Topic: FDIC

Feds Approve Volcker Rule, Bringing in New Era of Financial Regulation

“Federal regulators voted on Tuesday to approve a rule that strikes at the heart of Wall Street risk-taking, a moment that punctuates three years of internal squabbling and bank lobbying over an effort to reshape the financial landscape.” (Ben Protess and Peter Eavis, New York Times) Earlier today, the five federal agencies responsible for writing… Read more »

JD Supra Corporate Brief: Whistleblower Protection, India Antitrust, Office Parties, REIT Conversions

On this day in 1999, the United Nations established November 25 as the International Day for the Elimination of Violence Against Women. To remain relevant, the Office of the Whistleblower will need to continue to raise awareness of its mission… (Randy Stephens at NAVEX Global) What do multinationals need to know about India’s Competition Act?… Read more »

JD Supra Corporate Brief: Cuban Wins, Rabobank Pays, FDIC Warns, Australia Repeals

This day in legal history: on October 31, 2002, a federal grand jury indicts former Enron CFO Andrew Fastow on 78 counts of wire fraud, money laundering, conspiracy, and obstruction of justice related to the company’s collapse. Scary! Fake Graveyards, Insulting Tombstones, & A Lawsuit Over Free Speech Violations… (Is That Legal?) It took the… Read more »

JD Supra Corporate Brief: European Cookies, Gene Patents, Reasonable Customers, Liquidity Requirements

Why wait for the holidays? Give yourself a gift today: an email subscription to the JD Supra Corporate Brief. It’s informative, entertaining, and – best of all – comes in your size… Those Europeans sure are particular about their cookies, aren’t they? (Cedric Burton, Christopher Kuner, and Anna Pateraki at Wilson Sonsini) The EEOC just… Read more »

What’s News for Mortgage Lenders? Fair Lending Fines, Qualified Mortgage Rule, FIRREA Claims, CFPB Fines, and More

What’s new in the world of residential mortgage lending? To start with, these five recent developments that every lender should be following. From lawyers on JD Supra: 1.       DOJ fines lenders over discrimination: “Recently, the DOJ released information regarding three fair lending actions, all three of which included allegations related to wholesale lending programs. On… Read more »

JD Supra Corporate Brief: Data Protection, Money Laundering, Undocumented Workers, Ponzi Schemes

A little perspective: on September 3, 1929, the Dow Jones industrial average closed at 381.17, its highest point before Black Tuesday… Will the EU’s data protection regulation ever see the light of day? (Wilson Sonsini) “OK, OK – we’ll give back the $47 million if you promise not to prosecute us for money laundering…” (Fuerst… Read more »

Has Dodd-Frank Solved “Too Big To Fail”? Depends On Whom You Ask…

Has the Dodd-Frank Act solved the “Too Big To Fail” problem? Senators Sherrod Brown and David Vitter would say it has not. After all, they recently introduced the Terminating Bailouts for Taxpayer Fairness Act, which would impose significantly higher capital reserve requirements on the country’s largest financial institutions. But not everyone shares that view. For… Read more »

Financial Regulatory Agencies Issue Rule on Appraising “High-Risk” Mortgages

In mid-January, federal regulators published a final rule implementing new appraisal requirements for higher-priced mortgage loans. The new regulation, – authored by the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency –… Read more »

Government Issues Guidance on Cloud Computing Risks for Financial Institutions

Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »

Feds Issue “Stress Test” Guidance for Large Financial Institutions

In mid-May, the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) published final guidelines on mandatory stress tests at banks and other financial institutions with more than $10 billion in assets. For your reference, a roundup of legal advisories on the new rules: Agencies… Read more »

Friday Financial: Dodd-Frank Act, FINRA’s New Filing System, Iran & Syria Sanctions, Capital Directives, Fannie & Freddie, and More [incl. Video]

[Video: Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives – MarkteReformsWiki] For your convenience, here’s a quick Friday roundup of recent advisories and alerts to do with various legal developments in the financial services realm. The updates cover a range of topics and, starting with the excellent video interview above,… Read more »

Doc of the Day: Living Wills: The Final Rule — A User Guide

Morrison & Foerster’s comprehensive guide to the FDIC living wills rule: “With a final rule recently approved by the Federal Reserve Board of Governors (‘FRB’) and the Federal Deposit Insurance Corporation (‘FDIC’), and a related interim rule applying to covered insured depository institutions, every covered company, U.S. and worldwide, should now begin its early-stage resolution… Read more »

Dodd-Frank Update: FDIC Final Rule for “Living Wills”

On September 13, the Federal Deposit Insurance Corporation approved its final rule requiring banks and other financial institutions to file “living wills:” road maps for rapidly liquidating the institutions in the event of severe financial distress. For your reference, a roundup of legal commentary and analysis regarding the rule, from leading law firms on JD… Read more »