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New York governor formally announces plan to merge insurance department with banking department

Edwards Wildman Palmer LLP
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USA
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January 6 2011

As expected, New York Governor Andrew Cuomo announced during his State of the State address plans to merge the Insurance Department with the Banking Department and Consumer Protection Board in order to create a new Department of Financial Regulation

Breaking news: New York governor to propose merger of banking and insurance departments

Edwards Wildman Palmer LLP
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USA
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January 4 2011

According to reports, it is anticipated that incoming New York Governor Andrew Cuomo will announce during his State of the State Address tomorrow, January 5, 2011, plans to merge the Insurance Department and Banking Department into a single agency in an effort to reduce costs and improve efficiency

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered

Edwards Wildman Palmer LLP
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USA
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November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010

BankAtlantic loses class action trial

Edwards Wildman Palmer LLP
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USA
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November 18 2010

In a verdict handed down on Thursday (111810), a South Florida federal jury found that BankAtlantic violated federal securities laws by making several false statements to investors during the class period

Treasury Department proposes a plan that would require US banks to report all overseas money transfers

Edwards Wildman Palmer LLP
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USA
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September 29 2010

On September 29, the Washington Post and New York Times reported that the United States Treasury Department's Financial Crimes Enforcement Network ("FinCEN") issued a proposal this week that would require US banks to report all electronic money transfers into and out of the United States

Massachusetts Appeals Court affirms dismissal of action against business owner policy by mortgagee

Edwards Wildman Palmer LLP
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USA
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September 8 2010

The Massachusetts Appeals Court recently affirmed the Superior Court's granting of an insurer's motion to dismiss after finding that the standard mortgage clause in a business owner's policy did not confer coverage on a mortgagee for loss of rent where the mortgagor had executed an assignment of rent in the event of default

Second Circuit finds that class arbitration waiver clause is unconscionable, refuses to compel arbitration

Edwards Wildman Palmer LLP
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USA
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September 1 2010

In Fensterstock v. Education Finance Partners and Affiliated Computer Services, Inc., plaintiff Fensterstock commenced a class action lawsuit in the Southern District of New York against Education Finance Partners and Affiliated Computer Services for engaging in fraudulent and deceptive practices in connection with the issuance of student loans

NAIC releases RFP to produce designations for commercial mortgage-backed securities

Edwards Wildman Palmer LLP
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USA
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August 2 2010

The NAIC is seeking proposals for a vendor to model expected losses on approximately 7,500 commercial mortgage-backed securities (CMBS) as of December 31, 2010, according to a news release issued by the NAIC July 28, 2010

Financial reform conferees complete work on overhaul legislation

Edwards Wildman Palmer LLP
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USA
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June 25 2010

In the early morning hours of June 25, House and Senate conferees completed action on financial regulatory reform legislation (H.R. 4173) by approving a final conference report by a vote of 20-11 among House conferees and a vote of 7-5 among Senate conferees

State insurance commissioners make their case for inclusion in the Financial Stability Oversight Council

Edwards Wildman Palmer LLP
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USA
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June 18 2010

In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC"

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