On Friday, the New York State Banking Department closed USA Bank, headquartered in Port Chester, New York, and the FDIC was appointed receiver.
Yesterday, Dubai World, the struggling investment branch of the emirate of Dubai, announced that it had tentatively reached an agreement with a group of banks to restructure $23.5 billion in debt. The tentative agreement was reached with the Coordinating Committee, which represents approximately 60% of Dubai World's creditors. Dubai World needs the approval of all of its creditors to finalize the agreement.
Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously
On Friday, the Minnesota Department of Commerce closed 1st American State Bank of Minnesota, headquartered in Hancock, Minnesota, and the FDIC was named receiver.
Citing public opposition to the bill, on Tuesday the president of Iceland vetoed legislation that would provide a state guarantee for repayment of approximately $5 billion of loans provided by the U.K.
Yesterday, the Minnesota Department of Commerce closed Prosperan Bank, headquartered in Oakdale, Minnesota, and the FDIC was named as receiver.
Today, the Georgia Department of Banking and Finance closed the Georgian Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver.
Today, the FDIC announced the next steps in further developing the government's Legacy Loan Program (LLP), by testing the LLP program's funding mechanism through the sale of a portfolio of residential mortgage loan receivership assets to a limited liability company (LLC) in exchange for an ownership interest in the LLC.
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