All Blog Posts
Action Required: CTA Requires Beneficial Owner Reporting
The Corporate Transparency Act (“CTA”), effective January 1, 2024, requires certain businesses to report beneficial ownership information to the Financial Crimes Enforcement Network.
The California Age-Appropriate Design Code Bill
On May 16, 2022, California lawmakers met to discuss ways to further the protection of children related to the California Age Appropriate Design Code Bill (AB 2273), introduced on February 16, 2022, by California State Assembly members Buffy Wicks (D) and Jordan Cunningham (R).
Kennedy Sutherland Announces New Agreement with Full Skope LLC and PPDocs, Inc.
Kennedy Sutherland always strives to create efficient processes to maximize service to its clients. Today, we have exciting news! We are thrilled to announce our newest agreement with Full Skope LLC and PPDocs, Inc.! This partnership will allow us to better service our bank clients with improved loan document quality, loan throughput, and attorney support.
Kennedy Sutherland Announces New Cyber Security and Data Governance Venture
It is incredibly exciting to announce that Kennedy Sutherland LLP has acquired the Association for Data and Cyber Governance (“ADCG”). ADCG is primarily a membership-based resource provider for individuals interested in building and maintaining their data and cyber governance knowledge.
Changes to the Texas Business Organizations Code
Outline of some of the important amendments and additions to the Texas Business Organizations Code (“TBOC”).
Changes to TBOC—Creation of Registered Series LLCs
On May 15, 2021, the Texas Legislature passed S.B. No. 1523, relating to registered and protected series of domestic limited liability companies, as well as authorizing fees. Effective June 1, 2022, there will be substantial changes to the TBOC affecting the registration of a newly created “Registered Series” LLC.
Challenger Core Systems | Calling All Bank Directors Podcast
Dub Sutherland guest starred on the newest episode of Calling All Bank Directors podcast. He discussed whether your bank should consider core challenger systems as an alternative or adjunct to the Old Guard core systems and, if so, how.
Small Business Lending Data Collection
On September 1, 2021, the CFPB issued a notice of proposed rulemaking inviting the public to comment on its proposal to implement collection and reporting requirements of certain data for financial institutions receiving small business credit applications.
FDIC Announces Proposed Guidance on Risk Management Concerning Third-Party Relationships
The FDIC, Board and OCC released a proposed guidance today that aims to help banking organizations handle third-party relationships and stay compliant with laws and regulations, including those associated with consumer protections.
CFPB Rule Clarifies Tenants Can Hold Debt Collectors Accountable for Illegal Evictions
The CFPB has issued a final rule extending the temporary eviction moratorium ordered by the CDC through June 30, 2021. This rule prohibits landlords from “evicting tenants for non-payment of rent, if the tenant submits a written declaration that they are unable to afford full rental payments and would likely become homeless or have to move into a shared living setting.”
Guide to Cryptocurrency Use by Banks in 2021
Blockchain technology is already used in several areas within financial services, including international payments. The digital currencies used in these bank-operated cryptocurrency payment systems differ in several ways from most other cryptocurrencies, including Bitcoin.
IRS Guidance for Employers Claiming the Employee Retention Credit for 2020
This week, the Internal Revenue Service issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020.
The Consumer Financial Protection Bureau Issues Final Rule on Debt Collection Pratices
The Consumer Financial Protection Bureau, the CFPB, has finalized part one and part two of its debt collection rule under the federal Fair Debt Collection Practices Act, FDCPA.
Borrower Guidance for the Paycheck Protection Program: Round Two
On December 27, 2020 the President signed legislation to address the ongoing economic effects of the coronavirus pandemic. This borrower guide is provided to help potential borrowers determine if they qualify for a new PPP loan and how loan forgiveness is structured.
Lender Guidance for the Paycheck Protection Program: Round 2
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 which includes, among others, a second round of the Paycheck Protection Program. We have put together a guide for Lenders on changes and updates to the new program.
Continuation of the Paycheck Protection Program
On December 21, 2020, the House of Representatives released a year-end bill for FY 2021 that includes a $1.4 trillion spending bill and a $900 COVID-19 relief bill. The package also includes various tax proposals, extensions and tax incentives aimed directly at community development and revitalization and small business assistance.
Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements
On November 18th, 2020, the Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced changes in the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans.
10 Things to Know about the Fed’s Guidance on Operational Resilience
On October 30, 2020, the Federal Reserve released a paper outlining some suggested practices for banks to maintain operational resilience and security.
October 2020 Changes to the Main Street Lending Program
On October 30, 2020, The Federal Reserve updated two important conditions of the Main Street Lending Program to benefit smaller businesses and make it easier for them to obtain a Main Street Loan.