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Banking Law Prof Blog

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Last Entry: March 31, 2011 at 14:13:05

Conference on Piercing the Corporate Veil

Posted on October 01, 2009
Business lawyers and law professors should consider the "Conference on Corporate Separateness," to be held at Vanderbilt School of Law on November 6, 2009. Presentations include: Alan Dignam, School of Law, Queen May College, University of London Abdicating Risk Allocation:...

Executive Compensation - "Say on Pay"

Posted on September 30, 2009
The September issue of CFO Magazine has an article entitled "The Crackdown Continues" by Josh Hyatt. It's referring to "say on pay" legislation that could give shareholders a referendum vote on executive compensation. I'm quoted! Link to article: http://www...

FDIC Proposes Requiring Banks to Prepay Deposit Insurance Premiums through 2012

Posted on September 30, 2009
The FDIC Insurance Fund will be insolvent this week -- but Chairman Sheila Bair has a plan: Under the pending proposal, FDIC-insured banks would be required to prepay deposit insurance premiums through 2012. That's enough to wipe out all earnings...

What the IMF Says About the Global Financial System

Posted on September 30, 2009
Today, the International Monetary Fund said that "the global economy has turned a corner." But we still need a thorough restructuring of the international financial system. According to the IMF, the bank rescues and the stimulus package are workin. However,...

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Consumer and Banking Law Professors Support Consumer Financial Protection Agency

Posted on September 29, 2009
On September 30, 2009, the House Financial Services Committee, chaired by Representative Barney Frank, will hold hearings on H. 3126, titled ?the Consumer Financial Protection Act? which would create an independent Consumer Financial Protection Agency...

Systemic Risk Regulation for the EU

Posted on September 28, 2009
The European Union is proposing to establish a new European Systemic Risk Board (ESRB), an independent multi-member board to focus specifically on identifying risk to the stability of the EU financial system as a whole. This contrasts with proposals currently...

Lessons in Bank Consolidation Issues

Posted on September 25, 2009
From today's CSBS Examiner: "For every problem, there is a solution that is simple, neat -- and wrong." ? H.L. Mencken "Dateline Perth, Australia - This just in. The continent "down under" has seen such consolidation in its 17-bank financial...

Regulatory Turf Wars Impede Comprehensive Financial Reform

Posted on September 24, 2009
In the wake of the current financial crisis, the U.S. financial regulatory structure needs dramatic overhaul. Following the Market Crash of 1929, the U.S. adopted many sweeping reforms that worked well for at least half a century. We stand at...

Hot Off the Press: FOMC Statement Today

Posted on September 23, 2009
The Federal Reserve's Federal Open Market Committee (FOMC) met today and announced a unanimous vote to keep the target federal funds interest rate where it its: 0% to 1/4%. The FOMC Statement indicated that economic activity has picked up after...

The Bailout Makes a Full Circle? FDIC May Borrow Money from Banks to Stay Afloat

Posted on September 22, 2009
Well, if this doesn't beat all as a proposal! FDIC needs to replenish the insurance fund it has drained to deal with bank failures. In the past, FDIC has imposed fees or assessments on the surviving banks in the industry...

Bank Overdraft Charges - Called on the Carpet Again

Posted on September 21, 2009
Many banks see overdraft charges as a great souce of fee income now that interest margins are slim. The positive side of overdraft protection for customers is that they don't have to worry about bouncing the mortgage check. Many customers,...

Kudos for a New Approach to Global Economic Development

Posted on September 21, 2009
The Washington Post today ran a story about efforts by US AID to promote economic development in Pakistan. Domestically and internationally, we often focus our study and efforts on hard numbers and big business. It's refreshing to be reminded that...

Symposium: Securities Regulation & the Global Economic Crisis

Posted on September 21, 2009
The Seton Hall Law Review is hosting a symposium on "Securities Regulation and the Global Economic Crisis: What Does the Future Hold?" on Friday, October 30, 2009, at Seton Hall University School of Law in Newark, NJ. The program features...

The Fed Flexing Its Muscles Over Executive Pay

Posted on September 18, 2009
The Federal Reserve is considering a plan to exercise unprecedented power over bank executive compensation. The Wall Street Journal reports that the Federal Reserve claims authority to investigate and veto excessive compensation at financial institutions based on its safety-and-soundness regulatory...

FDIC Completes First Sale of "Legacy Loans" AKA "Toxic Assets"

Posted on September 17, 2009
Yesterday, FDIC announced the winning bidder and explained the process for the Pilot sale of "legacy loans." This package of legacy loans involves the unpaid principal balance of $1.3 billion in residential mortgage loans acquired by FDIC through the failure...

Financial Crisis Inquiry Commission Up and Running

Posted on September 17, 2009
Today's Forbes.com article by Anne Flaherty, "Panel begins inquiry into financial meltdown," reports that the 10-member Financial Crisis Inquiry Commission is beginning its investigation of large financial firms involved in the crisis, including Lehman Brothers, Bear Stearns, Citigroup, AIG, Freddie...

Status Report on Financial Stabilization

Posted on September 16, 2009
The Treasury Department has issued a Status Report on Financial Stabilization Efforts to date. Treasury Secretary Timothy Geithner described the current state of government intervention as having moved "from crisis response to recovery, from rescuing the economy to repairing and...

Recession Over? What Do You Think?

Posted on September 15, 2009
Federal Reserve Chairman Ben Bernanke told an audience at the Brookings Institution today that, "From a technical perspective, the recession is very likely over at this point." He did acknowledge near-record high unemployment levels may cause some to differ with...

New North Carolina Legislation to Protect Consumers from Foreclosure

Posted on September 14, 2009
On September 9, 2009, North Carolina Governor Bev Pedue signed into law The Consumer Protection Act of 2009. The Clerk of the Court presiding over a foreclosure hearing may continue the hearing for 60 days to allow the borrowers and...

Today's Scary Story Says the Biggest Banks Are Regaining Their Appetite for Risk

Posted on September 13, 2009
AP Reporter Stevenson Jacobs' story entitled "Risk Taking Is Back for Banks One Year After Crisis" provides disturbing data on bank investment activities. The conclusion is that significant systemic risk remains unaddressed as yet. LInk: http://news.yahoo...

Higher Fees Proposed for "Systemically Significant" Banks

Posted on September 12, 2009
Top White House economic adviser Lawrence Summers supports higher fees for "systemically significant" banks as part of the regulatory reform package sought as a result of the current economic crisis. Higher fees would be an incentive not to grow "too...

FDIC Proposing Orderly Exit from Liquidity Program

Posted on September 10, 2009
On Sepember. 9, 2009, FDIC adopted a Notice of Proposed Rulemaking that does not change the October 31, 2009, end of the Temporary Liquidity Guarantee Program (TLGP). It does seek comment on whether to extend another temporary emergency liquidity program...

Overdraft Fees on Debit Cards

Posted on September 09, 2009
Consumers are irate about huge overdraft fees on small purchases. Banks claim they need the revenue. Center for Responsible Lending says these fees hit hardest those who can least afford them. The New York Times has a story today. LInk:...

Banking Law Hot Topics

Posted on September 09, 2009
My banking law class will be writing papers on the following Hot Topics in Banking Law for 2009: 1. Federal Preemption ? What are the limits to federal preemption? Analyze the U.S. Supreme Court opinions in Watters v. Wachovia, Cuomo...

Federal Reserve and the Discount Rate

Posted on September 08, 2009
Today, the Federal Reserve Board posted the minutes of its discount rate meetings from July 6, 2009 through Agu. 10, 2009. Link: http://www.federalreserve.gov/newsevents/press/monetary/20090908b.htm What is the discount rate? "The discount rate is the interest rate charged to commercial banks and...

Post Traumatic Slack Syndrome and the Economic Outlook (with thanks to Finn Kydland, Dolly Parton, and John Kenneth Galbraith)

Posted on September 07, 2009
President of the Dallas Federal Reserve Bank, Richard Fisher, is one of the clearest, most informative and entertaining speechmakers on economic issues I've encountered. The caption to this posting is the title of his recent remarks at the Laboratory for...

G-20: Requiring More Capital and Restricting Bank Bonuses

Posted on September 06, 2009
G-20 Finance ministers met in London this week and and discussed a plan for reining in bonuses for bank executives. The group of the world's most developed nations agreed that the stimulus needs to remain in place for now to...

Eighth Circuit Recognizes Limits on Federal Preemption

Posted on September 05, 2009
The U.S. Court of Appeals for the Eighth Circuit recently ruled that national bank assignees or purchasers of mortgages are not completely shielded from state law violation claims by a blanket claim of federal preemption. The case is Thomas v....

Bringing Securitized Assets Back Onto Bank Balance Sheets

Posted on September 03, 2009
The comment period is open for a Joint Federal Banking Agency proposed regulatory capital rule. Beginning in 2010, new accounting rules from the Federal Accounting Standards Board (FASB) will require major changes in the way banks account for currently off-balance...

Second Quarter 2009 Not Pretty for FDIC Insured Institutions Nationwide

Posted on September 03, 2009
Although Texas banks may be doing "less bad" than the rest of the country as I've discussed in a previous post, the FDIC's Quarterly Profile based on aggregate second quarter figures for all insured institutions paints a grim picture for...

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