Bill on Bankruptcy: Stockton May Win the Battle, Lose the War
Pullman & Comley’s Public Finance tax attorneys are pleased to bring you the latest development on the budget reconciliation front as it relates to municipal bonding. Last Thursday, September 9, 2021, the House Ways and Means...more
House Bill 3967, titled the “Municipal Bond Market Support Act of 2019”, was introduced by Alabama Representative Terri Sewell and New York Representative Tom Reed with the purpose of increasing the amount of tax-exempt bonds...more
Federal Banking Agencies Expand Eligibility to Use Streamlined Call Reports - The federal banking agencies have adopted a final rule to reduce regulatory reporting requirements for certain banks with total assets of less...more
Economic Commentary - The U.S. economy continues to show signs of improvement. Unemployment fell to 3.7 percent, and second quarter GDP grew to an annualized rate of 4.2 percent, which is the highest rate of growth since...more
President Donald Trump on Feb. 3, 2017, signed an executive order entitled "Core Principles for Regulating the United States Financial System," which directed the Treasury Secretary to consult with financial regulators,...more
ECONOMIC REVIEW AND OUTLOOK - In this past year we were reminded again to expect the unexpected: The well-established political classes in the U.K., the U.S. and Italy learned that democracy was their Achilles’ heel, and...more
OPEC has reached a tentative deal among its 14 member nations to “modestly cut” their oil output toward the end of the year in an effort to shore up sagging oil prices–an announcement that immediately sent global oil prices...more
US regulators are “ramping up oversight” of Swift—the financial messaging system used throughout global finance that’s been a key conduit for hackers in recent attacks of Bangladeshi and Ecuadorian banks....more
Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more
With regulators’ rejection of big-bank living wills still very fresh in mind, the Upshot suggests that keeping powerful banks “on their toes . . . may end up playing a surprisingly important role in keeping the financial...more
Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more
FINRA issued its late-July Regulatory Notice 15-27 warning brokerage firms that inadvertent short positions or fail-to-delivers in municipal securities trading can create situations where the member-firm pays a customer...more
On May 21, the Federal Reserve Board proposed adding certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy the Liquidity Coverage Ratio (LCR) requirements...more
Over the last 15 years, financial institutions have paid billions of dollars to settle claims that they colluded with each other. Below, we discuss four separate matters, beginning with the Nasdaq spread cases in the late...more