At Cullen and Dykman, we are committed to helping our clients stay ahead in an ever-changing legal environment. Throughout 2024, we have consistently delivered valuable insights on key legal developments. Let's take a moment to reflect on our top 5 viewed legal alerts of the year:
5. NIL Settlement
On May 23, 2024, the National Collegiate Athletics Association (“NCAA”) and its “Power 5” athletic conferences [i] settled several significant antitrust class action lawsuits (the “Settlement”). This Settlement will drastically change the economic model of college sports and provide billions of dollars in backpay damages and future revenue sharing to college athletes. To read more: Click Here
4. FDIC Finalizes Rule to Modernize Official FDIC Signs and Advertising Statement Requirements for Insured Depository Institutions
The Federal Deposit Insurance Corporation (“FDIC”) has adopted a final rule (“Final Rule”) to modernize the requirements governing use of the official FDIC signs and advertising statements, and to clarify the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name or logo. To read more: Click Here
3. New Jersey Overhauls Foreclosure Sale Process By Establishing Community Wealth Preservation Program
A new law has made sweeping changes to the foreclosure sale process for residential properties in New Jersey. The new law, which was signed into law on January 12, 2024 and took effect immediately, establishes a Community Wealth Preservation Program that expands access for certain buyers to purchase residential properties at sheriffs’ sales. In doing so, it created certain rights of refusal in connection with sheriffs’ sales and amended sheriffs’ fees that are due for conducting such sales. To read more: Click Here
2. IRS Limits Lenders’ Ability to Access Borrowers’ Tax Returns
The Internal Revenue Service (“IRS”) has issued a policy update stating that, effective June 30, 2024, a lender’s ability to obtain borrowers’ tax returns for verification purposes will only be available for residential and commercial real estate loans. The announcement comes as yet another IRS restriction on lenders, after a related one in 2019 when the IRS prohibited lenders and other parties from sharing taxpayers’ tax returns with third parties, impacting the sales of loans to third parties. For a discussion of the 2019 change, click here. To read more: Click Here
1. New York State Removes Requirement for Notarization of Affidavits and Sworn Documents in Civil Cases
On November 1st, 2023, New York Governor Kathy Hochul signed the Notary Bill (“Bill”) into law. The Bill removes the requirement for notarization of affidavits and sworn documents in civil cases in New York state courts. The law goes into effect on January 1st, 2024, and will apply to all actions commenced on or after that date. To view the Bill click here.[1] To read more: Click Here
To view future or catch up prior legal alerts/news posts, please visit our News and Insights page.
About Cullen and Dykman
Cullen and Dykman (www.cullenllp.com) has been providing legal services to institutional clients since 1850. The firm represents a wide range of clients, including banks and other financial institutions, energy, telecommunications and water companies, construction companies, insurers, educational institutions, religious organizations, and not-for-profits. With over 180 attorneys in seven offices located throughout the Northeast and Mid-Atlantic regions, Cullen and Dykman is strategically positioned to meet the changing needs and demands of our clients.