Scott J. Kennelly

Scott J. Kennelly

Rogers Towers

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FIRREA Protects Purchasing Banks Against Some Claims Disguised as Affirmative Defenses

As previously discussed on this blog, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) creates a mandatory administrative claims process for claims against the assets of failed financial...more

6/11/2014 - Affirmative Defenses Banks FDIC FIRREA

A Potential Defense for Purchasing Banks Against Lender Liability Claims Based on the Actions of a Failed Bank

Previous posts discussed how the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) creates a mandatory administrative claims process for claims against the assets of failed financial institutions. If a...more

5/13/2014 - Administrative Hearings Banks FDIC FIRREA JPMorgan Chase Lenders

Claims Against Failed Banks Must Go Through the FDIC’s Administrative Claims Process

As described in a previous post, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) requires that anyone with a claim against a failed bank must file a claim with the FDIC within 90 days of being...more

4/14/2014 - Banks Claims Procedures FDIC FIRREA Fleet Credit

The FDIC’s Administrative Claims Process for Failed Banks

Enacted by Congress after the Savings and Loan Crisis of the 1980s, the Financial Institutions Reform, Recovery, and Enforcement Act (“FIRREA”) gives the FDIC sweeping authority to resolve the problems posed by a failed...more

3/28/2014 - Banks Claims Procedures FDIC FIRREA

Discovery of Loss-Share Payments in Litigation: Public Policy

Financial institutions seeking to challenge discovery relating to Loss-Share Agreements and payments from the FDIC should be able to do so on the grounds of relevance, as we previously discussed. A second argument against...more

9/26/2013 - Banks FDIC Loss-Share Agreements

FDIC Loss-Share Agreements: Branch Banking & Trust Company v. Kraz, LLC

There is a common misconception among borrowers that the application of Loss-Share Agreements may result in “windfalls” to institutions that acquire assets of failed banks from the FDIC. They reason that the acquiring...more

9/17/2013 - Banks Borrowers FDIC Loss Contingencies Reimbursements

Rogers Towers: Discovery of Loss-Share Payments in Litigation: Irrelevant

In foreclosure actions based on assets of a failed bank, borrowers sometimes attempt to discover whether and how much the FDIC has reimbursed the acquiring institution for its loss under the loan....more

9/10/2013 - Acquisitions Banks Borrowers FDIC Foreclosure Loss Mitigation Reimbursements

Rogers Towers: Use of FDIC Special Powers: Knowledge by the FDIC or its Assignees is Irrelevant

In previous posts, we introduced the protections afforded the FDIC by the D’Oench Doctrine and 12 U.S.C. § 1823(e), which bar claims and defenses against the FDIC and its assignees by private parties based on improperly...more

2/5/2013 - Acquisitions Assignees D’Oench Doctrine FDIC Insolvency Pleadings Special Powers Successors Written Agreements

Rogers Towers: Use of FDIC Special Powers: The Expanded Scope of the Term “Agreement”

In previous posts, we introduced the protections afforded the FDIC by the D’Oench Doctrine and 12 U.S.C. § 1823(e), which bar claims and defenses against the FDIC and its assignees by private parties based on improperly...more

1/31/2013 - D’Oench Doctrine FDIC Misrepresentation SCOTUS Special Powers

Rogers Towers: Use of FDIC Special Powers by Assignees of the FDIC

Courts have extended the protections afforded the FDIC by the D’Oench Doctrine and 12 U.S.C. § 1823(e) to successors or assignees of the FDIC as receiver of the failed banks....more

1/22/2013 - Assignees D’Oench Doctrine FDIC Special Powers Successors

Rogers Towers: Use of FDIC Special Powers: Overview

Last month, the Federal Deposit Insurance Corporation reported that 470 financial institutions have failed since 2007. It is no wonder, then, that many institutions are embroiled in litigation involving loans made by failed...more

1/10/2013 - D’Oench Doctrine FDIC Insolvency Loans

Rogers Towers: Fair Debt Collection Practices Act (FDCPA): Applicable to Institutions that Acquire Loans from the FDIC?

In the wake of bank failures, some institutions have acquired failed bank assets, including loans, from the Federal Deposit Insurance Corporation. Such institutions should exercise caution when collecting on consumer loans...more

12/28/2012 - Debt Collection FDCPA FDIC

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