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Congressional Oversight Panel holds hearing on Treasury's use of private contractors
  • Alston & Bird LLP
  • USA
  • September 23 2010

Yesterday, the Congressional Oversight Panel (COP) held a hearing to examine Treasury's use of private contractors under the Troubled Asset Relief Program (TARP


Bay Cities Bank assumes all of the deposits of Progress Bank of Florida
  • Alston & Bird LLP
  • USA
  • October 25 2010

On Friday, the Florida Office of Financial Regulation closed Progress Bank of Florida, headquartered in Tampa, Florida, and appointed the FDIC as receiver


Federal Reserve establishes new term deposit facility
  • Alston & Bird LLP
  • USA
  • May 4 2010

On Friday, the Federal Reserve Board announced that it has approved amendments to Regulation D which will establish a new Term Deposit Facility (TDF) which, the Federal Reserve indicates, "will be one of several tools that the Federal Reserve could employ to drain reserves when policymakers judge that it is appropriate to begin moving to a less accommodative stance of monetary policy."


FDIC and Bank of England announce MOU addressing collaborative resolution authority
  • Alston & Bird LLP
  • United Kingdom, USA
  • January 22 2010

Today the FDIC and the Bank of England announced their agreement to a memorandum of understanding (MOU) reflecting the shared commitment by the FDIC and the Bank of England to work together to a greater extent when they act as resolution authorities with respect to troubled financial institutions that operate in both the United States and the United Kingdom, including "planning for resolution scenarios, and appropriate simulations, contingency planning or other work designed to improve preparations … for managing and resolving crises involving Firms with cross-border operations."


Treasury exercises power to extend TARP authority
  • Alston & Bird LLP
  • USA
  • December 9 2009

Today, in a letter from Treasury Secretary Tim Geithner to Speaker of the House Nancy Pelosi and Senate Majority Leader Harry Reid, Secretary Geithner echoed concerns described in the Congressional Oversight Panel’s most recent report about ongoing economic problems that have not been adequately addressed


Bank of England releases Financial Stability Report
  • Alston & Bird LLP
  • United Kingdom
  • December 18 2009

Today the Bank of England published its bi-annual Financial Stability Report, which assesses financial conditions affecting financial stability and suggests ways to strengthen the financial system


Fannie Mae reports $18.9 billion third quarter loss
  • Alston & Bird LLP
  • USA
  • November 6 2009

Yesterday, Fannie Mae reported an $18.9 billion loss for the third quarter of 2009, its ninth straight quarterly loss, resulting in a net worth deficit of $15.0 billion (after taking into account unrealized gains on available-for-sale securities during the third quarter


New General Motors emerges from bankruptcy
  • Alston & Bird LLP
  • USA
  • July 12 2009

On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust


House Financial Services Committee holds hearing on TARP For Main Street Act
  • Alston & Bird LLP
  • USA
  • July 10 2009

Yesterday, the House Financial Services Committee held a hearing to discuss HR 3068, the TARP For Main Street Act of 2009


Senate Banking Committee holds hearing on hedge fund regulation
  • Alston & Bird LLP
  • USA
  • July 16 2009

Yesterday, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled "Regulating Hedge Funds and Other Private Investment Pools" to discuss legislation that would require all hedge fund advisers and the advisers of private equity and venture capital funds to register with the SEC