Underwriting

OCC and FDIC proposed guidance could effectively ban deposit advance loans

by Jeremy T. Rosenblum | Ballard Spahr LLP on 4/30/2013

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

CFPB Issues Small Entity Compliance Guide

by Emily Miller | Ballard Spahr LLP on 4/22/2013

The Consumer Financial Protection Bureau has issued a 45-page Small Entity Compliance Guide for the Ability-to-Repay (ATR) and Qualified Mortgage Rule. The guide, published on April 10, 2013, indicates that its purpose is to...more

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

by Robert H. Ledig, Thomas P. Vartanian | Dechert LLP on 4/16/2013

In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM...more

Multi-Agency Guidance on Leveraged Lending Practices

by Orrick, Herrington & Sutcliffe LLP on 4/11/2013

On March 21, 2013, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Federal Reserve”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the...more

U.S. Regulators Issue Final Guidance on Leveraged Lending

by Andrew Herr | Osler, Hoskin & Harcourt LLP on 4/9/2013

On March 22, 2013, U.S. regulators, consisting of the Office of the Controller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC...more

The Lesser of Two Evils? Court Holds that Statutory Measure of Recovery Under a Mechanic’s Liens Is the Lesser of Reasonable Value...

by Matthew Henderson | Miller Starr Regalia on 4/9/2013

In Appel v. Superior Court (No. B244590, 3/11/13), California’s Second District Court of Appeal held that the proper measure of a mechanic’s lien claim is the lesser of the reasonable value of the services and materials...more

Court Denies in Part Motions to Dismiss FHFA’s Claims Against Countrywide and Various Underwriters

by Orrick - Structured Finance Group on 4/5/2013

On March 15, Judge Mariana Pfaelzer of the United States District Court for the Central District of California denied in part motions to dismiss brought by Countrywide, various individuals and various underwriters in...more

Banks Face New Obligations in Underwriting, Risk Analysis, and Management of Leveraged Lending

by Joseph T. Lynyak III | Pillsbury Winthrop Shaw Pittman LLP on 4/3/2013

This Alert describes the recently issued guidance (the “Guidance”) from the U.S. banking agencies instructing regulated domestic and foreign banks, subsidiaries and affiliates on implementing an acceptable infrastructure to...more

Is Your D&O Policy Bankrupt-Ready? 10 Underwriting Tips To Protect Your Directors and Officers

by Rachel Kronowitz | Gilbert LLP on 4/2/2013

Protection of the personal assets of board members and c-suit corporate officers through indemnification and insurance is a challenge for financially troubled companies seeking to retain and hire the best people to help...more

Orrick's Financial Industry Week In Review - April 2, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/2/2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

MSRB Provides Additional Guidance on the Disclosure Duties of Underwriters to Government Issuers under Rule G-17

by Michael Barnes, Brian Kowalski | Saul Ewing LLP on 3/28/2013

In 2012, the Municipal Securities Rulemaking Board ("MSRB") expanded the disclosure obligations of underwriters to government issuers under Rule G-17. The MSRB recently published answers to frequently asked questions about...more

Prudential Sues Bank of America Over $2 Billion in RMBS

by Orrick - Structured Finance Group on 3/28/2013

On March 14, several Prudential entities filed suit in the United States District Court for the District of New Jersey against several Bank of America and Merrill Lynch entities in connection with Prudential’s investments in...more

Water and Wastewater Projects: Financing with Tax-Exempt Bonds

by Devin Brennan, Stephen Spitz | Orrick, Herrington & Sutcliffe LLP on 3/27/2013

Introduction - Managers of water and wastewater utilities face complex financial challenges. The purpose of this guidebook is to provide an overview of issues relating to the financing of water and wastewater projects...more

Banking Agencies Issue Guidance on Leveraged Lending

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 3/27/2013

On March 21, federal bank regulatory agencies released updated supervisory guidance on leveraged lending, “which has been increasing since 2009 after declining during the financial crisis.” The guidance from the Federal...more

Supreme Court Declines Review Of Second Circuit Decision Reinstating MBS Class Action

by BuckleySandler LLP on 3/27/2013

On March 18, the U.S. Supreme Court denied a petition seeking review of a Second Circuit decision that reinstated a class action against an underwriter and an issuer of mortgage-backed securities. Goldman Sachs & Co. v....more

Patton Boggs Reinsurance Newsletter - March 2013: A Brief Review of Reinsurance Trends in 2012: Managing Agents

by Patton Boggs LLP on 3/25/2013

In 2012, courts again took up the relationship between reinsurers and managing agents and not always to the reinsurer's benefit. In Lincoln Gen. Ins. Co. v. U.S. Auto Ins. Servs., Inc., No. 3:10-cv-2307-B, 2012 WL 3777408...more

Regulators Warn On Risks Of Leveraged Loans

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 3/22/2013

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have issued joint supervisory guidance on leveraged lending. It remains to be...more

Five Things To Know When Contemplating the Issuance of Municipal Debt

by Timothy J. Horstmann, Donna Kreiser | McNees Wallace & Nurick LLC on 3/22/2013

Municipal financings are often perceived as a very complex, and even overwhelming, undertaking. The various rules and regulations which govern the process oftentimes seem complicated and difficult to understand. Keep in mind...more

Damages Awarded Against Underwriter for Failing to Complete a Bought Deal

by Paul Barbeau, Matthew Olson, William Osler, David Phillips | Bennett Jones LLP on 3/22/2013

The Ontario Superior Court of Justice recently awarded damages of just over $16 million against Thomas Weisel Partners Canada Inc. (now Stifel Nicolaus Canada Inc.) for failing to close on a bought deal private placement...more

Second Circuit Reverses Dismissal of Section 11 and 12(a)(2) Claims, Holding that Plaintiff's Allegations Were Sufficient to Plead...

by Robin Achen, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/12/2013

In New Jersey Carpenters Health Fund v. Royal Bank of Scotland Group, PLC, 2013 U.S. App. LEXIS 4317 (2d Cir. Mar. 1, 2013), the United States Court of Appeals for the Second Circuit reversed the dismissal of a claim for...more

New HIPAA Rules Regarding Genetic Information Affect Employers, Group Health Plans, Health Insurers and Healthcare Providers

by Lisa Clark, Harry Silver | Duane Morris LLP on 2/26/2013

Genetic Information Under HIPAA - While the final rule supplementing and modifying the Health Insurance Portability and Accountability Act (HIPAA) Privacy, Security, Breach Reporting and Enforcement Rules—78 Fed. Reg....more

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