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Banking Law Prof Blog

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Last Entry: March 31, 2011 at 14:13:05

The Cambridge University Chest - Better Than Keeping Your Money Under the Mattress

Posted on July 07, 2009
Having begun my career as a banking lawyer with FDIC's Washington, D.C. office, I have a keen interest in how banks originated and in how they assured the safety of their funds long before deposit insurance. Another part of my...

Clark Abrahams and the Comprehensive Credit Assessment Framework (CCAF)

Posted on July 07, 2009
This week, I've been talking by e-mail with Clark Abrahams, long-time financial institutions compliance advisor and author of CREDIT RISK ASSESSMENT: THE NEW LENDING SYSTEM (2009). In his July 2, 2009, blog post, he discusses the proposed Consumer Financial Protection...

Resilience: Points to Ponder for Financial Regulatory Reform

Posted on July 07, 2009
In the July issue of the Texas Bar Journal, State Bar President Roland Johnson discusses Jamais Cascio's article, "Resilience: If the Financial Crisis Has Taught Us Anything, It Is That Brittle Systems Can Fail Catastrophically." My comments: Key points in...

Banks and the Right of Setoff - Lehman Brothers Bankruptcy Illustrates a Potential Pitfall

Posted on July 06, 2009
Established law says that even after a bankruptcy petition is filed, a bank may have the right to offset amounts in an account owned by the debtor against loans the same debtor owes to the bank -- WITH APPROVAL OF...

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Bank of America and Merrill Lynch - How Did a Private Deal Become a Public Bailout?

Posted on July 05, 2009
The U.S. House of Representatives Committee on Oversight and Governnment Reform is conducting a series of hearings to examine Bank of America's acquisition of Merrill Lynch, which started as an unasisted purchase, but subsequently required an extra $20 Billion in...

Ideas for Teaching Banking Law When Everything Is Changing

Posted on July 03, 2009
Here's a discussion Cassandra Havard, Banking Law Professor at the University of Baltimore School of Law, would like to initiate. She says: "I'm writing to several banking law colleagues to ask how you've changed your syllabus since the financial crisis...

Analyzing the Consumer Financial Protection Agency Act of 2009

Posted on July 02, 2009
On June 30, 2009, the administration delivered to Congress legislation which provides details behind the broad Financial Regulatory Reform White Paper. The draft ?Consumer Financial Protection Agency Act of 2009? raises many critical issues, including: ? Mission and Scope of...

What Exactly Is a Dual Banking System?

Posted on July 02, 2009
One reader of this blog asks, "What exactly is a dual banking system?" So here's the background: In the U.S. today, we have two types of bank charters: 1. Each State has the authority to charter and supervise banks within...

Arthur Wilmarth Interview on Cuomo Decision

Posted on June 30, 2009
National Public Radio talked with George Washington University Law Professor Arthur Wilmarth yesterday. He is a highly regarded proponent of the dual banking system and an opponent of aggressive federal preemption in the financial institutions arena, as well as a...

Analysis of the Cuomo Opinion

Posted on June 29, 2009
Today, the U.S. Supreme Court delivered its opinion in Cuomo v. Clearing House Association, upholding the power of States to enforce their own non-preempted consumer protection laws by bringing suit against national banks and their affiliates. This opinion was one...

Supreme Court Overturns OCC's Preemptive Regulation in Cuomo v. Clearing House Association

Posted on June 29, 2009
The U.S. Supreme Court released its opinion in Cuomo v. Clearing House Association this morning. The good news for States and for consumer protection is that the decision invalidates an Office of the Comptroller of the Currency ("OCC") regulation to....

Extending Full FDIC Coverage for Payroll Accounts

Posted on June 28, 2009
FDIC is proposing two alternatives for phasing out the Transaction Account Guarantee Program, originally set to expire December 31, 2009. Option One: The program, which provided full FDIC coverage of non-interest-bearing accounts such as payroll accounts (which often exceed insured...

Proposed Amendments to CRA Rules - The Comment Period is Open

Posted on June 28, 2009
The federal banking agencies (OCC, FRB, OTS, and FDIC) are proposing amendments to their Community Reinvestment Act regulations. The comment period will extend for 30 days after publication in the Federal Register. Changes incorporate a statutory requirement that the banking...

Madoff Sentencing Tomorrow

Posted on June 28, 2009
Bernie Madoff appears for sentencing on Monday and is expected to receive a life sentence. This guy goes down in the annals of white collar crime and SEC oversight failures as the mastermind of one of the most spectacular Ponzi...

State Officials Testify About Obama Plan and State Consumer Protection

Posted on June 27, 2009
The House Financial Services Committee held its first hearing on President Obama's Plan for the Restructuring of the American Financial Regulatory System. As expected, the proposed independent Consumer Protection Agency is garnering attention -- pro and con...

Bank Compliance Officer Gallows Humor

Posted on June 27, 2009
Check out the compliance officer's viewpoint on financial institution-related regulatory changes, courtesy of the West Texas Compliance Officers' Association: Link: Download Compliance Officer - Run Over by Regulations

The Supreme Court on Age Discrimination

Posted on June 26, 2009
The Supreme Court says that the plaintiff in an Age Discrimination in Employment Act (ADEA) "disparate treatment" lawsuit must prove, by a preponderance of the evidence, that age was the ?but-for? cause of the challenged adverse employment action. The burden...

Credit Cards: Getting Hurt When It's Not Your Fault

Posted on June 25, 2009
Credit card companies have a new business practice that damages credit ratings for customers who have done nothing wrong. Many cardholders with excellent credit ratings and no late payments are receiving notices that their credit limits are being reduced...

Federal Open Market Committee Statement Today

Posted on June 24, 2009
The Federal Open Market Committee (FOMC) of the Federal Reserve, the group responsible for setting target federal funds interest rates issued a statement today, announcing that the target interest rate would remain unchanged -- between 0 and 1/4 %. Rates...

Judge Sotomayor: Pro-Banking or Anti-Banking?

Posted on June 23, 2009
Confirmation hearings begin July 13, 2009, for President Obama's nominee to the U.S. Supreme Court, Second Circuit Court of Appeals Judge Sonia Sotomayor. Two significant cases give some insight: A. In re Visa Check/MasterMoney Antitrust Litigation, 280 F...

New Rules for Information Your Bank Furnishes to Credit Reporting Agencies

Posted on June 22, 2009
The Federal Banking Agencies (OCC, FDIC, OTS, FRB, NCUA) and the Federal Trade Commission will publish in the Federal Register Joint Final Rules concerning the accuracy and integrity of consumer financial information banks and other businesses furnish to credit reporting...

Federal Reserve Posts Annual Report for 2008

Posted on June 21, 2009
The Federal Reserve Board's 95th Annual Report (2008) is now available on the agency's website. This will be worth spending some time with to review the unprecented steps taken to address the economic crisis. Link: http://www.federalreserve.gov/boarddocs/rptcongress/annual08/default...

Banks Just Keep Failing

Posted on June 21, 2009
Friday, three banks failed: First National Bank of Anthony, Anthony, Kansas - Deposits: $142.5M Cooperative Bank, Wilmington, North Carolina - Deposits $774M Southern Community Bank, Fayetteville, Georgia - Deposits $307M Each of these was resolved by a Purchase and Assumption...

What's on FDIC's Agenda?

Posted on June 21, 2009
FDIC's Board of Directors meets on Tuesday next week and here are some items they will cover IInteragency Interim Rule on Capital Maintenance: Residential Mortgage Loans Modified Pursuant to the Making Home Affordable Program of the U.S. Department of Treasury...

"Financial Regulatory Reform" - A White House White Paper

Posted on June 17, 2009
President Obama announced his administration's plan to overhaul U.S. financial regulation today at 1 p.m. EDT. Here's a link to his statement: http://www.whitehouse.gov/the_press_office/Remarks-of-the-President-on-Regulatory-Reform/ The White Paper "Financial Regulatory Reform - A New Foundation: Rebuilding Financial Supervision and Regulation" outlines the...

Gloom and Doom: Accurate Forecast or Attention Getter?

Posted on June 16, 2009
Analyst Robert Prechter did make good on his prediction of the 1987 stock market crash, but will his current gloomy forecasts come true? Only time will tell. Prechter opines that the U.S. will lose its AAA credit rating by the...

Obama's Plan for Regulatory Restructure . . . to be announced tomorrow; My words of caution today

Posted on June 16, 2009
Advance reports about the Obama Administration's plan for Regulatory Restructure have been appearing all week -- but tomorrow we get to hear the real deal. I'll post my analysis promptly. Of course, the plan as announced won't be the end...

FDIC's Supervisory Insights

Posted on June 16, 2009
FDIC's Summer 2009 "Supervisory Insights" Bulletin, released today, reviews a year of crisis and highlights areas of supervisory focus going forward. FDIC's Director of Supervision and Consumer Protection Sandra Thompson recognizes the impact of increasing mortgage foreclosures and emphasizes new...

AIG, Greenberg & Murky Financial Dealings in Litigation

Posted on June 15, 2009
Here's a lawsuit worth watching: Starr International Co. v. American International Group Inc., 05-cv-06283, U.S. District Court, Southern District of New York (Manhattan). AIG and Maurice Greenberg, the 84-year-old former head of AIG, are fighting over $4...

The World Economy According to the G-8

Posted on June 14, 2009
At the conclusion of their two-day meeting in Italy, the Finance Ministers of the Group of Eight Industrialized Nations ("G-8", which includes the U.S., Germany, France, Italy, Canada, U.K., Russia, and Japan) released a Statement, emphasizing the following points: Although...

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