InfoBytes, December 2, 2011 - A Weekly In-depth review of news & developments in the financial services industry

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Topics In This Issue:

• Federal Issues

• State Issues

• Courts

• Miscellany

• Firm News

• Mortgages

• Banking

• Consumer Finance

• Securities

• Litigation

• e-Financial Services

• Credit Cards

• Criminal Enforcement Action

Excerpt from "Mortgages"

Federal Housing Finance Authority Issues Final Rule Regarding Voluntary Merger of Federal Home Loan Banks. On November 28, the Federal Housing Finance Authority (FHFA) issued a final rule permitting the voluntary merger of Federal Home Loan Banks upon approval of each bank's board of directors, members, and the Director of the FHFA. The rule was created pursuant to the requirements of Section 26 of the Federal Home Loan Bank Act (FHLB Act) as amended by Section 1209 of the Housing and Economic Recovery Act of 2008 (HERA). The rule sets forth the requirements and procedures for each step of the merger process which consists of: (i) an initial written merger agreement; (ii) a joint merger application to the FHFA; (iii) approval by the Director of the FHFA; (iv) ratification by the members of each bank; and (v) consummation of the merger. The rule only covers a voluntary merger undertaken pursuant to Section 26 of the FHLB Act, and would not apply to liquidation or reorganization carried out by the Director of the FHFA pursuant to other authority. The rule is effective December 28.

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