Gross McGinley LLP

gross-headerimg-2
Blog Disclaimer

Blog Disclaimer

This Blog is intended for educational and informational purposes and intended to only provide you with a general understanding of the law, not to provide any legal advice, including on the subject of the Blog. Laws that may pertain to this Blog will vary by jurisdiction, and the information on this blog may not apply to you. The content within this Blog is not intended, and should not be construed, in any way to be legal advice and thus you should not rely on any information provided in the Blog as legal advice. You should consult with appropriate legal counsel concerning any issues for which legal advice may be needed. Your review or use of the Blog and the content therein is not intended to create, and does not constitute, an attorney-client relationship. Please contact us if you have any questions about a Blog or would like more information, but, by contacting us, no attorney-client relationship is formed between you and Gross McGinley, LLP, including the Blog author. Do not send any confidential information to Gross McGinley, LLP or the authors of the Blog without first speaking to one of our lawyers and receiving our permission to provide confidential information. Unsolicited confidential information sent to us may not be subject to an attorney-client privilege and may not be treated as confidential. This Blog is not published for advertising or solicitation purposes. Gross McGinley, LLP disclaims all liability to all persons for any claim, loss, liability or any damages that may arise in connection with the Blog and any content or information contained in the Blog. Even though we strive to create our Blog content based on our current understanding of the law, we cannot and do not guarantee that the content and information in the Blog is current, accurate, or complete. Gross McGinley, LLP owns the copyright in the Blog, which is protected by federal and state laws, including copyright laws. The Blog cannot be altered or modified in any way. A copy of the Blog may be used and printed only for personal, educational, informational and noncommercial purposes. The Blog cannot be used for any other purpose without the express permission of Gross McGinley, LLP.

2019 Business and Banking Outlook

Written by: Thomas E. Reilly, Jr. on December 18, 2018 | Category: Blog | Tags: , ,

Our Business Services Group is keeping an eye on three areas of law that will impact our business and banking clients in 2019.

Issues related to cybersecurity, data privacy, data protection, data breaches are expected to be one of the biggest issues facing our business clients in 2019.  The European Union’s General Data Protection Regulation (GDPR), which went into effect on May 25th of 2018 is impacting businesses worldwide, even though the GDPR only applies to companies doing business with residents of European Union countries.  It is expected that the enactment of the GDPR, along with public concern over big data security breaches such as the one recently revealed  by  the Marriott Hotel chain,  may result in stricter data regulations in the US including more stringent compliance and notification obligations for businesses.   We will be monitoring this very closely, and provide you with updates throughout  the year.

As our bank clients  are aware, LIBOR (London Interbank Offered Rate) which has been used as a benchmark rate since 1986 is being phased out by the end of 2021 and transitioned to the Secured Overnight Financing Rate (SOFR), the alternative reference rate recently developed by the Alternative Reference Rates Committee (ARRC).  This will require loan documents referencing  LIBOR to reference  SOFR or some other benchmark rate to be effective as of a date certain or when LIBOR rates are no longer available.

We are also watching how the  Economic Growth, Regulatory Relief and Consumer Protection Act, which was passed into law in May of 2018 with a variety of effective dates and various provisions,  among them easing Dodd-Frank regulations and relieving smaller banks from the Volcker Rule, will impact both our business and banking clients.


Attorney Tom Reilly serves as Chair of Gross McGinley’s Business Services Group, providing legal counsel to regionally and nationally-held business and banking clients. He regularly provides guidance on commercial and banking law matters including financing, lending, and mergers and acquisitions.

Next Previous
View All Attorneys
View All Practice Areas
View Blog