Loans Federal Deposit Insurance Corporation

News & Analysis as of

FDIC Sues BNY Mellon For Alleged Failure As Trustee of RMBS

On August 19, 2015, the Federal Deposit Insurance Corp., acting as receiver for Guaranty Bank, filed suit against Bank of New York Mellon Corp. in New York federal court, alleging that BNY breached its duties as trustee of 12...more

Orrick's Financial Industry Week in Review

5th Circuit Revives FDIC's Suit Against Goldman, Deutsche Bank, and Royal Bank of Scotland - On August 10, 2015, the Fifth Circuit revived a securities fraud suit brought by the Federal Deposit Insurance Corporation...more

Increased Risk for Buyers of Credit Card Loans

Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more

Valid at Inception Rule Shot Down by the Second Circuit

Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

Remedies Against Receiver Must Be Exhausted Before Claim Against Assignee

The U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of claims brought by singer-songwriter Todd Rundgren and his wife Michelle Rundgren against JPMorgan Chase Bank, N.A. (Chase). Since the Rundgrens’ claims...more

CLOs Under the Volcker Rule: New Exemptions, New Issues, New Obligations

Under the final version of the Volcker Rule issued this week, issuers and sponsors of new CLO issuances should consider structuring CLOs to conform to the exclusions contained in the rule, and banks and bank affiliates that...more

OCC and FDIC Follow Through on Threat To Kill Deposit Advance Loans

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have carried out their threats in their proposed guidance to kill deposit advance loans. On November 21, 2013, the two...more

OCC and FDIC Issue Guidance on Deposit Advance Loans

On November 21, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued final supervisory “guidance” to supervised financial institutions that offer or may consider...more

Financial Services Law -- Nov 08, 2013

FDIC Cautions Financial Institutions About D&O Insurance - Noting a rise in the use of exclusions in insurance policies for executives at financial institutions, the Federal Deposit Insurance Corporation urged banks to...more

FRB, FDIC, OCC AND NCUA Issue Joint Supervisory Guidance Concerning Troubled Debt Restructurings

The FRB, FDIC, OCC and NCUA (collectively, the “Agencies”) jointly issued guidance to financial institutions entitled InterAgency Supervisory Guidance Addressing Certain Issues Related to Troubled Debt Restructurings (the...more

Risk Retention Reproposal's Impact on CLOs: Loan Arrangers Get Invited to the Party that No One Wants to Attend

On August 28, 2013, six federal regulatory agencies (among them, the SEC, Federal Reserve, OCC and the FDIC (collectively, the “Agencies”)) released a 499 page second risk retention proposal (the “Second Proposal”). The...more

Former CEO of Failed Bank Enters Plea Agreement Admitting that He Caused Bank to File False Call Reports with FDIC to Conceal...

The former Chief Executive Officer and Chairman (the “CEO”) of the failed Summit Bank (the “Bank”), a Washington state-chartered bank with $142.7 million of total assets, entered into a plea agreement (the “Plea Agreement”) ...more

Appraisal Exemption for Higher-Priced Mortgages

On July 10, the Fed, the CFPB, the FDIC, the FHFA and the OCC issued a joint proposed rule which would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans....more

Lessons From the Wake of Economic Collapse: Avoiding Personal Liability in Loan Origination and Restructuring

Although today’s lending economy continues to follow a fairly steady path toward stability, the recent economic downturn has given rise to an increasing number of lawsuits by the Federal Deposit Insurance Corporation (“FDIC”)...more

Successor Banks of FDIC assets Not so Jolly after Jolley - A New Duty to Investigate?

A recent California case appears to contradict the general rule holding that a successor bank that has acquired a commercial loan through an FDIC receivership may owe a duty to a commercial borrower to reasonably investigate...more

FDIC and OCC Propose Limits on Deposit Advance Loans

On April 25 the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) proposed for public comment supervisory guidance to institutions subject to their jurisdictions (i.e.,...more

OCC and FDIC proposed guidance could effectively ban deposit advance loans

Last Thursday, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed guidance on deposit advance loans. The Federal Reserve Board declined to join the OCC and FDIC and instead...more

Banking & Financial Services E-Note - April 25, 2013

In This Issue: - Regulators Could Step in with Tougher Rules as Bank Profits Rise - Bill Would Force Study of Basel III Impact on Bank Capital Costs - Regulator Wants Enforcement Powers Against Bank...more

Banking & Financial Services E-Note - December 2012

In This Issue: - Accounting Rule Would Force Banks to Take Loan Write-Downs - End of TAG Program Has Community Banks Concerned - New Mortgage Rules Protect Banks from Homeowner Lawsuits - Obama Signs Bills...more

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

Bank News - November 2012: Participations — Problems In The Making, And How To Avoid Them, Part II

Originally published in Bank News, November 2012. The most critical component of the relationship between the lead bank and its participants, and the source of most disagreements, is communication. A prudent lead bank...more

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