[co-author: Shelby Lomax]
A new year brings new compliance requirements for non-banks and fintechs conducting business in New York, including Merchant Cash Advance (MCA) companies. On December 23, 2020, New York Gov. Andrew Cuomo signed SB5470 expanding the New York Financial Services law to require non-banks and fintechs to provide small businesses with lending disclosures similar to those required under the Truth in Lending Act. This new disclosure law is set to take effect on June 21, 2021.
Although disclosure requirements are not new in the consumer finance space, New York is only the second state to require similar disclosures for small business financing. In 2018, California enacted similar legislation. The California law, however, is not set to become effective until six months after the California commissioner of the Department of Financial Protection and Innovation implements enacting regulations.
Bradley Arant Boult Cummings has elevated two attorneys in its Nashville office to partner. Timothy Capria is a member of Bradley’s intellectual property group and focuses on acquiring IP and enforcing IP rights. Capria, a Duke University School of Law graduate, joined Bradley in 2016 after a stint as an associate at Patterson Intellectual Property Law in Nashville. Keaton Osborne, who joined Bradley in 2013, is a member of the firm’s banking and financial services practice group, where he focuses on commercial finance. A former engineer, he also works on intellectual property, including trademark clearance and registration. The firm also announced the elevation of 11 new partners in its other offices.
To embed, copy and paste the code into your website or blog:
The Departments of Labor (DOL) and Health and Human Services (HHS) and the Treasury have finalized a rule for grandfathered group health plans under the Affordable Care Act (ACA) without making any substantive changes from its proposed form.
As we discussed in a prior article reviewing the proposed rule, the final rule provides greater flexibility for plan sponsors to revise cost-sharing amounts for grandfathered plans without causing them to lose their grandfathered status. Specifically, the rule permits a sponsor of a grandfathered group health plan to do the following without jeopardizing the plan’s grandfathered status:
After six weeks of post-election disputes, Joe Biden is set to become the 46
th president of the United States next month. What does that mean for the cannabis industry in the short and intermediate term? Unfortunately, and frustrating to advocates and some in the industry, it may be too soon to tell.
On the one hand, Biden was far from the most pro-cannabis Democrat that was running for president this cycle. During his long tenure in the Senate, he championed several pieces of “tough on crime” legislation. For example, in 1986, Biden introduced the Comprehensive Narcotics Control Act, which sought to establish a cabinet-level office to coordinate the federal government’s drug enforcement policies, and in 1993, Biden sponsored the Violent Crime Control and Law Enforcement Act, a pre-cursor to the 1994 Crime Bill. With this track record, one might reasonably conclude that a Biden presidency would take a dim view of the cannabis industry. And, in fact, he does seem out of step
To embed, copy and paste the code into your website or blog:
Whether it was in a third grade classroom, on a community college campus, or in the most advanced university research lab, it is fair to say the 2020 fall semester looked different than any we have seen before.
As the country rushed to adapt to the pandemic in mid-March, the nation’s education enterprise scrambled to alter instructional fundamentals that had been in place, in many cases, for more than a century. Virtual learning, long viewed as a supplemental approach, became a primary instructional tool. Teachers donned PPE and reconfigured their classrooms, seeking to find ways to connect with students in between frequent outbreak-driven closures. Perhaps most challenging, even as these structural and pedagogical shifts have occurred, severe disruptions to the financial models of both K-12 and higher education have occurred.