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FDIC issues proposal regarding enforceability of contracts for systemically important financial institutions

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • March 23 2012

On March 20, the Federal Deposit Insurance Corporation (FDIC) proposed a rule (Proposed Rule), with request for comments, that implements section 210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or the Act) , which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a covered financial company), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate, or provide for other remedies based on the insolvency, financial condition or receivership of the covered financial company

Obama appoints Cordray as CFPB head

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • January 6 2012

On January 4, President Obama appointed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau (the CFPB

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