The Banking & Finance Law Report blog is devoted to highlighting news and trends in the banking and financial industry. Blog authors include attorneys primarily from Porter Wright’s Banking & Finance and Bankruptcy, Workouts & Reorganization practice groups. These nationally recognized teams provide analysis of issues related to regulatory compliance, business strategy, workouts and other matters affecting the way financial institutions operate within the banking industry and across business environments.

Recent Blog Posts

  • Tax credits available under the Families First Coronavirus Response Act By Grant Stephenson    The Families First Coronavirus Response Act (FFCRA) requires employers with fewer than 500 employees to make payments for COVID-19 related FMLA leave and paid sick leave required by the act. To lessen this financial burden to employers, the act provides for refundable tax credits to offset payroll taxes. My colleague Victoria Hanohano-hong details the credits in her post on the Employee Benefits Law Report Blog. ... More
  • Financial institutions encouraged to work with borrowers affected by COVID-19 By Grant Stephenson and Jack Meadows    Several governmental agencies have issued a statement encouraging financial institutions to work with borrowers affected by the COVID-19 pandemic. The Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation,  National Credit Union Administration, and Office of the Comptroller of the Currency issued a press release on March 22, 2020. The agencies said they will not criticize financial institutions who work with such borrowers and... More
  • Financial services sector classified as critical infrastructure By Grant Stephenson and Jack Meadows    On March 22, 2020, Steve Mnuchin, Secretary of the Treasury, released a memorandum providing that the financial services sector is identified as Critical Infrastructure Sector by the Department of Homeland Security. This means that despite the restrictions put in place to slow the spread of COVID-19, essential workers in the financial services sector must maintain their operations and work schedules. According to the memorandum, essential workers in the financial services sector include workers who are needed... More
  • Employer disclosures of COVID-19 diagnoses By Grant Stephenson    As more test kits become available for COVID-19 and an increasing number of people are tested, there will be more positive diagnoses. As our colleague Victoria Hanohano-hong writes, a combination of federal privacy laws prevent an employer from disclosing the identity of an infected employee without authorization. Read the full post on the Employee Benefits Law Report.   ... More
  • Ohio “Stay at Home” order limits business operations to slow spread of COVID-19 By Grant Stephenson    The director of the Ohio Department of Health signed a “Stay at Home” order on March 22, 2020, calling on all Ohioans to stay at home or at their place of residence unless conducting or participating in essential activities, essential governmental functions, or essential businesses and operations. Our colleague, Adam Bennett, lays out what this order means for Ohio businesses. Read the full post on the Employer Law Report Blog. ... More
  • Banks, credit unions, non-depository licensees remain open in PA By Grant Stephenson    On Thursday, March 19, 2020, Pennsylvania’s Governor Tom Wolf ordered all “non-life sustaining businesses” in the state to close their physical locations in an attempt to slow the spread of COVID-19. According to the Department of Banking & Securities, this order does not pertain to banks, credit unions or non-depository licensees. These institutions will remain open. Businesses can apply for a waiver to the order by emailing or calling 877-PA-HEALTH. ... More
  • Treasury delays April 15 tax filing and payment deadline By Cassandra Rice and Gerhard Schulte    In response to the COVID-19 pandemic and the increased strain placed on individuals and business taxpayers during this time, the IRS has pushed back certain payment deadlines to ease the burden on taxpayers. The plan that was published as of this writing, Notice 2020-17 (the “Notice”), impacts any person with a Federal income tax payment due April 15, 2020. The Notice postpones such Federal income tax payments to July 15, 2020, subject to certain limitations. While the... More
  • Financial assistance for small businesses amidst the COVID-19 outbreak By Victoria Hanohano-Hong    Across the country, state governments are ordering the indefinite closure of bars, restaurants, gyms, and other indoor spaces that may contribute to the community spread of COVID-19.  At the same time, pending federal legislation may add additional financial burdens to small businesses that remain open and continue to operate. To help navigate potential sources of financial relief for small businesses, helpful information is curated below. SBA Small Business Economic Injury Disaster Loan (EIDL) Program The U.S. Small Business Administration (SBA) announced... More
  • President Trump signs HR 6201, the Families First Coronavirus Response Act, providing relief to some American workers By Grant Stephenson and Adam Bennett    President Trump signed the Families First Coronavirus Response Act (FFCRA) into law earlier this week. Our colleague Adam Bennett explained the key provisions that have a significant impact on covered employers. Read the full post on the Employer Law Report Blog. ... More
  • COVID-19 and OSHA: Commonly asked questions By Mike Underwood    “The OSHA General Duty Clause requires all employers to provide a workplace free from known hazards. That includes known exposure to infectious diseases. So, OSHA does expect employers to take reasonable measures to protect workers from workplace exposure to COVID-19,” our colleague Mike Underwood explained expectations from the Occupational Safety and Health Administration (OSHA) during the COVID-19 outbreak. Read the full post on our Employer Law Report Blog. ... More