United States: Credit Control and Cashflow

On July 13, the OCC, FDIC, and NCUA issued interagency guidance addressing lending to individuals who are not legally authorized to work in the United States. Issued pursuant to Executive Order 14406, the guidance reminds supervised financial institutions of existing credit risk management obligations and advises them to consider how employment authorization may affect a borrower’s ability to repay.

After years of waiting and debating, the long awaited credit losses standard has finally been issued.

On November 30, 2004, the Supreme Court rendered its decision in Koons Buick Pontiac GMC, Inc. v. Nigh, resolving a split between Circuit Courts regarding the maximum recovery permitted by the Federal Truth in Lending Act’s civil-liability provision in an action against a creditor for a loan secured by personal property.