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Funding Crises: An Empirical Study of the Paycheck Protection Program

By William A. Birdthistle and Joshua Silver December 15, 2020 by renholding

Soon after the coronavirus pandemic erupted in the spring, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, pumping $2.2 trillion into the economy. Now, nine months later, many of that law’s critical elements have ended or will …

A Tale of Two Enforcement Venues: Why the SEC’s Choice of Where to File Cases Matters

By Xin Zheng December 11, 2020 by renholding

The Dodd-Frank Act of 2010 allows the Securities and Exchange Commission (SEC) to bring enforcement actions and impose civil penalties in administrative proceedings as alternatives to federal district courts. Some argue that this gives the SEC a “home-court” advantage. For …

Gibson Dunn Discusses Consumer Protection Under the Biden Administration

By Alexander Southwell, Ryan Bergsieker and Sarah Erickson December 1, 2020 by renholding

President-elect Biden has signaled that robust consumer protections will be a major focus of his policy agenda in what is anticipated to be a dramatic shift from the deregulatory policies of the Trump administration. In this article, we preview the …

Financial Regulators Offer Update on Audit Quality in Emerging Markets

By Jay Clayton, Sagar Teotia and William D. Duhnke III November 25, 2020 by renholding

Over the past several years, the exposure of U.S. investors and our capital markets to companies with significant operations in emerging markets, including China, has increased.[1] This increased exposure carries with it a number of significant risks and challenges,

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Columbia Law School Presents New Podcast Series, Beyond “Unprecedented”

By Reynolds Holding November 6, 2020 by renholding

Columbia Law School has launched a six-episode podcast series called Beyond “Unprecedented”: The Post-Pandemic Economy , hosted by Eric Talley, the Isidor and Seville Sulzbacher Professor of Law. In each episode, he and other experts at the law school explore …

Why the Law on Resolving Disputed Presidential Elections Is So Uncertain

By Richard Pildes November 3, 2020 by renholding

As I’ve Zoom-traveled the country speaking about legal issues involving the election, I have found myself, as well as audiences, bewildered and frustrated by one underlying question: Why is there so much legal uncertainty about so many critical questions concerning …

To Mask Or Not To Mask? It’s Not a Constitutional Question

By Daniel R. Karon and Giliann E. Karon October 29, 2020 by renholding

In 1979, police in Pensacola, Florida, arrested Ku Klux Klan member B.W. Robinson for covering his face at a rally. He pleaded no contest so he could appeal his conviction to the Florida Supreme Court. Once there, Robinson challenged the …

Closing the “RegLag” Between Prospective Regulated Activity and Regulation

By John W. Bagby and Nizan G. Packin October 16, 2020 by renholding

There is often a significant delay between the start of an activity that ends up being regulated and the moment a regulatory response is announced or adopted. This regulatory lag (RegLag) enables individuals, firms, and regulators to engage in undesirable …

Gibson Dunn Discusses U.S. Banking Regulation of Confidential Supervisory Information

By Arthur S. Long, James O. Springer and Samantha J. Ostrom October 2, 2020 by snehapandya

One of the thornier areas of law for U.S.-regulated banks and their holding companies is that regarding confidential supervisory information (CSI). U.S. regulators treat bank examination reports and related correspondence and materials, which are often the most useful sources of …

Arnold & Porter Discusses Three Things to Know About PPP Fair Lending Scrutiny

By Richard M. Alexander, Michael Mancusi, David F. Freeman, Jr., Kevin M. Toomey and Stephanie G. Nygard August 18, 2020 by renholding

In response to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) recently announced that it will adjust its supervision program by rescheduling a portion of its planned examination work. Instead, the agency will conduct prioritized assessments, which it describes …

The Politics of Institutional Shareholder Voting: Transparency Before Reform

By Isabel Verkes August 13, 2020 by renholding

On July 22, the SEC finalized a sweeping rule change to enhance the transparency around the role of proxy advisers. This follows an earlier proposal to reform the process for including shareholder proposals in a company’s proxy statement.^[1] These …

COVID-19: Impossible Contracts and Force Majeure

By Andrew A. Schwartz August 11, 2020 by renholding

The COVID-19 pandemic of 2020 – as well as government orders to contain it – have prevented countless people, babysitters to basketball players, from fulfilling their contracts. Are all of these parties legally liable for breaching their contracts? Or …

Davis Polk Discusses IRS Proposal on Carried Interest Regulations

By David Schnabel, Patrick Sigmon and Ethan Goldman August 5, 2020 by renholding

On July 31, the IRS and Treasury proposed regulations (the “Carried Interest Regulations”) on the taxation of carried interest under Section 1061 of the tax code. Section 1061 was added to the tax code as part of the 2017 tax …

Is Social Capital Associated with Corporate Innovation?

By Iftekhar Hasan, Chun-Keung (Stan) Hoi, Qiang Wu and Hao Zhang July 31, 2020 by renholding

Both formal and informal institutions affect economic behavior in important ways, as economist Douglass C. North explained in his 1993 Nobel Prize lecture. Formal institutions include laws and regulations, and informal institutions include culture and norms. In a recent study, …

Davis Polk Discusses OCC Letter Confirming that National Banks May Provide Cryptocurrency Custody

By Randall Guynn, Jai Massari, Daniel Newman and Jeremy Sklaroff July 29, 2020 by renholding

The Office of the Comptroller of the Currency (the OCC) issued an interpretive letter (the Letter) confirming that national banks and federal savings associations (together, banks) may provide cryptocurrency custody services.[1] This Letter is the latest …

Central Bank Digital Currencies and the New World of Money and Payment Systems

By Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche and Anton N. Didenko July 17, 2020 by renholding

Three catalysts are causing a fundamental reorientation of domestic and international monetary and payment systems: Facebook’s Libra, China’s central bank digital currency (the Digital Currency / Electronic Payment (DCEP) system), and the COVID-19 pandemic. These catalysts stand in stark contrast …

Corporate Innovation in the Age of Cyber Threats

By Gabriele Lattanzio and Yue Ma June 9, 2020 by renholding

Firms’ increasing reliance on information technologies has reshaped the global economy and disrupted entire industries while also presenting new and rapidly evolving sources of risk. Recent successful cyberattacks have harmed consumers, shareholders, and market professionals, often resulting in the illegal …

Skadden Discusses Enforcement Risks and the CARES Act

By Boris Bershteyn, Jamie L. Boucher, Christopher J. Gunther, Ryan D. Junck and David Meister May 20, 2020 by renholding

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help U.S. businesses manage …

We the Shareholders: Government Market Participation in the Postliberal U.S. Political Economy

By Jon D. Michaels May 11, 2020 by renholding

In the middle decades of the 20th century, government officials broadened access to the courts, placing public law more at the center of traditionally private disputes. They professionalized and regularized criminal justice, which previously had been a somewhat, if not …

Cadwalader Discusses Covid-19, PPP Loans, and the Safe Harbor Date for Returning Loans

By Jodi Avergun, Scott Cammarn, Anne Tompkins, Christian Larson and Kendra Wharton May 11, 2020 by renholding

The Small Business Administration (“SBA”), in consultation with the Treasury Department, issued FAQ #43 on May 5, 2020 extending by a week the time within which a borrower has to repay a previously issued SBA loan under the …

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