Dodd-Frank put enormous pressure on the Securities and
Exchange Commission to create dozens of new rules. Tile IV of the law, the Private
Fund Investment Advisers Registration Act of 2010 , shifts thousands of
mid-sized investment advisers from federal...
How do I know when the weekend has truly arrived?
For years, the weekend arrived at the moment that I sat down to a leisurely
breakfast while reading Joe
Nocera's column (and I guess, after today [Note: this article was originally posted Mar....
When the FDIC released its Quarterly Banking Profile for
the fourth quarter 2010, it included a statement from
FDIC Chairman Sheila Bair that the agency believes "the number of failures
peaked in 2010." However, at least through the end of...
Yesterday, Bruce Carton of Securities Docket hosted a
SEC's Asset Management Unit and Strategies for Avoiding Trouble in 2011 and
Beyond . He managed to get Bruce Karpati, the co-head of the SEC's Asset
Management unit, to participate...
Weisbach Professor and Ralph W. Kurtz Chair in Finance at The Ohio State
University, and his colleagues, Ji-Woong Chung, Berk A. Sensoy and Léa H.
Stern, are looking at the effect of the pay for performance at private equity
As recently as this past Monday, commentators
were grumbling that the FDIC is moving too slowly in pursue claims against
former directors and officers of failed banks. The FDIC has responded in
dramatic fashion with a March 16, 2011 lawsuit filing...
With the House of Representatives' change in political
control, the Republicans are taking some steps to cut back on Dodd-Frank .
Earlier this week the House Committee on Financial Services distributed a press
release about five potential bills...
The demise of Taylor, Bean & Whitaker, as well as
Colonial Bank, continues to spawn guilty pleas. This time Raymond Bowman, the
former president of Taylor Bean, pleaded guilty to charges of conspiring to
commit bank, wire and securities fraud and...
There is a new joint federal rule in the works for all
financial institutions. This will lump together banks, credit unions,
broker-dealers and investment advisers. If you have more than $1 billion in
assets under management, you need to pay attention...
By Karl L. Rubinstein
As I discussed in my article of September 28, 2010 1 , Title V of the new Dodd-Frank Bill foreshadows a federal takeover of insurance regulation. When effective next year, it will not only subordinate state insurance laws to...
If the lawsuit filed on February 7, 2011 in the Northern
District of Georgia is any indication, the FDIC's efforts to pursue liability
claims will not only include suits against the directors and officers of failed
banks, but will also include in...
In compliance, you need to learn from your mistakes so
you can prevent future problems. There were many mistakes that lead to the 2008
financial crisis, not just in the United States, but also abroad. Michael Lewis
Big Short , taking a look...
As detailed in the accompanying
blog post , all signs are that the FDIC will be filing increasing numbers of
civil actions against former officials of banks that have been closed as part
of the current round of bank failures. With this possibility in...
More banks have failed in Georgia than any other state as
part of the current bank failure wave, but the FDIC had not yet filed a civil
action against the former officials of a failed Georgia bank - that is, until
now. On January 14, 2011, in what is...
In New York State, the rate of interest upon the loan or
forbearance of any money, goods, or things in action may not exceed 16% per
year. N.Y. Gen. Oblig. Law § 5-501(1); N.Y. Banking Law § 14-a(1).
That is, in New York, charging interest...
Trusts and Company Service Providers (TCSPs) can provide an important link between financial institutions and some of their customers. TCSPs have often been used, wittingly or unwittingly, in the conduct of money laundering activities. The majority of...
The Dodd-Frank Wall Street Reform and Consumer Protection Act represents the most sweeping overhaul of the US financial sector since the Great Depression. The Act will impact both the US and non-US business and activities of foreign banks, securities...
MODERATOR: This is the LexisNexis Corporate and Securities Law Community Podcast presentations and interviews with leading attorneys and industry professionals. On this edition Richard Phillips and Mike Eisenberg on the Dodd-Frank Act.
While the condition of commercial banks continues to
improve overall, the number of "problems institutions" also continues
to grow, in both absolute and percentage terms, according to the FDIC's
latest report on the banking industry . The...
article in the November 17, 2010 Wall Street Journal reported that
the FDIC is conducting 50 criminal investigations of directors, officers and
employees of failed banks. Given that (as of November 19, 2010) 314 banks have
failed since January...
In the first securities class action jury verdict to
arise out the credit crisis, on Thursday November 18, 2010, the jury in the
BankAtlantic securities lawsuit in federal court in Miami returned a
verdict in the plaintiffs' favor, finding seven of...
Schweitzer of Cozen O'Conner gave the keynote presentation at the HB Litigation
seminar titled "Regulation of International Business: Important Considerations
for Insurance & Reinsurance" on Sept. 23, 2010, in Washington...
On November 17, 2009, the
Federal Reserve Board issued new regulations prohibiting financial institutions
from charging overdraft fees for debit card transactions. This new regulation
became effective January 19, 2010, and has a compliance date...
On this edition, Derek Bush of Cleary Gottlieb and Mark Perlow of K&L Gates discuss the Dodd-Frank Act and the Volcker Rule and its impact on securities markets and the banking industry. They discuss what banks will and won't be able to do, including...
If the lawsuit filed on Monday is any indication, the
long-anticipated FDIC litigation against failed banks may have arrived. On
November 1, 2010, the FDIC filed a lawsuit in the Northern District of Illinois
against eleven former directors and officers...