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Financial services update, vol. 8, number 21

Winston & Strawn LLP
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USA
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June 3 2013

In a case that should alarm secured creditors who thought they could lawfully exercise their secured creditor rights to foreclose on collateral, the

Investors in failed mutual bank cannot convert investment into a deposit

Winston & Strawn LLP
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USA
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February 11 2013

On February 4th, the United States Court of Appeals for the Seventh Circuit affirmed the dismissal of claims brought by plaintiffs, who controlled a

Ambiguous OTS order did not require bank's parent to ensure bank met capital requirements

Winston & Strawn LLP
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USA
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September 17 2012

On September 14, the Sixth Circuit affirmed the trial court's finding that a failed bank's parent did not make a capital maintenance commitment to the bank

FDIC and Treasury issue orderly liquidation rule

Winston & Strawn LLP
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USA
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June 25 2012

On June 22nd, the Federal Deposit Insurance Corporation ("FDIC") and the Treasury Department issued a final rule on the calculation of the maximum obligation limitation ("MOL"), as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"

Acting FDIC chairman outlines SIFI resolution

Winston & Strawn LLP
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USA
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May 14 2012

On May 10th, FDIC Acting Chairman Martin J. Gruenberg discussed the FDIC's authority to resolve failing systemically important financial institutions

FDIC issues new rule on mutual insurance holding companies

Winston & Strawn LLP
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USA
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May 7 2012

On April 30th, the FDIC issued a final rule that treats a mutual insurance holding company as an insurance company for purposes of Section 203(e) of the Dodd-Frank Act

Failure to provide mortgage note precludes relief from bankruptcy stay

Winston & Strawn LLP
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USA
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February 6 2012

On February 1st, the Tenth Circuit held that Deutsche Bank failed to establish it was a "party of interest" entitled to relief from a bankruptcy petition's automatic stay

Bankruptcy Court denies confirmation of WaMu’s plan of reorganization

Winston & Strawn LLP
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USA
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September 23 2011

Sending the Debtors back to the drawing board after almost three years in bankruptcy, in a 139-page opinion, the Bankruptcy Court has for the second time denied confirmation of the Plan of Reorganization for Washington Mutual, Inc. (“WaMu”), which was the owner of the largest savings bank ever to be seized by the FDIC

Living wills

Winston & Strawn LLP
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USA
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September 20 2011

On September 13th, the FDIC voted to approve a final rule to be issued jointly with the Federal Reserve Board that would implement Section 165(d) of the Dodd-Frank Act

FDIC launches Investor Match Program

Winston & Strawn LLP
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USA
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September 12 2011

On September 7th, the FDIC announced the launch of a new program to encourage small investors and asset managers to partner with larger investors to participate in the FDIC's structured transaction sales for loans and other assets from failed banks