DAILY DOSE: January 7, 2021
Posted on 01/07/2021
1. German biotech firm CureVac is partaking in an alliance with Bayer AG in a bid to help it get regulatory approval for its experimental COVID-19 vaccine and distribution.
2. In a series of civil cases against the Bank of China, a court ruling in Nanjing ordered the bank to return 20% of the client’s initial investments and be liable for all other losses related to the investment product known as Yuan You Bao. This has to do with speculative oil futures product sold to Chinese investors.
3. “Heart of Gold” musician Neil Young made a deal to sell 50% of his song catalog to Hipgnosis Songs. The deal could value the catalog at around US$ 90 million to US$ 105 million. Hipgnosis was founded by Merck Mercuriadis in 2018. Neil Young’s catalog includes some 1,180 songs, according to a statement announcing the deal.
Moratorium on Evictions
Extensions of Temporary Relief from TDR and CECL Accounting Requirements
A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a number of provisions designed to provide relief to banks and their customers in the wake of the continuing COVID-19 pandemic. Below is a summary of the COVID-19 relief provisions of the Act that will most directly impact the banking industry and the financial services sector in general. Click here for the entire text of the Act.
To embed, copy and paste the code into your website or blog:
Each month, we host a 30-minute webinar outlining the month s key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra special holiday bite, we share our top 20 bites covered during the December 16 webinar.
Bite #20 - CFPB, Federal Reserve & OCC announced higher-priced mortgage loan exemption threshold
The CFPB, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200, as it was in 2020. The threshold amount is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as of June 1, 2020. The Dodd-Frank Act amended the Truth in Lending Act (TILA) to add special appraisal requirements for highe
The CFPB has published its
Fall 2020 rulemaking agenda as part of the Fall 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s fourth rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is current as of September 11, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from November 2020 to November 2021.”
The Bureau issued its
issued a supplemental proposal that would require debt collectors to make specified disclosures when collecting time-barred debts. The Bureau indicates in the preamble that it plans to finalize its supplemental proposal regarding disclosures for time-barred date this month.