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SEC charges Citigroup and two executives in connection with misleading information regarding exposure to subprime assets
  • Alston & Bird LLP
  • USA
  • July 30 2010

Yesterday, the Securities and Exchange Commission ("SEC") charged Citigroup with misleading investors concerning the company's exposure to subprime mortgage-related assets


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


Federal Reserve Bank of New York acknowledges publication of CDS central counterparty legal analysis by industry participants
  • Alston & Bird LLP
  • USA
  • July 14 2009

On July 13, the Federal Reserve Bank of New York (FRBNY) issued a press release to acknowledge the publication by a group of 8 dealers and 8 buy-side market participants of a "cross-jurisdictional analysis of legal and regulatory issues facing credit default swap central counterparties (CDS CCPs) with respect to customer access to central clearing platforms."


Senate Banking Committee holds hearing on government actions related to AIG
  • Alston & Bird LLP
  • USA
  • March 6 2009

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), held a hearing entitled “American International Group (AIG): Examining What Went Wrong, Government Intervention, and Implications for Future Regulation.”


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.”


European Parliament approves financial supervision reform package
  • Alston & Bird LLP
  • European Union
  • September 23 2010

Yesterday, the European Commission voted to approve the financial supervision reform package, which will shift the manner in which banks, stock markets and insurance companies are supervised and policed in Europe


FRBNY releases additional information on assets acquired by Maiden Lane entities
  • Alston & Bird LLP
  • USA
  • April 1 2010

Yesterday, the Federal Reserve Bank of New York (FRBNY) publicly released additional information related to the three Maiden Lane entities, which were formed to acquire certain assets of Bear Stearns and to facilitate the restructuring of the government's financial support of AIG


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


Obama administration hosts Conference on the Future of Housing Finance
  • Alston & Bird LLP
  • USA
  • August 18 2010

As previously announced, the Obama administration yesterday held a "Conference on the Future of Housing Finance" to receive input from a diverse group of experts, including citizen advocacy groups, economists, investors, market researchers, originators, securitizers, servicers, and private mortgage insurers, on critical issues surrounding housing finance reform


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