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Results: 1-10 of 54

SEC proposes to overhaul regulation of asset-backed securities
  • Alston & Bird LLP
  • USA
  • April 9 2010

In an open meeting on April 7, 2010, the Securities and Exchange Commission (SEC) unanimously approved for public comment proposed rules that seek substantially to modify the regulatory framework in place for asset-backed securities (ABS


Treasury exercises right to appoint two AIG directors
  • Alston & Bird LLP
  • USA
  • April 2 2010

Yesterday, the U.S. Department of the Treasury announced that it has "exercised its right to appoint two directors to the American International Group, Inc. (AIG) board of directors, naming Donald H. Layton and Ronald A. Rittenmeyer as directors."


Fannie Mae and Freddie Mac react to apparent defects in foreclosure procedures
  • Alston & Bird LLP
  • USA
  • October 2 2010

Yesterday, following announcements from Ally Financial and JP Morgan Chase of temporary suspensions of foreclosure efforts in certain states, Fannie Mae issued a statement yesterday expressing concerns about "reports of servicers failing to follow proper procedures in the administration of foreclosure cases," noting that "Fannie Mae servicers are required, by contract, to adhere to applicable laws and rules regarding mortgage documents, and to establish processes and controls that ensure compliance."


Providence Bank assumes all of the deposits of Premier Bank
  • Alston & Bird LLP
  • USA
  • October 17 2010

On Friday, the Missouri Division of Finance closed Premier Bank, headquartered in Jefferson City, Missouri, and appointed the FDIC as receiver


Simmons First National Bank assumes all of the deposits of Security Savings Bank, F.S.B.
  • Alston & Bird LLP
  • USA
  • October 17 2010

On Friday, the Office of Thrift Supervision closed Security Savings Bank, F.D.B., headquartered in Olathe, Kansas, and appointed the FDIC as receiver


Midland States Bank assumes all of the deposits of WestBridge Bank and trust company
  • Alston & Bird LLP
  • USA
  • October 17 2010

On Friday, the Missouri Division of Finance closed WestBridge Bank, headquartered in Chesterfield, Missouri, and appointed the FDIC as receiver


SEC solicits public comment for study on broker-dealer and investment adviser standards of care
  • Alston & Bird LLP
  • USA
  • July 28 2010

Yesterday, the SEC published a request for public comment in connection with its study, required by Section 913 of the Dodd-Frank Act, of the obligations and standards of care of broker-dealers and investment advisers providing personalized investment advice about securities to retail investors


Ex-CEO of Countrywide settles SEC charges
  • Alston & Bird LLP
  • USA
  • October 15 2010

Today, the Securities and Exchange Commission announced that Angelo Mozilo, the former CEO of Countrywide Financial, had agreed to pay a $22.5 million civil penalty and disgorge $45 million of "ill-gotten gains" to settle SEC disclosure and insider trading charges against him and two other former Countrywide officers


TCF Financial files suit challenging constitutionality of Durbin amendment
  • Alston & Bird LLP
  • USA
  • October 13 2010

On Tuesday, TCF National Bank, one of the nation's largest debit card issuers, announced that it had filed suit challenging the constitutionality of the so-called "Durbin amendment" to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) "on three separate grounds: the regulations take our property without just compensation and without Due Process of Law; and they also deny us Equal Protection under the law."


SEC will not appeal proxy access decision; Rule 14a-8 amendments on private ordering to become effective
  • Alston & Bird LLP
  • USA
  • September 8 2011

Late Tuesday, September 6, 2011, the Securities and Exchange Commission (SEC) Chairman Mary L. Shapiro issued a statement that the SEC would not seek a rehearing of the decision by the United States Court of Appeals for the District of Columbia Circuit vacating the SEC’s recently adopted Rule 14a-11 and related amendments and would not seek Supreme Court review