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    Dodd-Frank Wall Street Reform and Consumer Protection Act: FDIC proposes additional rules implementing aspects of orderly liquidation authority
    2011-03-29

    In its continued effort to implement its authority to resolve “covered financial companies” under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), on March 15, 2011, the Board of Directors of the Federal Depository Insurance Corporation (the “FDIC”) approved the Notice of Proposed Rulemaking Implementing Certain Orderly Liquidation Authority Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Proposed Rules”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, White & Case, Consumer protection, Unsecured debt, Fraud, Board of directors, Liquidation, Bank holding company, Systemic risk, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), GAAP, International Financial Reporting Standards, US Secretary of the Treasury
    Authors:
    Linda M. Leali , Gerard Uzzi , Duane D. Wall
    Location:
    USA
    Firm:
    White & Case
    US FDIC and Federal Reserve propose rule on resolution plans and credit exposure reports
    2011-05-02

    The US Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) have jointly approved a proposed rule requiring certain companies to periodically submit Resolution Plans (also referred to as “living wills”) and Credit Exposure Reports (the “Proposed Rule”) to the FRB and FDIC.1

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Mayer Brown, Confidentiality, Consumer protection, Market liquidity, Federal Reserve Board, Bank holding company, Leverage (finance), European Commission, Financial Stability Board, Federal Deposit Insurance Corporation (USA), Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Authors:
    Thomas J. Delaney , Scott A. Anenberg , David R. Sahr , Jeffrey P. Taft , Alicia K. Kinsey
    Location:
    USA
    Firm:
    Mayer Brown
    What’s the plan?
    2011-06-02

    A recently proposed rule by the Federal Reserve Board and the Federal Deposit Insurance Corporation would systemically impose significant bank holding companies and nonbank financial companies to submit annual resolution plans and quarterly credit exposure reports.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Morrison & Foerster LLP, Bankruptcy, Credit (finance), Board of directors, Federal Reserve Board, Bank holding company, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Morrison & Foerster LLP
    The ongoing saga of tax refund ownership for bank holding companies
    2015-02-04

    The Third Circuit Rules in Favor of the Bankruptcy Estate Creating a Further Circuit Split

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, ArentFox Schiff, Bank holding company, Federal Deposit Insurance Corporation (USA), United States bankruptcy court, Third Circuit
    Authors:
    Andrew I. Silfen , Jeffrey N. Rothleder
    Location:
    USA
    Firm:
    ArentFox Schiff
    House passes Financial Institution Bankruptcy Act of 2014 and takes significant step towards establishing a separate bankruptcy process for bank holding companies and large financial institutions
    2014-12-02

    While some of us may have had turkey on the mind over the last few days following the Thanksgiving holiday, members of the U.S. House of Representatives clearly had more important things than turkey to ponder. Just yesterday, December 1, 2014, the House passed H.R. 5421, the Financial Institution Bankruptcy Act of 2014.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bank holding company, US House of Representatives, US House Committee on the Judiciary, Title 11 of the US Code
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    IndyMac trustee and FDIC reach settlement in tax refund contest
    2014-11-24

    In a move signaling the end of 6 years of litigation, the bankruptcy trustee for the holding company of failed mortgage lender IndyMac Bancorp, Inc. (“Bancorp”) negotiated a settlement agreement with the FDIC regarding the ownership of nearly $60 million of tax refunds.  If approved by the bankruptcy court, the settlement would resolve one of the most highly publicized tax refund disputes involving the FDIC, a number of which arose in the wake of 2008’s financial crisis.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Squire Patton Boggs, Mortgage loan, Holding company, Bank holding company, Federal Deposit Insurance Corporation (USA), Office of Thrift Supervision, United States bankruptcy court
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    “Ticking TRUPS” threaten bank holding companies
    2014-11-19

    Trust preferred securities (TRUPs), the highbred security that counted as Tier 1 regulatory capital but generated tax deductible interest payments, were a favored source of capital for community banks. When the financial crisis hit, many bank holding companies (BHCs) with troubled bank subsidiaries exercised the right to defer interest payments on their outstanding TRUPs for up to five years. Interest continued to accrue during the deferral period, but the deferral was not a default and there was nothing that the TRUPs holder could do but wait.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Stinson LLP, Shareholder, Interest, Tax deduction, Bank holding company, Capital requirement, Preferred stock, Accrued interest
    Authors:
    Mike W. Lochmann
    Location:
    USA
    Firm:
    Stinson LLP
    The FMB Bancshares decision: clarifying or not clarifying TruPS holders’ exercise of remedial rights
    2014-10-07

    Case Summary

    This case presents a common scenario and dynamic that a party involved with a distressed bank holding company may have seen in the last several years.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, ArentFox Schiff, Bank holding company
    Authors:
    Andrew I. Silfen , Jeffrey N. Rothleder , Leah M. Eisenberg , Ronni N. Arnold , Beth Brownstein
    Location:
    USA
    Firm:
    ArentFox Schiff
    Bank for sale – involuntary petition against bank holding company sustained
    2014-09-19

    During the 2008 financial crisis and its aftermath, it became commonplace for a distressed bank to be taken over(night) by the Federal Deposit Insurance Corporation (FDIC) and then sold, that same day, to another bank (or bank holding company) that agreed to take on the depository liability associated with the failed bank in exchange for its assets (and customer base). Some banks, however, survived the tidal wave of takeovers.

    Filed under:
    USA, Georgia, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Bank holding company, Federal Deposit Insurance Corporation (USA)
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    How to overcome your fear of “commitment” if you are a bank holding company
    2014-07-10

    When a bank holding company files a chapter 11 case, a key factor to the success of the case will be whether the debtor previously made any commitment to a federal depository institution regulatory agency, such as the FDIC, to maintain the capital of the debtor’s bank subsidiary.  This is because section 365(o) of the Bankruptcy Code provides that the debtor is deemed to have assumed such obligations, and any claim for subsequent breach of these obligations is entitled to priority under section 507(a)(9) of the Bankruptcy Code.  The FDIC often demands

    Filed under:
    USA, Banking, Insolvency & Restructuring, Weil Gotshal & Manges LLP, Debtor, Depository institution, Bank holding company
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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