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Supreme Court to Focus Legal Spotlight on Spousal Guaranty Issues
Spousal guaranties are about to receive additional scrutiny now that the United States Supreme Court has decided to grant certiorari to a decision by the U.S. Court of Appeals for the Eighth Circuit regarding whether a spousal guarantor is an “applicant” entitled to bring an action under the Equal Credit Opportunity Act (ECOA) and related implementing regulation (Regulation B). The focus on spousal guaranties by the Supreme Court will create more awareness among borrowers and their counsel about this potential guarantor defense, and provide a reminder to lenders to make sure that their internal underwriting policies and guarantor forms are in compliance. Additionally, it is a good opportunity for lenders to update their forms to protect against the most common guarantor defenses. This article explores the Regulation B split over who can be defined as an applicant and provide guidance on compliance with ECOA and Regulation B on spousal guaranty issues.
The Genesis of the ECOA and Regulation B
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.