Yesterday, the California Department of Financial Institutions closed United Commercial Bank, headquartered in San Francisco, California, and the FDIC was named as receiver.
This evening, the Missouri Division of Finance closed First Bank of Kansas City headquartered in Kansas City, Missouri, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Great American Bank, De Soto, Kansas, to assume all of the deposits of the failed bank.
Today, Treasury Secretary Geithner released a statement on the Presidential Task Force on the Auto Industry.
The Securities and Exchange Commission announced yesterday that it has filed civil fraud charges against several entities and individuals who operate the Reserve Primary Fund, including its founder Bruce Bent and his son Bruce Bent II, “for failing to provide key material facts to investors and trustees about the fund’s vulnerability after as
This week, the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services held a second round of hearings, as a follow-up to the hearings held
Recent case law reminds practitioners and lenders to pay careful attention when drafting prepayment premium provisions in debt instruments or risk having the premiums disallowed in a borrower’s bankruptcy case.
A recent New York court decision has cleared the way for lenders to seek recovery against non-recourse carve-out, or “bad boy,” guarantors during a pending mortgage foreclosure action if a borrower files for bankruptcy. In so doing, the court answered a question that, surprisingly, was thus far apparently unanswered in a reported decision in New York: whether New York’s “one action rule” under RPAPL § 1301 bars a lender from obtaining a money judgment against a “bad boy” guarantor for the debt if a mortgage borrower files for bankruptcy while a foreclosure action is underway.
The two most recent decisions of the Supreme Court involving federal taxes illustrate how a conservative approach to statutory interpretation tends to prevail, but only with great effort, and changing constituencies.
Hall v. United States
On Tuesday, the FDIC held the first in a series of proposed roundtable discussions on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which is intended to bring transparency to the rulemaking process. Government officials, industry executives, academics and investors were invited to participate in the discussion.