The Federal Housing Finance Agency (FHFA) has proposed new rules to "codify the terms of conservatorship and receivership operations for Fannie Mae, Freddie Mac and the Federal Home Loan Banks," as required by the Housing and Economic Recovery Act of 2008.

On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver.

Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Peotone Bank and Trust Company, headquartered in Peotone, Illinois, and the FDIC was appointed receiver.

Today, the Florida Office of Financial Regulation, Division of Financial Institutions closed Old Southern Bank, headquartered in Orlando, Florida, and the FDIC was named receiver.

On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver.

On Friday, the Georgia Department of Banking and Finance closed RockBridge Commercial Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.

Yesterday, the Georgia Departments of Banking and Finance closed United Security Bank, headquartered in Sparta, Georgia, and the FDIC was named as receiver.

On Friday, the OTS closed Vantus Bank, headquartered in Sioux City, Iowa, and the FDIC was named as receiver.

Yesterday, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law concluded its series of hearings on the ramifications of auto industry bankruptcies. Testifying before the committee were:

Panel I:

In an order dated May 7, 2009, Judge Arthur Gonzales approved Chrysler’s proposed bidding procedures for the sale of substantially all of the Company’s assets to a newly formed entity that would continue business under Chrysler’s name.