Caleb Rosenberg

1 week ago | openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Joseph Reilly |Caleb Rosenberg

Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.

1 week ago | law360.com | Keith Barnett |Caleb Rosenberg |Carlin McCrory

By Keith Barnett, Caleb Rosenberg and Carlin McCrory ( April 11, 2025, 5:20 PM EDT) -- On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement[1] with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law. This agreement followed the bank's reported loss of nearly $27 million for the quarter ending Sept. 30, 2024.... Law360 is on it, so you are, too.

1 week ago | law360.co.uk | Keith Barnett |Caleb Rosenberg |Carlin McCrory

By Keith Barnett, Caleb Rosenberg and Carlin McCrory ( April 11, 2025, 5:20 PM EDT) -- On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement[1] with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law. This agreement followed the bank's reported loss of nearly $27 million for the quarter ending Sept. 30, 2024....

1 month ago | openlegalblogarchive.org | James Kim |Carlin McCrory |Caleb Rosenberg |Taylor Gess

The Utah Legislature has passed H.B. 279, known as the Earned Wage Access Services Act. Sponsored by Representative A. Cory Maloy (R) and Senator Chris H. Wilson (R), this legislation aims to regulate earned wage access (EWA) providers. Notably, “providers” is defined to include a person engaged in the business of offering earned wage access, but not an employer that advances a portion of earned wages directly to employees or independent contractors.

1 month ago | lexology.com | Matthew Bornfreund |James Kim |Caleb Rosenberg |Alexandra Steinberg Barrage |Christopher J. Capurso |Taylor Gess

On January 8, Senate Bill No. 1252 (SB 1252) was introduced to the Virginia General Assembly, aiming to amend and reenact sections of the Code of Virginia related to the application of usury rates. Just two weeks ago, the bill was passed by both the House and Senate. Opponents of the bill contend that the language and effect is very unclear, but that broad language and stringent provisions could stifle innovation and ultimately harm consumers by limiting their access to credit.