Ash Arnett, NACM’s Washington Representative, PACE Government Affairs
It looks like Congress made a New Year's Resolution of its own: getting its homework done on time!
Congress appears to have reached a tentative deal to keep the government open and fund it through Sept. 30. This is in stark contrast to the last two times (October and November of last year) in which a last-minute extension was passed with little notice and less than a day to spare.
Jamilex Gotay, editorial associate
The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which requires FinCEN to establish and maintain a national registry of beneficial owners of entities that are considered to be reporting companies.
Annacaroline Caruso, NACM editor in chief
Several business-to-business (B2B) credit managers and bankruptcy attorneys from Lowenstein Sandler recently convened with the American Bankruptcy Institute (ABI) Subchapter V Task Force to exchange invaluable insights gleaned from their cumulative experiences in Subchapter V cases.
After a month of frantic on-again, off-again negotiations between Speaker McCarthy and the White House over the debt ceiling, a bipartisan agreement was reached and eventually signed into law on June 3. Both sides immediately claimed victory and put out two very different narratives about the deal. Here’s the score as we see it:
Last month’s collapse of Silicon Valley Bank (SVB) saw the first real test of the new bankruptcy procedures put in place for financial institutions under Dodd Frank igniting a new debate on whether the system is working and potentially opening the door for renewed conversation on broader bankruptcy reform.
California Senate Bill No. 1235 (SB 1235) Does Not Directly Impact Trade Credit
The California Department of Business Oversight recently released regulations pertaining to the content and enforcement of SB 1235, which amends California’s Financing Law (CFL) and sets forth disclosure requirements for “Commercial Financing Transactions.”
More than a decade after Democrats and Republicans first united to introduce bankruptcy venue reform legislation, Congress is still trying to make headway on the issue.
Last month, Congresswoman Zoe Lofgren (D-CA) and Congressman Ken Buck (R-CO) reintroduced H.R. 1017, the Bankruptcy Venue Reform Act, legislation aimed at curtailing bankruptcy “venue shopping” by requiring that bankruptcy proceedings take place in the venue in which the entity has its principal place of business or the majority of its assets.
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