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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


House Financial Services Subcommittee holds hearing on impact of credit scores and reports on consumers
  • Alston & Bird LLP
  • USA
  • March 25 2010

Yesterday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled "Keeping Score on Credit Scores: An Overview of Credit Scores, Credit Reports and their Impact on Consumers"


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


Financial Crisis Inquiry Commission holds field hearing in Miami, Florida
  • Alston & Bird LLP
  • USA
  • September 21 2010

Today, the Financial Crisis Inquiry Commission (FCIC) held the third in a series of four field hearings, entitled "The Impact of the Financial Crisis - Miami, Florida" to examine the role and impact of mortgage fraud in Miami


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


European Commission proposes reinforcing European Union economic policy coordination
  • Alston & Bird LLP
  • European Union
  • May 12 2010

Today, the European Commission issued a Communication, largely as a result of the Greek debt crisis, setting forth proposed measures to strengthen Europe's economic governance


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.”


Congressional Oversight Panel releases report on use of TARP funds to reorganize U.S. auto industry
  • Alston & Bird LLP
  • USA
  • September 11 2009

After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, "The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry," examining how TARP funds have been used to support and reorganize both General Motors and Chrysler through the bankruptcy process


Basel Committee on Banking Supervision discusses progress on regulatory reform package and issues new proposal
  • Alston & Bird LLP
  • Global
  • July 16 2010

In meetings held Wednesday and yesterday, the Basel Committee on Banking Supervision reviewed various items in order to develop recommendations for its package of regulatory reforms, including the structure of the capital and liquidity frameworks, comments on its December 2009 consultation package, results of its comprehensive quantitative impact study (QIS) and its economic impact assessment analyses


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