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Federal Reserve Board proposes credit card limitations

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

On September 29th, the Federal Reserve Board proposed rules that would amend that portion of Regulation Z (Truth in Lending) affecting credit cards

PPIP begins

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

On September 30th, the Treasury Department announced that two firms, Invesco Ltd. (Invesco Legacy Securities Master Fund, L.P.) and The TCW Group, Inc. (USTTCW Senior Mortgage Securities Fund, L.P.), have raised the initial capital for the purchase of illiquid assets in accordance with the Legacy Securities Public-Private Investment Fund

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

FDIC proposes the prepayment of assessments

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

On September 29th, the FDIC requested comment on a proposal that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012

Banking regulators propose Guidance on Correspondent Concentration Risks

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

On September 25th, the federal banking regulatory agencies requested comment on the proposed Interagency Guidance on Correspondent Concentration Risks

Federal Reserve Board announces changes to TALF

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 12 2009

On October 5th, the Federal Reserve Board announced two changes to the procedures for evaluating asset-backed securities pledged to the Term Asset-Backed Securities Loan Facility ("TALF"

House Financial Services Committee holds hearings on credit card legislation

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 12 2009

On October 8th, the House Financial Services Committee held hearings on H.R. 2382, the Credit Card Interchange Fees Act of 2009, which would limit the fees that banks charge merchants for processing credit card payments, and H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, which would move up the effective date for the recently passed Credit Card Accountability Responsibility and Disclosure Act of 2009

FDIC announces winning bidder of Corus Bank's assets

  • Winston & Strawn LLP
  • -
  • USA
  • -
  • October 12 2009

On October 6th, the FDIC announced that it has signed a bid confirmation letter to sell a 40 percent equity interest in a limited liability company created to hold assets of Corus Bank, NA to a consortium managed by Starwood Capital Group that also includes TPG Capital, Perry Capital and WLR LeFrak

FDIC is liable for breach of contract

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

On September 29th, the Federal Circuit held on behalf of a Winston & Strawn-represented party that the FDIC can be liable for breach of contract in a case stemming from the savings and loan crisis of the early 1980s

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"