Banking

May 17, 2013
House Passes Bill To Ramp Up SEC Cost-Benefit Reviews

The U.S. House of Representatives on Friday passed legislation that would force the U.S. Securities and Exchange Commission to more closely analyze the costs and benefits of its regulations, following an acrimonious floor debate between Democrats and the law’s GOP sponsors.
May 16, 2013
CFTC Derivatives Rules Bow To Market Reality, Experts Say

Financial reform groups have blasted the U.S. Commodity Futures Trading Commission's newly approved package of rules governing swaps trading as a sop to Wall Street, but analysts say the agency had to ease some requirements in order to give the market time to adjust to the Dodd-Frank Act's transparency mandates.
May 16, 2013
SEC Chairman White Disses GOP Cost-Benefit Bill

U.S. Securities and Exchange Commission Chairman Mary Jo White told U.S. House of Representatives lawmakers Thursday she opposes a GOP-sponsored bill that would force the agency to more closely scrutinize the costs and benefits of its rules.
May 15, 2013
Obama's 1st Term Rulemaking Rate Soars By Bush's Mark

President Barack Obama has pushed through a significantly higher number of major rules over the last four years than former President George W. Bush did during his own first term, according to a report by the research arm of Congress.
May 15, 2013
SEC Taps Ropes & Gray Partner To Lead Corp. Finance Unit

The U.S. Securities and Exchange Commission announced two changes to its finance unit Wednesday, tapping Ropes & Gray LLP partner Keith F. Higgins as the new director of its Division of Corporation Finance and naming the division's Acting Director Lona Nallengara as SEC chief of staff.
May 15, 2013
US In Talks With Switzerland, Japan On Bank Wind-Down Plans

U.S. bank regulators have opened discussions with their Swiss and Japanese counterparts on coordinating plans for winding down large financial institutions as part of an effort to figure out how to safely take apart a failing global bank, a top official said Wednesday.
May 14, 2013
SEC Head Orders Review Of Cyberthreat Disclosure Guidance

U.S. Securities and Exchange Commission Chairman Mary Jo White has asked her staff to assess the effectiveness of staff-level guidance that pushes companies to disclose cyberthreats in their regulatory filings in order to determine if a more stern directive is needed, she said in a letter released Monday.
May 14, 2013
Banks Urge Compromise On Credit Loss Accounting Standard

A group of 15 of the largest U.S. banks on Friday urged accounting standards setters to bring their proposals for how financial institutions set back reserves to cover potentially risky loans into alignment.
May 14, 2013
Warren Presses For Costs, Benefits Of 'Too Big To Jail' Deals

Sen. Elizabeth Warren, D-Mass., on Tuesday continued her push to get financial regulators and law enforcement officials to bring big banks to trial by asking them to provide any research they have into the costs and benefits of much-criticized “no admit, no deny” settlements.
May 14, 2013
S&P Prez Tells SEC To Ditch Industry Reform Plan

Standard & Poor’s, the target of a U.S. Department of Justice fraud suit over its handling of mortgage-backed bonds before the financial crisis, opposes broad efforts to reform the credit rating industry, the firm’s president said Tuesday at a U.S. Securities and Exchange Commission roundtable.
May 13, 2013
Fed Wants 1st Bank-Run Stress Test Results By July

The Federal Reserve on Monday gave the 18 largest U.S. bank holding companies until July to hand over the results of their midyear, bank-administered stress tests in order to remain in compliance with the Dodd-Frank Act.
May 13, 2013
UK, US Officials Split On Libor Transition

The U.K. official charged with overhauling Libor reportedly said the existing process for setting the benchmark rate must be preserved even as the global financial system moves to a transaction-based system, putting him at odds with his U.S. counterpart.
May 9, 2013
Fla. Justices Expand Magistrate Judge Role In Foreclosures

The Florida Supreme Court on Thursday approved amendments to the state's rules of civil procedure that will expand the use of general magistrate judges to help process the mortgage foreclosure cases currently clogging the court system.
May 9, 2013
CFPB Seeks Time To Clarify Credit Insurance Rule

The Consumer Financial Protection Bureau on Wednesday proposed delaying the scheduled June 1 implementation of a provision that would bar lumping the cost of credit insurance into mortgages, as it works on a clarification of the provision's language.
May 9, 2013
Sens. Want New Sanctions On Iran Currency Transactions

A bipartisan group of senators introduced legislation Wednesday that would tighten economic sanctions on Iran by blocking the nuclear-aspirant country's access to foreign currency reserves.
May 8, 2013
FDIC Tightens Squeeze On Failed Bank Execs

The Federal Deposit Insurance Corp. is taking a more aggressive stance toward officers and directors of failed banks, experts say, filing more lawsuits against executives as recent litigation victories and political pressures increasingly spur the agency to hold individuals accountable for bank failures.
May 8, 2013
Sen. Paul Urges Repeal Of Anti-Tax Evasion Law

Sen. Rand Paul, R-Ky., introduced a bill Tuesday that would nix U.S. Treasury Department attempts to cull information on U.S. tax cheats utilizing foreign banks accounts, saying the current law violates citizens' constitutional rights to privacy.
May 8, 2013
NJ Cracks Down On Foreclosure Relief Scams

The New Jersey Department of Banking and Insurance is moving forward with new licensing, reporting and recordkeeping regulations for mortgage foreclosure consultants, as envisioned by a 2011 law intended to battle foreclosure rescue scams in the state.
May 8, 2013
Warren Wants Student Loan Interest Rate Tied To Fed Discount

Sen. Elizabeth Warren, D-Mass., introduced legislation Wednesday that would temporarily allow students to pay the same interest rate on federal student loans that banks do when they draw from the Federal Reserve's discount window.
May 7, 2013
FTC, CFPB Push Senate To Improve Credit-Reporting Accuracy

Federal Trade Commission and Consumer Financial Protection Bureau officials told U.S. senators Tuesday that consumers are struggling to correct errors in their credit reports, leading lawmakers to contemplate changing laws to require credit-reporting agencies to make their information more available.

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Expert Analysis

A Tale Of 2 Burdens Of Proof In Ch. 11

As a matter of strategy, it can be vital to understand the differing burdens of proof under various provisions of the Bankruptcy Code and when those burdens shift. For example, the Southern District of New York recently clarified the distinction between section 362(d) and 363(e) burdens of proof in In re AMR Corp., say attorneys with Duane Morris LLP.
Insights From An Under-The-Radar CDO Case

A case that seems to have gone relatively unnoticed is ASR Levensverzekering NV v. Swiss Re Financial Products Corporation. Dismissed by the New York Supreme Court, the case provides useful insights into the application of New York fraud and contract law in the context of complex financial transactions, say James Bliss and Kevin Broughel of Paul Hastings LLP.
E-Discovery In The Cloud: Who Can Get Your Data?

Many lawyers are asking whether placing electronically stored information in the cloud could inadvertently waive the attorney-client privilege and whether the government or a civil litigant could obtain ESI directly from a cloud service provider. In answering these questions, there are a number of aspects of the cloud worth considering, say Timothy Broas and Matthew Saxon of Winston & Strawn LLP.
Commercial Leasing Recovery Remains Uneven

In addressing trends in the current commercial leasing market, several patterns are apparent. For one, many property owners that have been able to survive foreclosure now face the specter of refinancing their property in the mixing bowl of loss of market value, lenders requiring a lower loan-to-value ratio, and reduced cash flow from the property, says Barry Katz of Arnstein & Lehr LLP.
5 Reasons For Optimism In The Venture Capital Community

Not every company can be the next Facebook. But thankfully, for many startups, generating one billion users is not the end goal, nor should it be. Enter “narrowcasting” — one of a few reasons to be optimistic about venture capital, despite the first quarter of 2013 being the slowest for fundraising since 2002, says David Kaufman of Thompson Coburn LLP.
Why The Libor Lawsuits Are Not Dead

In the wake of a recent court ruling in the Southern District of New York, many people have suggested that London Interbank Offered Rate litigations are now nearly over. Although the ruling represents a significant victory for the defendant banks, and a major challenge to the litigation strategy of many of the claimants, it is by no means the end of the Libor litigations, says Ilan Guedj of ARPC.
FINRA's Position On Pre-Inception Index Performance Data

FINRA has now formalized its position (albeit in a limited way) on pre-inception index performance data for exchange-traded products. Although the agency permits firms to distribute PIP data only to institutional investors, the recent guidance nonetheless provides some much-needed regulatory clarity for market participants, say Richard Morris and John O’Brien of Morgan Lewis & Bockius LLP.
9th Circ. Favors Substance Over Form In Fitness Holdings

The Ninth Circuit ruling in In re Fitness Holdings International Inc. and similar decisions allowing recharacterization of debt as equity all send a single clear message: Although lawyers can structure a transaction to look like debt, bankruptcy courts have the authority to determine what the transaction really is and are not bound by what it is called, say Ira Herman and Evelyn Breithaupt of Thompson & Knight LLP.
Inside Mariana Islands V. Canadian Imperial Bank

The New York Court of Appeals decision in Commonwealth of the Northern Mariana Islands v. Canadian Imperial Bank of Commerce may have an immediate impact on other efforts to enforce judgments against international bank deposits by initiating proceedings against nonparty banks in New York, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
A Significant Impact On Private Investment Funds

U.S. Rep. Keith Ellison, D-Minn., recently reintroduced the Inclusive Prosperity Act of 2013, a financial transaction tax that, according to its supporters, would provide the federal government between $150 billion and $340 billion of revenue per year. The bill is, essentially, a sales tax on large Wall Street banks — however, its provisions seem to impact hedge funds and private equity funds, says David Sussman of Duane Morris LLP.

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