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Results: 1-10 of 31

Treasury and other financial regulators issue financial sector self-assessment reviews to IMF
  • Alston & Bird LLP
  • USA
  • August 31 2009

Today, the U.S. Treasury and various other U.S. financial system supervisors and regulators, including the Federal Reserve, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Commodity Futures Trading Commission, and National Association of Insurance Commissioners, submitted financial sector self-assessment reviews for banking, securities, insurance, and payment systems to the International Monetary Fund (IMF


Senator Lincoln proposes alternate bank spinoff provision
  • Alston & Bird LLP
  • USA
  • June 15 2010

Senator Blanche Lincoln (D-NE), Chairwoman of the Senate Agriculture Committee, who advocated for a provision in the financial regulatory reform bill that would effectively force banks to spin off their derivatives trading businesses, has released a minimal term sheet modifying this provision


Fed Chairman Bernanke and former Fed Chairman Volcker send letters to Senator Dodd opposing amendment permitting GAO to audit the Fed
  • Alston & Bird LLP
  • USA
  • May 7 2010

Yesterday, current Federal Reserve Chairman Ben Bernanke and former Federal Reserve Chairman Paul Volcker sent separate letters to Senator Christopher Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, expressing their opposition to proposed amendments to the Senate financial regulatory reform bill that would permit the Government Accountability Office (GAO) to audit the Federal Reserve


Multiple state attorneys general initiate probe of foreclosure practices of Ally Financial
  • Alston & Bird LLP
  • USA
  • September 28 2010

Various state attorneys general have initiated probes of the foreclosure practices of Ally Financial Inc.’s GMAC mortgage unit after Ally announced last week that it had not instituted a moratorium on residential foreclosures in 23 states, but rather that it had suspended evictions and post-foreclosure closings in the 23 states while it conducted a review of defective foreclosure practices


Chrysler bankruptcy judge approves GMAC as preferred lender for dealers
  • Alston & Bird LLP
  • USA
  • May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles


Treasury Department releases fact sheet and letter in support of additional IMF funding
  • Alston & Bird LLP
  • USA
  • May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries


Federal Reserve schedules small-value auctions under Term Deposit Facility
  • Alston & Bird LLP
  • USA
  • May 28 2010

The Federal Reserve announced today that, through its Term Deposit Facility, it had scheduled three small-value auctions of term deposits over the next two months, the structure of which the Federal Reserve authorized two weeks ago


Federal Reserve announces Reserve Bank income and transfers to U.S. Treasury for 2009
  • Alston & Bird LLP
  • USA
  • January 12 2010

Today, the Federal Reserve Board announced preliminary unaudited results confirming that the regional Reserve Banks had paid approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the U.S. Treasury, after providing for the payment of $1.4 billion in statutory dividends to member banks and using $4.6 billion to equate surplus to paid-in capital


New York Fed issues statement regarding counterparties for reverse repo agreements
  • Alston & Bird LLP
  • USA
  • March 8 2010

Today, the Federal Reserve Bank of New York (FRBNY) announced the commencement of a program to expand its counterparties for conducting reverse repurchase agreement transactions, pursuant to the FRBNY statement issued last October


NAFH National Bank acquires all the deposits of two institutions in Florida and one institution in South Carolina in second use of OCC “shelf charter”
  • Alston & Bird LLP
  • USA
  • July 19 2010

On Friday, the Florida Office of Financial regulation closed Metro Bank of Dade County, headquartered in Miami, Florida, and Turnberry Bank, headquartered in Aventura, Florida, and the OCC closed First National Bank of the South, headquartered in Spartanburg, South Carolina