Swaps pushout rule: Federal Reserve clarifies treatment of U.S. branches of foreign banks

The Federal Reserve has issued an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under Section 716 of the Dodd-Frank Act ("Swaps Pushout Rule"). The interim final rule clarifies that, for purposes of the Swaps Pushout Rule, all uninsured U.S. branches and agencies of foreign banks are treated as insured depository institutions.

Filed under:
USA, Banking, Insolvency & Restructuring, Davis Polk & Wardwell LLP, Swap (finance), Depository institution, Credit default swap, Grandfather clause, Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Authors:
Luigi L De Ghenghi , Susan C. Ervin , Randall D. Guynn , Annette L. Nazareth , Lanny A. Schwartz , Margaret E. Tahyar , Andrew S. Fei , E. Ashley Harris , Jai R. Massari , Gabriel D. Rosenberg
Location:
USA
Firm:
Davis Polk & Wardwell LLP
Strategic Growth Bancorp’s acquisition and recapitalization of mile high banks in a section 363 sale

On December 31, 2012, Strategic Growth Bancorp Inc. (“Strategic Growth”), an El Paso, Texas-based bank holding company, acquired Mile High Banks (the “Bank”), a Colorado community bank, from the Bank’s parent, Big Sandy Holding Company (“Big Sandy”), through an auction process conducted pursuant to section 363 of the Bankruptcy Code. Davis Polk represented Strategic Growth and advised on the complex and overlapping bankruptcy, mergers and acquisitions, credit, tax and bank regulatory issues presented by the transaction.

Filed under:
USA, Banking, Insolvency & Restructuring, Davis Polk & Wardwell LLP, Bankruptcy, Credit (finance), Unsecured debt, Bank holding company, Federal Deposit Insurance Corporation (USA)
Authors:
Luigi L De Ghenghi , Kathleen L. Ferrell , Damian S. Schaible , William L. Taylor , Darren S. Klein , P. Alexandre de Richemont
Location:
USA
Firm:
Davis Polk & Wardwell LLP