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New credit card law to reform current industry practices

USA - June 1 2009 On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (also referred to as the Credit CARD Act of 2009).

Donald J. Mosher

Federal Reserve Board announces TALF eligibility for legacy CMBS, revises terms & conditions and FAQ documents

USA - May 22 2009 On May 19, 2009, the Federal Reserve Board (the “Board”) announced that, starting in July, certain high-quality commercial mortgage-backed securities (“CMBS”) issued before Jan. 1, 2009, (“legacy CMBS”) will become eligible collateral under the Term Asset-Backed Securities Loan Facility (“TALF”).

Gregory P. Pressman, Tannaz Simyar, Joseph Suh, Paul N. Watterson

U.S. Treasury announces Public-Private Investment Program

USA - March 25 2009 On March 23, 2009, the U.S. Department of the Treasury (“Treasury”) announced the Public-Private Investment Program (the “Program”).

Craig Stein, Paul N. Watterson