Finance Law and Banking Law

Collateralized fund obligations (CFOs) have emerged as a sophisticated securitization tool for institutional investors seeking to monetize their private fund portfolios while retaining upside exposure. This analysis examines the unique structural, tax, and regulatory challenges that distinguish LP-led CFO transactions from their GP-led counterparts, revealing why these deals require more extensive preparation and specialized expertise to execute successfully.

Private credit industry leaders gathered to discuss emerging trends reshaping the market, from investment grade expansion and secondary market growth to strategic consolidation pressures. Key themes included the structural shift toward IG private credit driven by insurance capital and defense spending, the rapid evolution of secondaries and GP stakes solutions, and the nuanced opportunities emerging from software lending amid headline-driven sell-offs.

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.

It does this by telling us what does not work: contributions that are part of a plan designed to enable the investors to exchange the investors’ appreciated portfolios for shares of an ETF with a materially different investment thesis, which indicates that the ETF is merely being used a conduit through which securities are transferred from the investors to the ETF’s Authorized Participant pursuant to the plan.

Georgia's Transaction Hold Law, effective July 1, 2026, applies to most federally insured depository institutions doing business in Georgia. The new law grants discretionary authority to hold transactions suspected of involving financial exploitation of eligible adults.

On September 23, the Colorado AG announced a settlement with a Colorado-licensed debt collection company resolving allegations concerning its collection of medical debt from Colorado consumers.

A circuit split and new OCC regulations have created unprecedented uncertainty over whether federal law preempts state requirements that mortgage lenders pay interest on escrow accounts. With the Second Circuit finding preemption, the First and Ninth Circuits rejecting it, and ten states now challenging the OCC's nationwide preemption determination in court, mortgage lenders face a fragmented compliance landscape that demands jurisdiction-specific strategies and constant monitoring of rapidly evolving

Asset-based lending against in-transit inventory presents unique legal challenges as lenders navigate UCC Article 7 requirements, negotiable documents of title, and the emerging landscape of electronic bills of lading. This analysis examines how ABL lenders can structure security interests to protect their position when goods are moving through the supply chain, from traditional paper documentation to modern electronic platforms.

On August 10, the Washington DFI entered into a consent order with a mortgage services company resolving allegations that the company performed third-party residential mortgage loan processing...

Federal banking regulators propose replacing the 2023 Third-Party Risk Management Guidance with a principles-based framework that scales oversight to actual risk magnitude and likelihood rather than prescriptive process requirements. The proposal eliminates mandatory contract terms, reduces inventory requirements for lower-risk relationships, and explicitly permits banks to accept third-party risk within their stated risk appetite without supervisory criticism.

The federal banking agencies have proposed new third-party risk management guidance that is more prescriptive than its emphasis on a “risk-based” approach might suggest. In addition to calling for risk-based oversight, the proposal identifies specific elements that banks should address in board-approved policies and throughout the life cycle of third-party relationships, including due diligence, contracting, ongoing monitoring, documentation, remediation, and termination.

In the world of banking regulation, corporate structure matters. One of the most significant structural designations a banking organization can achieve is that of a financial holding company (FHC). This post explains what an FHC is, how it differs from a standard bank holding company (BHC), and how a BHC elects to become one.