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Transaction Account Guarantee program is extended by FDIC

Katten Muchin Rosenman LLP
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USA
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April 16 2010

On April 13, the Federal Deposit Insurance Corporation (FDIC) published an interim final rule extending the Transaction Account Guarantee (TAG) program through December 31, 2010, with the possibility of extending the program for an additional 12 months without further rulemaking if the FDIC determines that continuing economic difficulties warrant such an extension

FDIC sells equity interest in loans

Katten Muchin Rosenman LLP
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USA
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April 9 2010

On April 1, the Federal Deposit Insurance Corporation (FDIC) closed the sale of an equity interest in a limited liability company (LLC) created to hold certain assets transferred from 19 failed bank receiverships

Senator Dodd releases financial regulatory reform bill

Katten Muchin Rosenman LLP
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USA
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March 19 2010

The following summarizes sections of the Restoring American Financial Stability Act of 2010, a bill introduced by Senate Banking Committee Chairman Christopher Dodd (D-Conn

Federal banking agencies issue final policy statement on funding and liquidity risk management

Katten Muchin Rosenman LLP
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USA
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March 19 2010

The federal banking agencies, in conjunction with the Conference of State Bank Supervisors, released a policy statement on March 17 explaining their expectations for sound funding and liquidity risk management practices

Federal agencies issue guidance regarding the Bank Secrecy Act and beneficial ownership

Katten Muchin Rosenman LLP
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USA
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March 5 2010

On March 5, the Financial Crimes Enforcement Network, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Securities and Exchange Commission released guidance to clarify and consolidate existing regulatory expectations for obtaining beneficial ownership information for certain accounts and customer relationships (the Guidance

Fed explains new overdraft rules for debit and ATM cards

Katten Muchin Rosenman LLP
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USA
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February 26 2010

A new online Federal Reserve Board publication will help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn

Banking agencies release statement on meeting credit needs of small business owners

Katten Muchin Rosenman LLP
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USA
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February 19 2010

On February 5, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Deposit Insurance Fund and the Conference of State Bank Supervisors (Banking Agencies) issued a joint statement regarding prudent lending to creditworthy small business owners (Statement

Federal Reserve releases website describing consumer credit card protections

Katten Muchin Rosenman LLP
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USA
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February 19 2010

On February 19, the Board of Governors of the Federal Reserve System (Federal Reserve) announced that it had launched a new interactive website to help consumers better understand the new credit card protections that take effect February 22

FinCEN releases SAR activity review

Katten Muchin Rosenman LLP
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USA
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February 5 2010

On January 22, the Financial Crimes Enforcement Network (FinCEN), a department of the U.S. Treasury, issued its 13th edition of The SAR Activity Review By the Numbers

OCC approves first use of “shelf charter” to acquire a failed bank

Katten Muchin Rosenman LLP
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USA
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January 29 2010

On January 22, the Office of the Comptroller of the Currency (OCC) announced its first use of a "shelf charter" for the acquisition of a failed bank, allowing Bond Street Bank, National Association (Bond Street), to acquire a failed Florida state-chartered bank

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