Corporate Transparency Act's Impact on Loan Transactions: Pre-Closing Due Diligence, Legal Opinions, Loan Documentation
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will discuss the effect of the Corporate Transparency Act's (CTA) beneficial ownership information (BOI) rule on loan transactions, including pre-closing due diligence procedures, legal opinions, and loan processing procedures and documentation. The panel will review the new requirements and provide steps lenders should take now to prepare for these new compliance obligations.
- CTA overview
- Entities subject to the CTA and BOI rule
- Purpose of the BOI rule and the applicable effective dates
- Compliance requirements
- Information that must be reported
- Key exemptions from the BOI rule
- BOI rule's impact on loan transactions
- Pre-closing and due diligence procedures
- Legal opinions
- Changes to representations, warranties, and covenants in loan documents
- Qualification for creditor exception
- Steps lenders should take now to prepare for the CTA/BOI rule's compliance obligations
The panel will address these and other key issues:
- What is the BOI rule under the CTA and what is its purpose?
- What entities are subject to the BOI rule and what are the compliance requirements?
- How will the BOI rule impact loan transactions?
- Will the BOI rule impact loan agreement representations, warranties, and covenants?
- What changes will lenders want to make to their loan origination procedures and documentation to comply with the BOI rule?
Mr. Bisanz counsels domestic and global financial services firms on a variety of banking and derivatives regulatory... | Read More
Mr. Bisanz counsels domestic and global financial services firms on a variety of banking and derivatives regulatory issues. He advises financial institutions on core bank regulatory issues and adjacent subject matter domains. Mr. Bisanz is knowledgeable in all major aspects of the operations of an insured depository institution, its affiliates, and its partners—including chartering, acquisition, and permissibility analyses; ongoing risk management, governance, and compliance requirements; and insolvency and resolution issues. He also advises clients on Dodd-Frank Act compliance issues, including the Volcker Rule, capital and liquidity requirements, Reg YY enhanced prudential standards, and Title VII compliance. Further, his practice extends to the other regulatory and risk management needs of the firm’s financial institution clients through counseling on regulatory inventories and change management, cybersecurity and data privacy concerns, and anti-money laundering compliance. Mr. Bisanz currently serves as the Vice-Chair of the American Bar Association’s subcommittee on banking legislation and regulation.Close
Daniel P. Stipano
Davis Polk & Wardwell
Mr. Stipano represents clients in regulatory matters, including state and federal regulatory enforcement actions, and... | Read More
Mr. Stipano represents clients in regulatory matters, including state and federal regulatory enforcement actions, and provides assistance in establishing, maintaining and monitoring Bank Secrecy Act / anti-money laundering (BSA/AML) compliance programs. His regulatory and enforcement experience includes more than 30 years at the Office of the Comptroller of the Currency (OCC). As Deputy Chief Counsel from 2000-2016, Mr. Stipano played a key role in significant BSA/AML rulemakings and policy issuances and oversaw major OCC enforcement actions. While at the OCC, he supervised more than a dozen successful appeals. He was instrumental in bringing the first fair lending action taken by a federal banking agency against a bank and the first Unfair or Deceptive Acts or Practices action taken against a bank.Close