Yesterday, the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico closed Westernbank Puerto Rico, headquartered in Mayaguez, Puerto Rico, and the FDIC was appointed receiver.
Treasury's most recent Transactions Report reveals a loss of $2,334,120,000 from two institutions in bankruptcy.
Yesterday the Joint Forum, a group established in 1996 by the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities, and insurance sectors, released “Review of the Differentiated Nature and Scope of Financial Regulation – Key Issues and Recommendations”, which addresses key issues and recommendations on the differenti
Yesterday, FDIC Chairman Sheila Bair, the keynote speaker at the Institute of International Bankers Cross-Border Insolvency Issues Conference in New York, stressed the need to end the “too big to fail” mentality by “eliminating the belief that the government will always support large, interconnected financial firms.” Chairman Bair noted that in order to do so, “we need an effective mechanism to close large, financial intermediaries when they get into trouble.”
Yesterday, the OCC closed Southern Colorado National Bank, headquartered in Pueblo, Colorado, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Legacy Bank, headquartered in Wiley, Colorado, to assume all of the deposits of Southern Colorado National Bank for a 1% premium.
Yesterday, as receiver of two failed Florida banks, First State Bank and Community National Bank of Sarasota County, the FDIC entered into a purchase and assumption agreement with Sterns Bank, N.A., St. Cloud, Minnesota, to assume all the deposits of the failed banks. These closings bring the total number of failed bank’s in the nation this year to 71 and 6 in Florida.
Reports on the White House administration and members of Congress have suggested that the Treasury Department is nearing a decision to provide assistance to at least two of the Big Three U.S. automakers.
Hogan Lovells Publications | 07 April 2020
Introduction of financial measures in support of businesses facing the Covid-19 crisis
Faced with the impact of the Covid-19 health crisis on the local and European economy, the President of the French Republic and the government announced several emergency measures in order to support businesses in difficulty.
PARLIB01/ZZZPARP/1030762.3 Hogan Lovells French Legal and Regulatory Update – May 2016 The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for May 2016. Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.