FDIC - JD Supra Law News

FDIC and Canada’s Deposit Insurance Corporation Sign Memorandum of Understanding

by Katten Muchin Rosenman LLP on 6/19/2013

...On June 12, the Federal Deposit Insurance Corporation (FDIC) announced the signing of a memorandum of understanding (MOU) with the Canada Deposit Insurance Corporation (CDIC) that R... more

CFPB Study of Overdraft Programs A white paper of initial data findings June 2013

by Barry Fagan on 6/19/2013

... fees—many of them encouraged and generated through unfair and deceptive practices—cost consumers billions of dollars each year. Overdrafts are a particular problem when consumers use a debit card to make purchases or withdraw cash from ATMs. The CFPB report shows that requiring banks and credit unions to secure a consent form before... more

SEC Proposes Major Revisions to Money Market Fund Rules

by K&L Gates LLP on 6/17/2013

... June 5, 2013, the Securities and Exchange Commission (“SEC”) voted to release its long-awaited proposals to make significant revisions to the rules governing money market mutual funds (“money funds”), as well as to adopt related new disclosure requirements. The SEC stated that the proposed amendments seek to reduce what the... more

Financial Services Bulletin: Action At The SEC, Fed, And FDIC

by Perkins Coie on 6/17/2013

...The SEC Proposed Money Market Fund Reforms - On Wednesday, June 5, 2013, the Securities and Exchange Commission (the “SEC”) voted unanimously to propose rules that would reform the way that certain money market funds operate in order to make them less susceptible to runs that could harm investors. ... more

Financial Services Legislative and Regulatory Update -- June 17‚ 2013

by Mintz Levin - Public Finance on 6/17/2013

... held a hearing titled “Lessons Learned from the Financial Crisis Regarding Community Banks.” Witnesses from the FDIC and GAO discussed common characteristics of community banks which weathered the financial crisis including the existence of ... more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 14, 2013

by BuckleySandler LLP on 6/17/2013

... This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT - Excerpt from Mortgages: CFPB Publishes Additional Mortgage Rule Compliance Guides, Launches Mortgage Rule... more

Corporate and Financial Weekly Digest - June 14, 2013

by Katten Muchin Rosenman LLP on 6/17/2013

...- FDIC and Canada’s Deposit Insurance Corporation Sign Memorandum of Understanding ... more

DIANA ELLIS, JAMES SCHILLINGER, and RONALD LAZAR, individually and on behalf of other members of the general public similarly situated vs. J.P. MORGAN CHASE BANK, N.A., and CHASE HOME FINANCE LLC,

ORDER GRANTING IN PART AND DENYING IN PART DEFENDANTS’ MOTION TO DISMISS

by Barry Fagan on 6/17/2013

... allegedly adopted a uniform practice designed to maximize fees assessed on delinquent borrowers’ accounts. As part of the scheme, Defendants “formed an enterprise with their respective subsidiaries, affiliates, and ‘property preservation’ vendors, . . . unlawfully mark[ed] up default-related fees charged by third... more

Foreign Banks May Continue Swaps Activities...and Still Access Discount Window

by White & Case LLP on 6/14/2013

... Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to access the Reserve Banks’ discount windows notwithstanding that the foreign bank is a... more

CFPB and FDIC launch new tool for preventing elder financial exploitation

by Ballard Spahr LLP on 6/14/2013

... We applaud the CFPB’s and FDIC’s efforts to develop new methods for combatting elder financial exploitation using available technology. ... more

FDIC Announces Enforcement Action Against Debit Card Issuer, Affiliated Service Provider

by BuckleySandler LLP on 6/14/2013

...On May 31, the FDIC announced enforcement actions against a California bank and an affiliated service provider for alleged unfair and deceptive ... more

CHERYL SOBH and SAM SOBH vs BANK OF AMERICA, NA, JP MORGAN CHASE BANK, TROTT & TROTT, and AMERICAN PREMIERE TITLE

STATE OF MICHIGAN COURT OF APPEALS Re: Defendant Bank of America lacked standing to foreclose. Reversed and Remanded

by Barry Fagan on 6/14/2013

..., granted Washington Mutual a mortgage interest in the property. In 2008, Washington Mutual went into receivership, with the FDIC appointed as receiver. Chase acquired all of Washington Mutual’s assets, including plaintiffs’ mortgage, on Sept... more

Commercial Restructuring & Bankruptcy Alert - June 2013

by Reed Smith on 6/13/2013

... this issue: - Make–Whole Claim in the Amount of 37% of Loan Balance is Enforced by Delaware Bankruptcy Court - Seventh Circuit Requires Competition for Insider’s New-Value Plan of Reorganization - Following Castleton Plaza, Competitive Bidding Required Where Insider Asserts ‘New Value’ Exception to... more

CFPB releases white paper on overdraft programs

by Ballard Spahr LLP on 6/13/2013

...Yesterday, just after midnight, the CFPB released its initial data findings from its 15-month (and counting) Study of Overdraft Programs.... more

FDIC Approves Final Rule Related To Resolution Of Nonbanks

by BuckleySandler LLP on 6/12/2013

...On June 4, during a board meeting, the FDIC approved a final rule to establish criteria for determining if a nonbank is predominantly engaged in “activities that ... more

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