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Results: 1-10 of 45

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


Senate Appropriations Subcommittee holds hearing on role of FHA in addressing housing crisis
  • Alston & Bird LLP
  • USA
  • April 6 2009

Late last week, the Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development, and Related Agencies held a hearing today to address the role of the Federal Housing Administration (FHA) in addressing the housing crisis


IMF and European Commission recognize implementation of commitments by Romania’s largest foreign financial institutions
  • Alston & Bird LLP
  • European Union, Romania
  • August 11 2009

Yesterday, the International Monetary Fund (IMF) and the European Commission (EC) issued a joint statement recognizing the implementation of the Bank Coordination Initiative for Romania, whereby the parent banks of the nine largest foreign-owned banks incorporated in Romania have signed bilateral commitment letters "to maintain their respective groups’ overall exposure to Romania" and "to increase the capital of their subsidiaries to maintain a 10 percent capital adequacy ratio throughout the program period."


House Oversight and Government Reform Committee issues subpoena to FRBNY regarding AIG
  • Alston & Bird LLP
  • USA
  • January 13 2010

Yesterday, Congressman Edolphus Towns (D-NY), Chairman of the House Oversight and Government Reform Committee, issued a subpoena to the Federal Reserve Bank of New York (FRBNY) for documents related to payments made to American International Group (AIG) counterparties


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


ASEAN3 announces $120 billion emergency liquidity fund for Asian economies
  • Alston & Bird LLP
  • Asia-Pacific
  • May 5 2009

At the Asian Development Bank’s (ADB) annual meeting, held today and yesterday, finance ministers from the Association of the Southeast Asian Nations (ASEAN) and Japan, South Korea, and China (collectively, with ASEAN, known as ASEAN3) have announced their agreement on an emergency $120 billion liquidity fund that the 13 Asian nations can draw upon to combat damaging effects of the global financial crisis


Treasury Secretary Geithner testifies before Congressional Oversight Panel
  • Alston & Bird LLP
  • USA
  • April 21 2009

Today, Treasury Secretary Timothy Geithner testified before the Congressional Oversight Panel (COP), which oversees Treasury’s actions in implementing the Troubled Asset Relief Program (TARP


House Financial Services Committee reports out Credit Cardholders Bill of Rights
  • Alston & Bird LLP
  • USA
  • April 23 2009

On Wednesday, the House Financial Services Committee announced that that it had approved H.R. 627, the “Credit Cardholders’ Bill of Rights” by a vote of 48 to 19


Federal Reserve Vice Chairman Kohn submits notice of intent to resign
  • Alston & Bird LLP
  • USA
  • March 1 2010

Today, Donald Kohn submitted notice of his intent to resign as the Vice Chairman and member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23


EU Competition Commissioner Kroes addresses whether government intervention alleviated crisis in Europe
  • Alston & Bird LLP
  • European Union, United Kingdom
  • July 1 2009

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”