News & Analysis as of September 22, 2024

Federal Deposit Insurance Corporation › Fiduciary Duty

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

FDIC agrees to settle with CEO and board members after District Court dismissal

Orrick, Herrington & Sutcliffe LLP on 12/15/2023

On December 7, the U.S. District Court for the Eastern District of Louisiana dismissed a lawsuit brought by the FDIC against the chairman, president and CEO and board members of a state-chartered Louisiana bank after the...more

FDIC releases July enforcement actions, including breaches of fiduciary duty and FDPA violations

Orrick, Herrington & Sutcliffe LLP on 9/5/2023

On August 25, the FDIC announced a list of administrative enforcement actions taken against banks and individuals in July. The 10 orders include “two orders that combined a prohibition order and order to pay CMP; one combined...more

Corporate Governance: Lessons for Directors From Recent Bank Failures

Holland & Hart LLP on 6/29/2023

The recent collapse of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank (First Republic), and the near calamitous fallout on the financial sector and many companies, should be a wake-up call. There are...more

What Should Mid-Market Companies Do To Protect Deposits During the Current Bank Liquidity Crunch?

Davidoff Hutcher & Citron LLP on 6/2/2023

Breaking Up Is Hard To Do - In the wake of the collapse of Silicon Valley Bank and Signature Bank, every chief executive officer of a mid-market privately held company had the same two questions this morning: what banks hold...more

Liquidity Crises and Fiduciary Duties of Directors of Early-Stage Companies

Morrison & Foerster LLP on 3/16/2023

The FDIC receiverships of Silicon Valley Bank and Signature Bank have caused certain early-stage companies to face potentially crippling near-term liquidity issues. These liquidity issues may result in a company becoming...more

Can Directors/Officers be Liable for Depositing Corporate Funds in and Borrowing from a Bank Taken Over by the FDIC?

Foley & Lardner LLP on 3/15/2023

Last week, state regulators forced Silicon Valley Bank (SVB) into receivership, and the Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. SVB’s failure marks the largest receivership since Washington...more

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

Goodwin on 8/6/2021

In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

Agencies Publish Notice and Request for Comment on Proposed Interagency Guidance on Third-Party Relationships

Goodwin on 7/30/2021

In This Issue. The federal bank regulatory agencies requested public comment on proposed guidance designed to help banking organizations manage risks associated with third-party relationships; the Office of the Comptroller of...more

SEC Adopts Broad Exempt Offering Reforms

Goodwin on 11/5/2020

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Understanding the Newly Proposed Credit Fund Exclusion Under the Volcker Rule

Kramer Levin Naftalis & Frankel LLP on 2/12/2020

Section 13 of the Bank Holding Company Act of 1956 (the BHC Act) generally prohibits any insured depository institution (as defined in Section 3(c) of the Federal Deposit Insurance Act, but excluding institutions that...more

Governor Signs Bill Authorizing Public Banks - What Could Possibly Go Wrong?

Allen Matkins on 10/3/2019

Yesterday, Governor Gavin Newsom signed AB 857 into law. The bill authorizes local agencies to establish so-called "public banks", subject to approval by the Department of Business Oversight and Federal Deposit Insurance...more

Directors Fail To Escape Liability For Approving Dividend

Allen Matkins on 2/12/2018

I last wrote about FDIC v. Ching, 2014 U.S. Dist. LEXIS 92687 (E.D. Cal. July 8, 2014) in July of 2014. That post concerned Judge Kimberly J. Mueller's ruling that California's statutory restrictions on distributions to...more

Financial Services Weekly News - April 2017 #2

Goodwin on 4/12/2017

Editor's Note - Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/9/2016

And we thought Brexit was something. Buckle up. It’s going to be a wild market ride... Whoa....more

Financial Services Weekly News - June 2016

Goodwin on 6/2/2016

Regulatory Developments - SEC Staff Updates 2014 Money Market Fund Reform FAQs - On May 23, the staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management published additional...more

Nutter Bank Report, April 2016

Nutter McClennen & Fish LLP on 4/29/2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines 1. FDIC Approves Proposed Rule to Limit Incentive-Based Compensation Arrangements 2. Congress Considers...more

Financial Services Weekly News - April 2016

Goodwin on 4/7/2016

Regulatory Developments - DOL Issues Final Fiduciary Rule - On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more

Fourth Circuit: Business Judgment Rule May Not Protect Bank Officers in FDIC Action

Manatt, Phelps & Phillips, LLP on 9/23/2015

Why it matters - Bank officers may be liable in a lawsuit brought by the Federal Deposit Insurance Corp. (FDIC) while the directors escaped liability, in a new ruling from the Fourth Circuit Court of Appeals interpreting...more

Dodd-Frank at 4: Where do we go from here?

Morrison & Foerster LLP on 8/6/2015

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Financial Services Weekly News Roundup - July 2015 #2

Goodwin on 7/9/2015

Regulatory Developments - Agencies Post Public Sections of Resolution Plans: In a July 6 joint press release, the Federal Reserve Board and FDIC announced that they have posted the public portions of annual...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 19, 2015

Carlton Fields on 6/24/2015

REAL PROPERTY UPDATE: Tax Deed Sale/Due Process: after certified letter notifying property owner of tax deed sale returned unopened and unclaimed, due process required clerk of court take reasonable steps to notify...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 6/11/2015

SEC Provides Additional Analysis Related to Proposed Pay Ratio Disclosure Rules - On June 4, the Securities and Exchange Commission provided additional analysis related to its proposed rules for pay ratio disclosure. The...more

Does the Business Judgment Rule Protect Bank Officers and Directors?

Sherman & Howard L.L.C. on 5/27/2014

When a corporation suffers significant losses, or ultimately fails, frustrated shareholders, creditors, or others often try to sue the corporation and/or its officers and directors for losses caused by mismanagement of the...more

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

Goodwin on 12/20/2013

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

Corporate and Financial Weekly Digest - Volume VIII, Issue 45

Katten Muchin Rosenman LLP on 11/25/2013

In this issue: - SEC Chair Mary Jo White Outlines Potential Changes to “Accredited Investor” Definition - CFTC Issues Final Rules for Systemically Important Derivatives Clearing Organizations - CFTC...more

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Federal Deposit Insurance Corporation › Fiduciary Duty

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