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Treasury and other financial regulators issue financial sector self-assessment reviews to IMF

Alston & Bird LLP
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USA
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August 31 2009

Today, the U.S. Treasury and various other U.S. financial system supervisors and regulators, including the Federal Reserve, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Commodity Futures Trading Commission, and National Association of Insurance Commissioners, submitted financial sector self-assessment reviews for banking, securities, insurance, and payment systems to the International Monetary Fund (IMF

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

Alston & Bird LLP
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USA
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May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles

Congressional Oversight Panel releases report on use of TARP funds to reorganize U.S. auto industry

Alston & Bird LLP
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USA
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September 11 2009

After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, "The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry," examining how TARP funds have been used to support and reorganize both General Motors and Chrysler through the bankruptcy process

Treasury Department releases fact sheet and letter in support of additional IMF funding

Alston & Bird LLP
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USA
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May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries

House Financial Services Committee holds mark-up on Consumer Financial Protection Agency Act

Alston & Bird LLP
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USA
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October 16 2009

Following the passage of the OTC Derivatives Markets Act of 2009, the House Financial Services Committee began the mark-up of the Consumer Financial Protection Agency Act of 2009, H.R. 3126, which was circulated by Chairman Frank late last month

Senate Banking Committee holds hearing on government actions related to AIG

Alston & Bird LLP
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USA
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March 6 2009

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), held a hearing entitled “American International Group (AIG): Examining What Went Wrong, Government Intervention, and Implications for Future Regulation.”

Federal Reserve Bank of New York acknowledges publication of CDS central counterparty legal analysis by industry participants

Alston & Bird LLP
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USA
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July 14 2009

On July 13, the Federal Reserve Bank of New York (FRBNY) issued a press release to acknowledge the publication by a group of 8 dealers and 8 buy-side market participants of a "cross-jurisdictional analysis of legal and regulatory issues facing credit default swap central counterparties (CDS CCPs) with respect to customer access to central clearing platforms."

Senate Appropriations Subcommittee holds hearing on role of FHA in addressing housing crisis

Alston & Bird LLP
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USA
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April 6 2009

Late last week, the Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development, and Related Agencies held a hearing today to address the role of the Federal Housing Administration (FHA) in addressing the housing crisis

New York Fed issues statement regarding counterparties for reverse repo agreements

Alston & Bird LLP
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USA
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March 8 2010

Today, the Federal Reserve Bank of New York (FRBNY) announced the commencement of a program to expand its counterparties for conducting reverse repurchase agreement transactions, pursuant to the FRBNY statement issued last October

House Judiciary Subcommittee holds hearing on voluntary mortgage modifications

Alston & Bird LLP
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USA
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December 11 2009

Today, the Subcommittee on Commercial and Administrative Law of the House Judiciary Committee held a hearing entitled "Home Foreclosures: Will Voluntary Mortgage Modifications Help Families Save Their Homes? Part II," in which various witnesses discussed the effectiveness of the government's efforts to prevent additional mortgage foreclosures and encourage modifications of existing loans