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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 ECOA was initially adopted in the mid 1970s in an attempt to curb perceived widespread discrimination against women and to make credit equally available to all creditworthy customers, regardless of their gender or marital status. Specifically, under Regulation B, a creditor may generally not require the signature of a credit applicant's spouse or any other person (other than a joint applicant) on any credit instrument if the applicant otherwise qualifies under the creditor's standards of creditworthiness for the amount and terms of the credit requested. The ECOA specifically permits a lender to require a guaranty if the applicant is not independently creditworthy, but prevents the lender from requiring that the guarantor be the applicant's spouse. See 12 C.F.R. Section 202.7(d)(5).
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.