 11 | JD Supra
Data Breaches Pennsylvania Settlements with Experian and T-Mobile Why this is important: Pennsylvania’s Attorney General, Josh Shapiro, announced on Monday, November 7, 2022, that Pennsylvania entered into settlements (Experian #1, Experian #2, and T-Mobile) with Experian and T-Mobile related to data breach incidents that Experian experienced in 2012, and that both companies experienced in 2015. This agreement between the parties resolved a multistate action by a number state Attorneys General.
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 9 | JD Supra
Is SAFE Banking Act Getting Closer to Passage? Senators Agree Public Safety Issues are at Play "Sen. Jeff Merkley (D-OR), the sponsor of the SAFE Banking Act, talked about violent crime targeting marijuana businesses and workers, as well as bipartisan support for stand-alone legislation." Why this is important: Notwithstanding the uncertainty of federal regulation and decriminalization efforts, the legal cannabis industry continues to grow and contribute to the overall economy.
All Consuming - Financial Litigation Insights, Volume 3, Issue 9 | JD Supra
Mortgage Lenders are Starting to Go Broke Amid Rate Spike and US Mortgage Lenders are Starting to Go Bankrupt — How This One Factor Could be Triggering the Worst Surge of Failures Since 2008 "Last year, two-thirds of the top 20 lenders were non-bank lenders." "Most housing market watchers believe today’s conditions — led by stricter lending rules — mean the U.S. is likely to avoid a 2008-style housing market meltdown." Why this is important: The U.S. mortgage industry is seeing its first...
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 8 | JD Supra
Biden Signs Bills Aimed at Catching Pandemic Business Loan Cheats - "President Joe Biden signed a pair of bills that will give the Justice Department more time to investigate and prosecute people accused of fraudulently collecting government payments aimed at helping small businesses during the COVID-19 pandemic." Why this is important: In recent issues of Promissory Notes, we have been tracking developments in the prosecution of alleged fraud in the various economic relief programs that...
All Consuming - Financial Litigation Insights, Volume 3, Issue 8 | JD Supra
Financial Services Committee Passes Bills to Protect Consumers "The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing and address the housing and homeless crises, put consumers in the driver’s seat to shape their financial futures and simplify bureaucratic processes to improve communities, here and around the world." Why this is important: The legislation passed the Committee either by...
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 7 | JD Supra
Can an Effort to Revamp Anti-Redlining Lending Law Survive the Swamp?
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 5 | JD Supra
Banking Law Rooted in Civil Rights Era Gets a 21st Century Update "The Community Reinvestment Act basically mandates that if you open a bank in a low-income neighborhood, you can’t just take that neighborhood’s deposits and lend them only to borrowers in richer, usually whiter, neighborhoods." Why this is important: Banks are examined and scored based on the Community Reinvestment Act ("CRA").
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 4 | JD Supra
CFPB Focuses on Rural Banking Access - "Rural Americans visit bank branches at nearly double the rate of urban and suburban customers, the CFPB found in its report, titled Challenges in Rural Banking Access." Why this is important: In April, the Consumer Financial Protection Bureau released a report entitled “Data Spotlight: Challenges in Rural Banking Access.” The report is the starting point for a CFPB initiative that will focus on the unique consumer finance challenges faced by individuals...
All Consuming - Financial Litigation Insights, Volume 3, Issue 4 | JD Supra
Biden Administration Extends Pause on Federal Student Loan Repayments Through August "The repayment freeze, which has been in place since the beginning of the pandemic, had been scheduled to expire on May 1." Why this is important: At the beginning of the pandemic in March 2020, the CARES Act included a pause for all federal student loans. That pause has been extended several times by former President Trump during his remaining term and by President Biden since he assumed the presidency.
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 3 | JD Supra
US Virginia Senate Allows State Banks to Offer Crypto Custody Services - "Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services." Why this is important: I'll try to make this straightforward, but that's not easy. Cryptocurrency, obviously, is fungible, independent "currency," like BitCoin. It is not traditional "currency," and it is not backed by any government.
All Consuming - Financial Litigation Insights, Volume 3, Issue 3 | JD Supra
Student Loans: Stressors and Pitfalls as Repayments Begin and CFPB Actions Against Alleged Fraudulent Conduct - On March 13, 2020, near the beginning of the pandemic in the U.S., the CARES Act included a pause for all federal student loans. Nearly 90 percent of student borrowers accepted “the option of pressing the pause button on their” student loans.
All Consuming - Financial Litigation Insights, Volume 3, Issue 2 | JD Supra
Buying Virtual Real Estate in the Metaverse Now has Its Own Mortgage - "A Vancouver firm has provided one of the first lending solutions for the whole new world we need to learn about." Why this is important: A Vancouver firm now is offering mortgage loans for people purchasing virtual property in the metaverse. If you've been watching the recent popularity of non-fungible tokens and virtual property, the thought of a mortgage loan on virtual property isn't that much of a stretch.
Promissory Notes - Banking & Finance Insights, Volume 2, Issue 1 | JD Supra
5 Banking Trends to Watch in 2022 - "Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as the office-return debate, may be at a pivot point." Why this is important: Banking Dive lists the five banking trends it believes will be most important in 2022.
All Consuming - Financial Litigation Insights, Volume 3, Issue 1 | JD Supra
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers - "Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers in nonprofit and public organizations, will continue to see significant changes this year." Why this is important: Federal student loan repayments for all borrowers -- regardless of whether they experienced a loss of employment -- were paused during the pandemic, and the...
Promissory Notes - Banking & Finance Insights, Issue 10 | JD Supra
Welcome to our last Promissory Notes issue of 2021. As we all know, 2021 was another interesting year in the banking and finance industry, and we expect 2022 to be much the same. Our goal, as with all of our publications, is to provide you with timely information and insights. We hope Promissory Notes meets that goal -- and perhaps even exceeds it.
All Consuming - Financial Litigation Insights, Volume 2, Issue 24 | JD Supra
Here are 5 Changes Student Loan Borrowers Could See in 2022 - "Experts say that if student loan forgiveness is going to happen, it will likely be before the midterm elections." Why this is important: During the last election cycle, President Biden and several members of Congress indicated a willingness to make changes to the trillion dollar federal student loan industry. Many changes have occurred since January 2020, including the pause of payments due to the pandemic.
All Consuming - Financial Litigation Insights, Volume 2, Issue 23 | JD Supra
Millions of Consumers have Cut Their Debts, So Why are Financial Experts Sounding Alarm - "And with stimulus payments a thing of the past and other unusual financial stabilization programs unwinding, the alerts are going out again, with experts warning about rising consumer debts." Why this is important: Millions of Americans “improved their credit scores, cut debt, increased savings and hit other financial progress milestones” during the pandemic due, in part, to establishments being closed,...
Promissory Notes - Banking & Finance Insights, Issue 9 | JD Supra
Top IRS Official Says Marijuana Banking Reform Would Help Feds ‘Get Paid’ - "IRS’s Cassidy Collins talked about the 'special type of collection challenge' that the agency faces when it comes to working with cannabis businesses while the product remains federally illegal." Why this is important: This article highlights how the ability of the IRS to collect taxes from cannabis businesses is hampered because the product remains outlawed under federal law.
All Consuming - Financial Litigation Insights, Volume 2, Issue 20 | JD Supra
China's Cryptocurrency Ban: What It Means for Bitcoin, Coinbase and the US - "On Sept. 24, China's Central Bank declared all crypto-related transitions illegal, citing concerns about gambling fraud and money laundering." Why this is important: On September 24, China continued its long string of crackdowns on cryptocurrency by declaring that all crypto-related transactions are illegal. China is a large player in crypto mining with approximately one-half of all mining traditionally occurring there.
All Consuming - Financial Litigation Insights, Volume 2, Issue 19 | JD Supra
Biden Administration Extends Student Loan Pause Until January 31, 2022 - "The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults after restart." Why this is important: The relief, which was originally enacted in March of 2020, had been set to end on September 30, 2021 after several previous extensions.
Promissory Notes - Banking & Finance Insights, Issue 7 | JD Supra
As Banks Push AI, Worry About Worsening Inequality Follows - "AI and machine learning might amplify patterns of historical discrimination and financial exclusion through reliance on flawed data or mistakes in development." Why this is important: Earlier this year, the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau and National Credit Union Administration jointly issued a Request for Information and Comment on...
All Consuming - Financial Litigation Insights, Volume 2, Issue 18 | JD Supra
Why the Overturned Eviction Moratorium May be Too Little, Too Late for Both Renters, Landlords - "However, the ruling doesn’t mean renters in states without protections will be immediately removed from their homes — an outcome that appears all but certain to prolong the pain for 'mom and pop' landlords struggling with mounting costs, some of whom haven’t been paid by tenants in over a year." Why this is important: The Court's recent decision found that the Centers for Disease Control and...
All Consuming - Financial Litigation Insights, Volume 2, Issue 17 | JD Supra
Biden Makes It Easier for Student Loan Borrowers to Get a Mortgage - "The new rule supported by the Biden administration proposed that FHA lenders drop the requirement to calculate student loan payments at 1%." Why this is important: As part of the application and approval process for mortgages, lenders review the overall debt burden of an applicant (or applicants).
Promissory Notes - Banking & Finance Insights, Issue 6 | JD Supra
Welcome to our sixth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights.
All Consuming - Financial Litigation Insights, Volume 2, Issue 14 | JD Supra
Mobile Payment App Complaints are Surging as More Americans Go Cashless - "Top complaints include trouble with digital wallets, scams and customer service issues." Why this is important: Roughly four in five Americans already were using digital payment apps prior to the pandemic, according to this report, and the demand for cashless payments has only increased in the past year. These cashless payment systems, however, do not have the same fraud protection under federal law.
Promissory Notes - Banking & Finance Insights, Issue 5 | JD Supra
Welcome to our fifth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication. Banks to Companies: No More Deposits, Please - "Some banks, awash in deposits, are encouraging corporate clients to spend the cash on their businesses or move it elsewhere." Why this is important: During the pandemic, near-zero interest rates and loans from the Treasury Department enabled many companies to raise funds at low costs.
All Consuming - Financial Litigation Insights, Volume 2, Issue 13 | JD Supra
Federal Hearings Seek to Reverse Trump-Era Student Loan Rules - "The revisions include strengthening protections for borrowers harmed by misleading practices by their college." Why this is important: Student loan debt continues to be a topic of conversation in the political arena, particularly as it relates to for-profit colleges that have faced criticism for years relating to costs versus job skills for students and graduates.
All Consuming - Financial Litigation Insights, Volume 2, Issue 12 | JD Supra
TCPA CLASS COUNSEL LOSES MILLIONS: $60MM+ Class Recovery Looks to be Down the Tubes as Eleventh Circuit Finds No Insurance Coverage for TCPA Suit - "The policy at issue has an exclusion for claims 'arising out of' invasions of privacy." Why this is important: When prosecuting claims on behalf of clients, one of the most important aspects of litigation management is the ability to actually recover or receive payment for any settlement, judgment, or jury award.
All Consuming - Financial Litigation Insights, Volume 2, Issue 11 | JD Supra
A New Bill Could Allow Digital Closings Nationwide "Dubbed the SECURE Notarization Act, the bill would allow for remote online notarization services nationwide." Why this is important: In the wake of the coronavirus pandemic, the days of in-person real estate closing may be going by the wayside. During the pandemic, several states adopted remote notarization practices that allowed for remote closings.
Promissory Notes - Banking & Finance Insights, Issue 4 | JD Supra
Welcome to our fourth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
All Consuming - Financial Litigation Insights, Volume 2, Issue 10 | JD Supra
4 Ways to Boost Blockchain in Consumer Finance - "Plenty of executives and industry leaders in the blockchain space are looking for clarity on financial regulation." Why this is important: The recent MIT FinTech Conference discussed the barriers impeding the adoption of blockchain technology in the consumer finance space. The conference identified four reasons for the barriers.
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