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Republicans circulate substitute summary of Financial Regulatory Reform Bill; cloture motion on Senate bill fails for third time

  • Alston & Bird LLP
  • -
  • USA
  • -
  • April 28 2010

Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously passed by the Senate Banking Committee along party lines, and which has failed to reach the Senate floor for debate following three failed cloture motions by Senate Majority Leader Harry Reid (D-NV), including today's 56-42 rejection of the motion

The National Bank and Trust Company assumes all of the deposits of American National Bank

  • Alston & Bird LLP
  • -
  • USA
  • -
  • March 20 2010

On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver

FDIC sells $1.02 billion in distressed loans to fund managed by Colony Capital Acquisitions

  • Alston & Bird LLP
  • -
  • USA
  • -
  • January 8 2010

Today, the FDIC announced that Colony Capital Acquisitions, LLC paid a total of approximately $90.5 million (net of working capital) in cash for a 40 equity stake in a limited liability company (LLC) created by the FDIC to hold a portfolio of approximately 1,200 distressed commercial real estate loans with an aggregate unpaid principal balance of $1.02 billion arising out of 22 failed bank receiverships

FDIC announces next steps in development of Legacy Loan Program through the offer of portfolio of residential mortgage loans receivership assets

  • Alston & Bird LLP
  • -
  • USA
  • -
  • July 31 2009

Today, the FDIC announced the next steps in further developing the government's Legacy Loan Program (LLP), by testing the LLP program's funding mechanism through the sale of a portfolio of residential mortgage loan receivership assets to a limited liability company (LLC) in exchange for an ownership interest in the LLC