Harold P. Reichwald

Harold P. Reichwald

Manatt, Phelps & Phillips, LLP

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Bank Holding Companies Must Review Their Tax Allocation Agreements With Subsidiary Banks Now!

Taxes remain a certainty in life, but in an effort to reduce confusion regarding the ownership of tax refunds—particularly in light of court opinions reaching varying conclusions when considering failed banks—the Board of...more

7/7/2014 - Bank Holding Company Banking Sector FDIC Federal Reserve Insured Depository Institutions Tax Allocation Agreements

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

4/11/2014 - FTC Jurisdiction Payday Loans Tribal Loans

Financial Services Law

D.C. Circuit Court Upholds Fed’s Debit Card Fee Cap, Antiexclusivity Rules - Dealing a blow to merchants nationwide, the D.C. Circuit Court of Appeals reversed a lower court and upheld the rules promulgated by the...more

3/28/2014 - CFPB Debit Cards Exclusive Dealing Agreements Fees Financial Regulatory Reform IRS Loans Predatory Lending Student Loans

Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

3/14/2014 - Anti-Money Laundering Bank Secrecy Act Bitcoins CFPB Chadbourne & Parke LLP v Troice Class Action Compliance Credit Cards Credit Reports Ponzi Scheme SCOTUS SLUSA Virtual Currency

Financial Services Law - Feb 28, 2014

Light ’em Up: FinCEN’s Cautionary Guidance About Banks Working With Marijuana Companies - The Financial Crimes Enforcement Network’s new guidance on how to work with marijuana-related businesses is unlikely to make it...more

2/28/2014 - Bank Secrecy Act Banks Bitcoins FinCEN Marijuana Suspicious Activity Reports Virtual Currency

Financial Services Law - Feb 14, 2014

Bit by Bit(coin), Virtual Currency Inches Toward Regulation - Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more

2/14/2014 - Banks Bitcoins FDIC Financial Regulatory Reform OCC Virtual Currency Volcker Rule

Financial Services Law - Feb 10, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

2/11/2014 - American Express Antitrust Litigation Banks Class Action Deposit Advances FDIC Fees MasterCard Prepaid Payment Products Toys R Us Visa Inc Visas

Financial Services Law - Jan 30, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

1/31/2014 - Antitrust Litigation Banks Business Judgment Rule Class Action Deposit Advances Directors FDIC Fees MasterCard Merchant Fees Payday Loans Settlement Visa Inc

Financial Services Law -- Jan 17, 2014

Community Banks and the Volcker Rule: What’s Next? - For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more

1/17/2014 - Arbitration Banking Sector Car Loans CFPB Collateralized Loan Obligations Community Banks Covered Entities Dodd-Frank DOJ Fair Lending FFIEC Financial Companies Mandatory Arbitration Clauses Social Media Trust Preferred Securities Volcker Rule

Money Laundering on the Front Burner

With the bulk of the banking industry’s credit problems resolved or at least more manageable than in the recent past, the regulators appear to be on a new warpath. Over the last year, they have sent strong signals to the...more

9/12/2013 - Anti-Money Laundering Bank Secrecy Act Banks Compliance Enforcement Foreign Banks Money Laundering

Banking Law -- Aug 26, 2013

What Many Foreign Banks and Community Banks Have in Common - Strange as it may seem, community banks and the U.S. operations of foreign banks are often treated similarly; their interests are usually legislative and...more

8/27/2013 - Banks Community Banks Dodd-Frank Foreign Banks

BSA Compliance Fails, Go to Jail: A New Challenge for Directors and Officers of Financial Institutions

For many years the government has encouraged directors and officers of corporations to ensure that they have robust compliance programs to detect and prevent violations of law. This is especially important in regulated...more

3/28/2013 - Anti-Money Laundering Bank Secrecy Act Compliance Deferred Prosecution Agreements DOJ

Confidential Investigations of Bank Activities

Scenario: In the course of a safety and soundness examination, the bank examiners identify certain unusual transactions and bring the issue to the attention of management. Management, in turn, recognizing the potential...more

1/9/2013 - Audits Board of Directors Confidential Documents Disclosure Requirements Investigations

Officer Liability for Bank Losses: The Jury Speaks

Last week, a jury in Los Angeles federal court in a case entitled FDIC v. Van Dellen, et al. found three former officers of the failed IndyMac Bank liable for $168 million in losses in construction loans suffered by the...more

12/12/2012 - D&O Insurance FDIC Loans Pay-for-Performance

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