[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.grossmcginley.com\/resources\/blog\/2019-business-banking-outlook\/#BlogPosting","mainEntityOfPage":"https:\/\/www.grossmcginley.com\/resources\/blog\/2019-business-banking-outlook\/","headline":"2019 Business and Banking Outlook","name":"2019 Business and Banking Outlook","description":"Our Business Services Group is keeping an eye on three areas of law that will impact our […]","datePublished":"2018-12-18","dateModified":"2021-09-20","author":{"@type":"Person","@id":"https:\/\/www.grossmcginley.com\/resources\/author\/thomas-reilly\/#Person","name":"Thomas E. Reilly, Jr.","url":"https:\/\/www.grossmcginley.com\/resources\/author\/thomas-reilly\/","identifier":29,"image":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2021\/01\/gross-mcginley-thomas-reilly-attorney-150x150.jpg","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2021\/01\/gross-mcginley-thomas-reilly-attorney-150x150.jpg","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Gross McGinley, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2017\/10\/logopng-00436945-e1531508982151.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2018\/12\/2019-business-banking-outlook.jpg","url":"https:\/\/www.grossmcginley.com\/wp-content\/uploads\/2018\/12\/2019-business-banking-outlook.jpg","height":800,"width":800},"url":"https:\/\/www.grossmcginley.com\/resources\/blog\/2019-business-banking-outlook\/","about":["Blog"],"wordCount":319,"keywords":["Banking Law","Banking Matters","Business Law","Internet","Privacy & Media","Privacy and Data Security"],"articleBody":"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.\u00a0 The European Union\u2019s 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.\u00a0 It is expected that the enactment of the GDPR, along with public concern over big data security breaches such as the one recently revealed\u00a0 by\u00a0 the Marriott Hotel chain,\u00a0 may result in stricter data regulations in the US including more stringent compliance and notification obligations for businesses.\u00a0\u00a0 We will be monitoring this very closely, and provide you with updates throughout\u00a0 the year.As our bank clients\u00a0 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).\u00a0 This will require loan documents referencing\u00a0 LIBOR to reference\u00a0 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\u00a0 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,\u00a0 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."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Resources","item":"https:\/\/www.grossmcginley.com\/resources\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Blog","item":"https:\/\/www.grossmcginley.com\/resources\/\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"2019 Business and Banking Outlook","item":"https:\/\/www.grossmcginley.com\/resources\/blog\/2019-business-banking-outlook\/#breadcrumbitem"}]}]