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Banking Law Prof Blog

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

Bank Stress Test Results Tomorrow

Posted on May 06, 2009
Watch this space for the Federal Reserve's Stress Test Results for the 19 largest banks, expected to be released tomorrow!

Mortgage Metrics

Posted on May 06, 2009
The OTS and the OCC have jointly published a "Mortgage Metric Report" with data from the fourth quarter of 2008 and for the full year 2008. See what national banks and thrifts were doing in graphic format. The Report includes...

Foreclosure Rescue Scams

Posted on May 06, 2009
Not surprisingly, scammers are taking advantage of the current economic crisis to bilk the unsuspecting. Have they no shame? Apparently not! The Financial Crimes Enforcement Network (FinCEN) is instructing banks to file Suspicious Activity Reports (SARs) about any such activity...

How to Get Out of TARP

Posted on May 06, 2009
It's not just a matter of giving back funds received from the Troubled Asset Relief Program (TARP), banks that want to exit the TARP program must also demonstrate ability to raise private funds without a guarantee from the FDIC. The...

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Whither Preemption?

Posted on April 29, 2009
On April 28, the U.S. Supreme Court heard oral argument in Cuomo v. Clearing House Association, an appeal from the Second Circuit decision barring the New York Attorney General's investigation into apparent racial discrimination in lending decisions by national banks...

Attorney to Banker Conference on the Financial Situation

Posted on March 26, 2009
Check out this May 4, 2009 conference in Washington, DC conference: "Guiding Financial Institutions Through the Crisis." Speakers include some heavy hitters in the world of bank lawyers: Jack Murphy, former FDIC General Counsel, now with Cleary Gottlieb; Bob Clarke,...

Bank Bailout, Executive Bonuses and Bank of America

Posted on January 29, 2009
University of Chicago Law Faculty Blogger Bernard Harcourt says Bank of America should immediately write the U.S. Treasury a check for $4 Billion -- the amount Merrill Lynch (acquired by Bank of America) paid out in year-end 2008 executive bonuses...

Eric Holder and Attorney Client Privilege

Posted on January 29, 2009
Now that it seems assured that Eric Holder will be Attorney General, I reflect back on DOJ's use of privilege waiver as an indicator of cooperation with government investigations that may be a mitigating factor under Principles of Federal Prosecution...

Committee on Capital Markets: How to Reorganize the U.S. Financial Regulatory Structure

Posted on January 28, 2009
The Committee on Capital Markets Regulation has released its "Recommendations for Reorganizing the U.S. Financial Regulatory Structure." The key point is that there should be only two (or at most three) independent regulators for the U.S. financial system: 1...

Fannie & Freddie in Conservatorship - Another Sunday Announcement Intended to Stabilize the U.S. Housing Mortgage Market and Reassure U.S. & Global Financial Markets

Posted on September 07, 2008
The Perils of Fannie and Freddie (playing out somewhat like that old cliff-hanger series, "The Perils of Pauline") have kept financial commentators on the edge of their seats all summer. Today, regulators made another Sunday announcement of actions taken to...

New Federal Reserve Governor Sworn In Today

Posted on August 05, 2008
Elizabeth Duke joins the Board of Governors of the Federal Reserve System today, beginning a term that lasts until Jan. 31, 2012. Ms. Duke is a career banker, having worked for both a community bank in Virginia (Towne Bank) and...

Federal Reserve Extends Extraodinary Liquidity Measures

Posted on August 05, 2008
As we all know, this economic "downturn" is not over. The Federal Reserve has been very innovative in developing new tools to enhance liquidity in the U.S. financial system. Check out the Fed's recent press release which lists and explains...

Oxford Roundtable Working Paper: NAFTA, 9/11, and the Subprime Mortgage Meltdown-A Disastrous Combination from a Human Rights Perspective

Posted on August 04, 2008
My powerpoint and working paper as presented to Oxford Roundtable, Aug. 3-8, 2008. Link to powerpoint: Download OxfordRoundtable.ppt Link to working paper: Download oxford_roundtable_working_paper.doc

CRA: It's Not Just for Low to Moderate Income Anymore

Posted on July 31, 2008
Comptroller of the Currency John Dugan emphasized the new housing legislation's expansion of focus, encouraging national banks to lend to middle income areas in addition to low and moderate income. Link: http://www.occ.gov/ftp/release/2008-92.htm (ag) July 31, 2008, in CRA/Lending Issues

Asking for Mortgage Foreclosure Forbearance Until Oct. 1

Posted on July 31, 2008
The Hope for Homeowners Act portion of the comprehensive Mortgage Reform Bill will go into effect on Oct. 1, 2008, and House Financial Services Committee Chairman Barney Frank is asking lenders to delay taking action on mortgage foreclosures until Oct...

Capital Adquacy in a Time of Bank Failures - Basel II, Pillar Two

Posted on July 29, 2008
As the probability of increasing bank failures looms large in the public consciousness, more attention will appropriately focus on capital adequacy. How Basel II implementation will square with the need for an adequate capital buffer against hard times is an...

One Step Closer to a "Mortgage Rescue Bill"

Posted on July 23, 2008
Today, the U.S. House of Representatives passed H.R.322, the American Housing Rescue and Foreclosure Prevention Act of 2008, by a vote of 272 to 152. Now the bill goes back to the Senate, where it is expected to pass quickly...

Covered Bonds - A New Solution or an Old Danger?

Posted on July 23, 2008
In response to the liquidity crisis, particularly with regard to home mortgages, the FDIC last week announced new guidance for covered bonds. So what are covered bonds? Here's how the FDIC describes covered bonds: "Covered bonds are general, non-deposit obligation...

IndyMac - Second Largest Failure in FDIC History

Posted on July 14, 2008
Subprime lender IndyMac was closed by FDIC on Friday. Check out my comments before and after the closing as quoted in Reuters News Service articles: News story on July 9, 2008: "IndyMac's Fate Could Test Banking Regulators" http://uk.reuters.com/article/ousiv/idUKN0932999520080710 News story...

Fannie, Freddie, & the Fed - A Sunday Announcement

Posted on July 13, 2008
Two of the biggest participants in the U.S. secondary mortgage market, Fannie Mae and Freddie Mac, are experiencing serious repurcussions from the subprime mortgage debacle -- and their problems spill over into financial market drops and general mortgage lending liquidity...

BBA Announces Libor Reforms - What's the Impact?

Posted on June 11, 2008
Today, the British Bankers Association (BBA) announced two measures to strengthen Libor as well as calling for comment on several other possible changes. Libor (the London Interbank Offered Rate) is the most widely referenced interest rate index in the world,...

Two Recent Supreme Court Cases on Money Laundering Issues

Posted on June 10, 2008
Karen Neeley, one of Texas' best banking lawyers, recently called my attention to two recent U.S. Supreme Court cases. Here's what she has to say: "The Supreme Court decided two money-laundering cases on June 2, 2008. These cases do not...

Call for Papers - Treasury's Blueprint for a Modernized financial Regulatory Structure

Posted on May 23, 2008
Download u_of_m_call_for_papers.doc The University of Memphis Cecil C. Humphreys School of Law announces a call for papers relating to the Treasury's Blueprint for a Modernized Financial Regulatory Structure. This is a very timely opportunity! (ag) May 23, 2008, in Federal...

Another Rate Cut & More Liquidity Issues

Posted on May 02, 2008
The Federal Open Market Committee (FOMC) reduced the target federal funds rate another 25 basis points to 2% on Wednesday. Dallas Federal Reserve Bank President Richard Fisher and Philadelphia Federal Reserve Bank Charles Prosser opposed this rate cut...

Thank You for Expressions of Condolence

Posted on May 02, 2008
Thank you for your understanding and concern during the last illness and passing of my mother on Friday, April 25. --Ann

Suspicious Activity Report News

Posted on April 22, 2008
FDIC Financial Institution Letter FIL-32-2008 (April 10, 2008) notifies banks that they can access the Financial Crimes Enforcement Network (FinCEN) publication "The SAR Activity Report by the Numbers." Highlights of the report include the following: 1...

LIBOR - Is It Reliable & What Does It Say About the Current Financial Crisis?

Posted on April 22, 2008
A disturbing article in the WSJ last week suggested that the London inter-bank offered rate (Libor) may be less than fully reliable because some troubled banks may not be reporting the high interest rates they must pay to secure loans...

Hedge Funds Driving Up the Price of Gasoline & Other Commodities

Posted on April 16, 2008
My Corporate Governance class at the Texas Tech University School of Law was discussing Institutional Investors, including hedge funds, as a potential monitor for the boards of directors of publicly traded companies. In the course of the discussion, we also...

Texas Steps Out with a NEW ID THEFT MEASURE

Posted on April 15, 2008
The 2007 Texas Legislature passed a bill establishing a new Closed Account Notification System ("CANS") -- the first example of this type of anti-ID theft measure in the U.S. The Texas Department of Banking administers CANS, which launched on March...

Fish Don't Know They Are Wet

Posted on April 14, 2008
Federal Reserve Governor Kevin Warsh delivered a speech entitled "Financial Market Turmoil and the Federal Reserve: The Plot Thickens" to the New York University School of Law Global Economic Policy Forum today. Warsh identifies excessive liquidity as the root cause...

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