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Financial services update August 18 2014 industry news

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • August 18 2014

On August 15th, Reuters discussed how banking regulators are enlisting banks in the fight against money laundering. Enlistment. Living Wills and

Securitization trust prohibited from enforcing mortgage note

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 6 2010

On November 17th, a federal bankruptcy court denied a proof of claim against a bankrupt homeowner brought by the trustee for the securitization pool that owned the mortgage note

Class certification denied in securitization case

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 24 2011

On January 18th, the U.S. District Court for the Southern District of New York denied class certification in a mortgage-backed securities offering fraud case

FINRA proposes inclusion of ABS in TRACE

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 5 2009

On October 1st, the Financial Industry Regulatory Authority proposed the expansion of its Trade Reporting and Compliance Engine to include all asset-backed securities, including mortgage-backed securities and collateralized debt obligations

District court proceedings stayed while SEC appeals judge's refusal to approve proposed Citigroup settlement

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 3 2012

On December 27th, the Second Circuit granted the SEC's emergency motion to stay the district court proceedings in its case against Citigroup concerning a collateralized debt obligation

Securitization note holders prevail in interpleader action

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • June 7 2010

On June 1st, the Second Circuit discussed the respective rights of the note holders in a failed credit card securitization, and the FDIC as receiver of the failed issuing bank

TALF and non-mortgage ABS: formal risk assessment and expansion of credit rating agency eligibility

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 9 2009

On October 5, 2009, the Federal Reserve Board (the "Board") announced changes to the Term Asset-Backed Securities Loan Facility ("TALF"), which is maintained by the Federal Reserve Bank of New York ("FRBNY") as authorized on November 24, 2008, and is intended to aid market participants in meeting the credit needs of investors in highly rated asset-backed securities ("ABS"

FDIC proposes safe harbor protections for securitizations

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • January 11 2010

On January 7th, the FDIC issued an Advance Notice of Proposed Rulemaking regarding safe harbor protection for treatment by the FDIC as conservator or receiver of financial assets transferred by an insured depository institution in connection with a securitization or participation

FINRA proposes amendments relating to post-trade transparency for Agency Pass-Through Mortgage-Backed Securities traded TBA

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 12 2011

On December 2nd, the SEC provided notice of the Financial Industry Regulatory Authority's proposed amendments to the Rule 6700 Series (the Trade Reporting and Compliance Engine ("TRACE") rules), which are designed to provide greater transparency for transactions in Agency Pass-Through Mortgage-Backed Securities traded on a "to be announced" basis ("TBA transactions"

Federal Reserve Board issues final rule on TALF credit rater eligibility

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • December 14 2009

On December 4th, the Federal Reserve Board announced the adoption of a final rule that would establish a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility