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Banking Law Prof Blog 

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Post Frequency: 4.3/day Last Entry: March 31, 2011 at 14:13:05 Recent Entries: 528
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OCC as the Consumer Protection Agency -- You've Got to Be Kidding
Posted on March 08, 2010One Senate Proposal is to scrap the independent Consumer Financial Protection Agency and house the consumer protection function in the Office of the Comptroller of the Currency, the cheerleader (captive regulator) for national banks. University of Connecticut Law Professor Patricia...
Herbert M. Allison, Jr., Assistant
Posted on March 05, 2010Herbert M. Allison, Jr., Assistant Secretary for Financial Stability and Counselor to the Secretary of the Treasury, defended the government bailout of Citigroup and the implicit government guarantee that this large financial group would not be allowed to fail...
AIG Mortgage Subsidiaries Settle Claims They Discriminated Against African American Borrowers
Posted on March 04, 2010The Justice Department announced a $6.1 Million settlement today with two mortgage lending subidiaries of AIG. Wilmington Finance and AIG Federal Savings Bank allegedly discriminated against approximately 2,500 African American borrowers. We need a Consumer Financial Protection Agency to deal...
"Honest Services" - Supreme Court Oral Argument in the Jeff Skilling (Enron CEO) Case
Posted on March 02, 2010The U.S. Supreme Court heard oral argument in the third "honest services" case to come before the Court this term. Questions raised by this case include: 1. Whether the judge in former Enron CEO Jeff Skillings criminal trial moved too...
PSLRA and the Financial Collapse
Posted on March 01, 2010Corporate governance classes spend significant time reviewing the Private Securities Litigation Act of 1995 (PSLRA) and the Securities Litigation Uniform Standards Act of 1998 (SLUSA) when we discuss the public perception of greedy plaintiff's lawyers and frivolous securities law class...
Berkshire Hathaway Annual Report
Posted on February 28, 2010Warren Buffett is one of my heroes, not just for his investing expertise but mainly for his clear and unassuming explanations of his investing theories. I look forward to his Annual Letter to Berkshire Hathaway Shareholders, included in the Annual...
The Complete Idiot's Guide to the Federal Reserve
Posted on February 22, 2010Seriously, there is such a book. Link: http://www.amazon.com/Complete-Idiots-Guide-Federal-Reserve/dp/0028643232
Executive Compensation, Golden Parachutes, and Government Ownership of Key Companies
Posted on February 20, 2010Excessive? You be the judge. The U.S. Treasury's Pay Czar says it's okay for GM CEO Ed Whitacre to receive a $1.7M annual salary plus $5.3 million in salary stock to be paid over three years beginning in 2012 and...
WWRBDD: What Would the Reasonable Bank Director Do?
Posted on February 18, 2010The Federal Reserve has a great new website with resources for bank directors. It's called Bank Directors' Desktop and has a training resource for bank directors, a handbook on "Basics for Bank Directors" and resources for bank directors. This will...
Fortunately or Unfortunately? Wall Street Hiring Returns
Posted on February 16, 2010CNN Money reports that Wall Street firms are stepping up their recruitment and hiring. According to the report, more than 30,000 Wall Street jobs were lost over the past two and one-half years, but now firms like Bank of America...
New Support for an Independent Consumer Financial Protection Agency: Business Owners
Posted on February 15, 2010Small business owners are mobilizing to convince the Senate that a new independent Consumer Financial Protection agency is needed. Here's what the Feb. 9, 2010, news report says: "As financial industry lobbyists try to kill the Consumer Financial Protection Agency...
Corporate Governance, The Supreme Court, and Honest Services
Posted on February 13, 2010By the end of this term, the Supreme Court will deliver opinions in three cases that will shape our understanding of criminal liability for violations of the federal "honest services" statute, 18 U.S.C. Section 1346. The cases are Weyhrauch v....
Where Is She Now? Carly Fiorina and the Demon Sheep
Posted on February 05, 2010For those of you wondering what Carly Fiorina, former CEO of Hewlett Packard is doing now: She's campaigning in the Republican primary for a U.S. Senate seat from California. The disastrous H-P/ Compaq merger during her term as CEO, her...
Barnes & Noble, Takeover Defenses and Poison Pills
Posted on February 04, 2010My Corporate Governance class is discussing responsibilities of corporate Boards of Directors. I'm pleased to pass along this discussion of controversy surrounding the Barnes & Noble shareholder rights plan (poison pill) adopted Nov. 17, 2009 -- brought to my attention...
"Mistakes Were Made (But Not By Me)" - New Slogan for Financial Regulators
Posted on February 02, 2010Here's the answer to how the OCC, OTS, Federal Reserve, the Treasury Department and even FDIC could have been so wrong about the subprime mortgage "situation" and the resulting bailouts -- and now rationalize! This is a general info book,...
Nationwide Mortgage Licensing System and Registry - Consumer Access
Posted on February 01, 2010CSBS reports that, as of January 25, the Nationwide Mortgage Licensing System and Registry started providing consumers with access to information about state-chartered mortgage companies and individuals. Web access will allow consumers to find out who's licensed and who's not...
Fed's Beige Book Reports Weak Economic Recovery
Posted on February 01, 2010Eight times a year, the Federal Reserve Board publishes a "Summary of Commentary on Current Economic Conditions," commonly known as "The Beige Book." The most recent publication appeared January 13, 2010. Analysis of the economy by sector shows only a...
New SEC-Required Disclosures About Climate Change
Posted on January 28, 2010The SEC voted yesterday to make it clear that, in public filings, companies must disclose the risks associated with climate change. Companies must provide information about how potential new regulations and legislation, both domestically and internationally, could impact business and...
Bernanke Confirmed for Second Term
Posted on January 28, 2010Today, in the closest confirmation vote ever for a Federal Reserve Board Chairman, the Senate confirmed Ben Bernanke for a second term. The vote was 70-30. (ag) Jan. 28, 2009, in Economy
Bernanke, Geithner, and Goldman on the Ropes
Posted on January 27, 2010These are difficult days for Federal Reserve Board Chairman Ben Bernanke, who is facing strong opposition as he seeks confirmation by the Senate of his proposed nomination to a second term as Fed Chairman. Treasury Secretary Timothy Geithner is facing...
The Supreme Court, Campaign Finance, and Financial Regulatory Reform
Posted on January 26, 2010The U.S. Supreme Court's 5-4 decision in Citizens United v. Federal Election Commission eliminates federal campaign finance restrictions (and as a consequence, overturns state restrictions) that have prohibited corporations and unions from paying for ads that support or oppose a...
If the Fed Ends Programs Supporting Low Mortgage Interest Rates, What Will Happen to the Economy?
Posted on January 25, 2010Getting the government out of programs that provide artificially low mortgage interest rates is a good thing. How and when may be another problem. The Federal Reserve plans to end its purchase of mortgage-backed securities by March 2010. Keeping promises...
Bloomberg Global Poll of Investors Expresses Concern About Too Much Congressional Control Over Federal Reserve
Posted on January 20, 2010In a quarterly poll, global investors expressed concern that too much Congressional control over the U.S. Federal Reserve would politicize monetary policy and have a negative effect on the U.S. economy. More than half of the respondents thought that the...
Protecting Tenants at Foreclosure Act
Posted on January 20, 2010The OCC has issued new examination procedures for the Protecting Tenants at Foreclosure Act of 2009. Link to Examination Procedures: http://www.occ.gov/ftp/bulletin/2010-2.html (ag) Jan. 20, 2010, in Consumer Protection/Real Estate Lending/OCC
AIG to Pay $619 Million in Retention Pay and Congress Doesn't Like It
Posted on January 19, 2010The House Committee on Oversight and Government Reform expects to convene hearings in March to review AIG's proposed payout of $619 Million in executive compensation for those who remain with the company while it is being liquidated. That's a lot...
Financial Crisis Responsibility Fee
Posted on January 15, 2010Beginning June 30, 2010, and continuing for at least 10 years, the largest and most highly leveraged financial firms will be assessed fees designed to repay up to $117 Billion in TARP costs. The fee will apply only to financial...
More Credit Card Protections Will Be Effective February 22, 2010
Posted on January 14, 2010On Jan. 12, 2010, the Federal Reserve Board adopted a Final Rule effective February 22, 2010, which includes the following consumer protections for credit card holders. The new rules will: ?Protect consumers from unexpected increases in credit card interest rates...
FDIC Poses Questions About Executive Compensation and Risk
Posted on January 14, 2010On Jan. 12, 2010, FDIC's Board of Directors voted to publish an Advance Notice of Proposed Rulemaking about incorporating executive compensation structures into the deposit insurance risk assessments paid by insured financial institutions. FDIC Chairman Sheila Bair said that the...
Shareholders at Deere Want Say-On-Pay for Executive Compensation
Posted on January 13, 2010Deere & Co. shareholders will get an advisory vote on two proposals to be considered at the February 24, 2010 annual meeting. One proposal asks for a cap on CEO compensation; the other asks for an annual advisory vote on...
The Bank of America/Merrill Lynch Saga Continues
Posted on January 13, 2010The SEC has filed another suit against Bank of America, based on B of A's failure to disclose to its own shareholders the extent of Merrill losses B of A picked up in the government assisted acquisition which closed January...
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Some elses debt is being reported by a bank to the crecit agencies. They know and have ackowledged it is not mine, yet it is still being listed as mine. it was my son's and no I didn't co-sign. It is adversly
It is easy for the bank and the credit reporting agencies to clear this confusio...
what are the proper and legal steps to dissolve a partnership in an ongoing farm business?
I would say that the final tax forms are dispersed for that year with the indica...
How to remedy false information on credit reports?
Was the boat repossessed? if so it is not an incorrect report. If the loan was p...
If a person defames me and threatens me to pay a bill that they made and it is posted to others besides myself, can I sue ?
The documentation of your actions in this case pretty much preclude any legal ac...
Is it libel to write blog posts and/or online reviews about a local business that defames one's reputation?
Libel is the form of defamation expressed in fixed-- usually written form. Sland...

Some elses debt is being reported by a bank to the crecit agencies. They know and have ackowledged it is not mine, yet it is still being listed as mine. it was my son's and no I didn't co-sign. It is adversly
It is easy for the bank and the credit reporting agencies to clear this confusio...
what are the proper and legal steps to dissolve a partnership in an ongoing farm business?
I would say that the final tax forms are dispersed for that year with the indica...
How to remedy false information on credit reports?
Was the boat repossessed? if so it is not an incorrect report. If the loan was p...
If a person defames me and threatens me to pay a bill that they made and it is posted to others besides myself, can I sue ?
The documentation of your actions in this case pretty much preclude any legal ac...
Is it libel to write blog posts and/or online reviews about a local business that defames one's reputation?
Libel is the form of defamation expressed in fixed-- usually written form. Sland...








