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Northern Trust raises capital to fund repayment of TARP funding

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 29 2009

Yesterday, Northern Trust Corporation announced the pricing of an underwritten public offering of $750 million of common stock and a simultaneous public offering of $500 million of notes

Treasury releases completed transactions report showing more CPP transactions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 11 2009

Yesterday, Treasury released a completed transactions report showing its most recent round of completed funding under the Troubled Asset Relief Program

Congressional Oversight Panel issues report on foreclosure mitigation

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 6 2009

This morning, the Congressional Oversight Panel (COP), established by Section 125 of the Emergency Economic Stabilization Act of 2008, issued a report entitled "The Foreclosure Crisis: Working Towards a Solution."

SEC to hold roundtable regarding credit rating agencies

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 7 2009

Yesterday, the SEC announced that it would hold a roundtable discussion on April 15, 2009, relating to "its oversight of credit rating agencies."

New York Fed chief calls for regulatory reforms

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 7 2009

At a speech on Friday at a conference hosted by the Council on Foreign Relations, Federal Reserve Bank of New York President William C. Dudley reviewed the roots of the current financial and economic crisis and prescriptions for recovery

Treasury releases latest transactions report

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 17 2009

Yesterday, Treasury released another transactions report, listing a total of $1,455,160,000 of Capital Purchase Program investments in 19 financial institutions in 17 states and the District of Columbia, ranging in size from $425,000 invested in Haviland Bancshares in Kansas to $1,224,558,000 invested in Discover Financial Services

Treasury announces auto supplier support program

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 20 2009

Yesterday, the Treasury Department announced an auto supplier support program that is intended "to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy" by addressing concerns that "banks are unwilling to extend credit" against auto supplier receivables due from auto manufacturers "due to the uncertainty about the ability of the auto companies to honor their obligations."

FDIC announces closing of sale of IndyMac

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 20 2009

On Thursday, the FDIC announced the completion of its previously announced sale of IndyMac Federal Bank FSB to OneWest Bank, FSB, a newly formed federal savings association organized by IMB HoldCo LLC

House passes "Pay for Performance Act"

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 2 2009

Last night, by a 247-171 vote, with 237 Democrats and 10 Republicans voting in favor, the House of Representatives passed H.R. 1664, the "Pay for Performance Act of 2009."

FDIC Chairman calls for additional resolution authority

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 27 2009

Earlier today, in a speech at the Economic Club of New York, FDIC Chairman Sheila Bair urged the reation of a "new resolution regime" for large, systemically important financial institutions, which will do "a better job of imposing loss on investors and creditors, instead of leaving it in the hands of government and the laps of the taxpayer."