Bailout

News & Analysis as of

Don’t Drain the River: How US Bank Resolution Reform Will Dry Liquidity

Well-meaning initiatives to end the era of US bailouts have also dried-up market liquidity. That could be almost as dangerous - Banks perform critical functions in our economy, one of which is maturity transformation....more

The Plan to Replace Dodd-Frank: The Financial CHOICE Act

On June 7, in a speech to the Economic Club of New York, House Financial Services Committee Chairman Jeb Hensarling announced the Republican plan to replace the Dodd-Frank Act. The Financial Creating Hope and Opportunity for...more

Italian reform and the latent potential for CMBS

Fuelled by continued macro-economic uncertainty, the European CMBS market is currently experiencing a prolonged period of malaise. Meanwhile the Italian legislative cogs have continued to turn. The news last week that the...more

US$1.3 Billion Fortis Settlement Ushers in New Era in Globalization of Securities Laws

A closely-watched set of claims stemming back to the 2008 global financial crisis has settled for a massive €1.204 billion (US$1.3 billion), making it one of the highest settlements ever and ushering in a new era in the...more

Financial Regulatory Developments Focus - February 2016 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Too-big-to fail, RIP?

The latest set of prudential rules is the strongest sign yet that too-big-to-fail has seen its last days - Despite the comprehensive reforms put in place in the wake of the financial crisis by the landmark Dodd-Frank...more

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News...more

A Moral Victory But No Damages Awarded in AIG Bailout Litigation

The Court of Federal Claims recently held that the coercive terms of the government’s $85 billion bailout of AIG were illegal. The victory, however, was merely a moral one because plaintiffs walked away with a $0 damage...more

D.C. Circuit Upholds Standing of Texas Bank in Constitutional Challenge to CFPB

In late July, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion upholding a Texas bank’s standing to challenge the constitutionality of the CFPB. The bank filed suit in 2012, raising three...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Grexit: Grief or Gift?

On July 5, the Greeks voted emphatically against their creditors’ proposals. Earlier that week, the IMF released a report in which it recommended a comprehensive recover plan that included a debt relief or a debt moratorium...more

Eurozone Crisis Update: Deadline looms for Greek debt proposals

The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors. Eurozone leaders were disappointed on 7 July when no substantive...more

Austerity's Achilles' heel - The economic landscape looks fairly stark across the eurozone, as public budgets remain stubbornly...

For the past five years, members of the European monetary union have been swinging the axe at public budgets to rebalance their books. Europe’s age of austerity has been grueling and, for some, there is no end in...more

Bank Resolution in Greece

The result of Sunday’s (5 July 2015) referendum which rejected the latest proposed bailout by the European authorities was unequivocal. The next steps in this crisis are far less clear, ranging from a swift renegotiation of...more

A Short Guide to the Implications for the Imposition of Capital Controls in Greece

Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece. Background - Months of negotiations on a deal to restructure Greece’s debts appear...more

Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

Chilean Pension Funds Market Officially Open for Business for Irish UCITS.

Following Dechert’s series of reports in relation to the Chilean pension funds market and its accessibility to Irish UCITS, see Dechert OnPoint - Moody’s Upgrade Points to Reopening of the Chilean Pension Market to Irish...more

Can Fannie and Freddie Cope Under Pressure?

Last week, the Federal Housing Finance Agency (FHFA) put Freddie and Fannie to the test, and the results were grim. Dodd-Frank mandated “stress tests,” designed to evaluate a financial institution’s ability to withstand an...more

FHA Announces Plans to Lower Mortgage Insurance Policy Caps

Last Friday, the Federal Housing Administration announced that it will reduce the maximum threshold for the high-price mortgages it is willing to insure. This change was called for by the Housing and Economic Recovery Act of...more

Contingent Capital Securities: Evolution Or Disruption?

Long before taxpayer-sponsored bailouts or state-sponsored “resolutions” of financial institutions came to occupy such a prominent place in our collective consciousness, financial institutions relied on hybrid capital...more

Barofsky and Bair on Banks and Bailouts*

As the United States continues to pull itself out of the credit crisis, these two books shed light on the Washington infighting behind the government's response to the crisis and, more broadly, the shape of financial...more

The Consequences of a Failed Banking Union

I told the Blog team that I had sworn off writing about Europe for a while; but really. The FT opinionized last week that the EU ministerial decision to agree on a standard “bail-in” to fix broken European banks was a good...more

Too Big To Fail in the Dodd-Frank Era  [Video]

May 31 (Bloomberg) -- Davis Polk Partner Randall Guynn speaks with Bloomberg Law's Lee Pacchia about how Dodd-Frank's orderly liquidation authority (OLA) gives lawmakers better choices when faced with the failure of complex...more

Cyprus Agrees to Bailout Terms

Cyprus has come to an agreement with the European Union and the International Monetary Fund (IMF) for a €10bn bailout in an attempt to avoid the collapse of its banking sector and the impact that would have on the wider...more

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