Banking Law Prof Blogtag:typepad.com,2003:weblog-5214172012-01-25T19:30:43ZA Member of the Law Professor Blogs NetworkTypePadBankingLawProfBloghttp://feedburner.google.comFinancial Stability Oversight Council Should Investigate Whether Bank of American Needs to Be Broken Uptag:typepad.com,2003:post-6a00d8341bfae553ef0163001bf414970d2012-01-25T14:30:43-05:002012-01-25T19:30:43ZToday, Public Citizen filed a petition and a number of economists and law professors signed a letter asking the Financial Stability Oversight Council (FSOC) to use Section 121 of the Dodd-Frank Act to investigate and possibly to break up Bank...Banking LawProfSignificant Corporate Law Opinions in 2011tag:typepad.com,2003:post-6a00d8341bfae553ef0168e6064d69970c2012-01-24T18:10:25-05:002012-01-24T23:10:25ZIn BUSINESS LAW TODAY, Paul Brown and Tyler O'Connell identify and provide concise summaries of "Key 2011 Corporate Law Decisions." Each of these cases merits careful analysis. LInk: http://apps.americanbar.org/buslaw/blt/content/2012/01/article-2-brown-oconnell.shtml (ag) Jan. 24, 2012, in Corporate GovernanceBanking LawProfMore Transparency at the Fedtag:typepad.com,2003:post-6a00d8341bfae553ef0168e5fbfc93970c2012-01-23T21:57:26-05:002012-01-24T02:59:33ZLast week, the Federal Reserve released blank templates showing the format of the two charts it will use on January 25 to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate. It also released...Banking LawProfConsider the Source: "Research for Hire" on the Volcker Ruletag:typepad.com,2003:post-6a00d8341bfae553ef0168e5e51eaa970c2012-01-21T10:05:07-05:002012-01-21T15:05:07ZThis week Congress reviewed the Volcker Rule provisions of the Dodd-Frank Act which would limit proprietary trading by the largest banks. The House Financial Services Committee Subcommittees on Capital Markets and Government Sponsored Enterprises and Financial Institutions and Consumer Credit...Banking LawProfU.S. Chamber of Commerce Won't Sue Over CFPB Appointment - At Least for Now!tag:typepad.com,2003:post-6a00d8341bfae553ef0167606ea92d970b2012-01-12T20:24:53-05:002012-01-13T01:24:53ZThe U.S. Chamber of Commerce has been highly critical of President Obama's recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB). Today, however, the Chamber reportedly has decided to wait and see how the CFPB performs....Banking LawProfNY Investigates Big Banks for Steering Homeowners to Expensive Force-Placed Insurancetag:typepad.com,2003:post-6a00d8341bfae553ef0168e55fd73a970c2012-01-11T18:47:00-05:002012-01-11T23:47:00ZJPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are under investigation by the New York Department of Financial Services. The investigation has uncovered examples of mortgage servicing units of large banks steering distressed homeowners into high-priced home insurance offered...Banking LawProfA "Cottage Industry"? The Business of Buying Foreclosed Propertiestag:typepad.com,2003:post-6a00d8341bfae553ef0168e550c642970c2012-01-10T16:58:54-05:002012-01-10T21:58:54ZFederal regulators are developing a program to sell government-owned foreclosures in bulk to investors. With the need to dispose of foreclosed properties in a way that will speed economic recovery, investors are positioning to take advantage of this opportunity --...Banking LawProfLooking at the Federal Reserve's Finances - $76.9 Billion as a dividend to Treasurytag:typepad.com,2003:post-6a00d8341bfae553ef0162ff5b3432970d2012-01-10T16:49:29-05:002012-01-10T21:49:29ZAccording to Bloomberg's , Craig Torres: "The Federal Reserve will pay $76.9 billion to the U.S. Treasury as part of an annual dividend it remits after covering its own expenses from interest on its ballooning bond portfolio and other gains."...Banking LawProfAn Intriguing Alternative to the Efficient Capital Markets Hypothesistag:typepad.com,2003:post-6a00d8341bfae553ef0167602e7d38970b2012-01-08T21:38:53-05:002012-01-09T02:38:53ZAccording to Andrew Lo's Adaptive Markets Hypothesis (first proposed in 2004), markets are not always efficient. Although the Efficient Capital Markets Hypothesis or Efficient Markets Hypothesis (EMH) may have applied during the "Great Modulation," identified as "the seven decades spanning...Banking LawProfAnalyzing a Likely Settlement between State AGs and Mortgage Servicerstag:typepad.com,2003:post-6a00d8341bfae553ef0167600bcc89970b2012-01-05T22:16:27-05:002012-01-06T03:16:27ZAccording to Housingwire, a likely $25 Billion settlement between State Attorneys General and mortgage servicers may include the following elements described by DBRS structured finance analyst Kathleen Tillwitz: Approximately $17 Billion would be allocated for principal reductions; $3 Billion would...Banking LawProfPresident Uses Recess Appointment to Name Cordray as Head of CFPBtag:typepad.com,2003:post-6a00d8341bfae553ef01675ffa54ff970b2012-01-04T17:23:47-05:002012-01-04T22:23:47ZPresident Obama today named Richard Cordray as the first Director of the Consumer Financial Protection Bureau (CFPB). His decision to use a recess appointment to avoid the stalled Senate confirmation process is already controversial. The U.S. Chamber of Commerce wasted...Banking LawProfLooking Ahead to the SEALS Conference Next Summertag:typepad.com,2003:post-6a00d8341bfae553ef0162fef876bd970d2012-01-03T20:07:25-05:002012-01-04T01:07:25ZMessage for Banking Law Professors: Please let me know if you are going to the Southeastern Association of Law Schools (SEALS) Conference this summer and would be interested in participating in a discussion group on the following topic: "Current Issues...Banking LawProfRecovery or Recession in 2012?tag:typepad.com,2003:post-6a00d8341bfae553ef0168e4e03861970c2012-01-02T20:08:38-05:002012-01-03T01:08:54ZHere's a disturbing prediction from Reuters: "The European debt crisis is raising the odds of a U.S. recession, with economic contraction more likely than not by early 2012, according to research from the San Francisco Federal Reserve Bank." Link to...Banking LawProfHappy New Year? Reviewing Economic Forecaststag:typepad.com,2003:post-6a00d8341bfae553ef0168e4e0231c970c2012-01-02T20:02:31-05:002012-01-03T01:03:28ZDallas Federal Reserve President Richard Fisher delivered a speech in mid-December. While acknowledging that according to Economist John Kenneth Galbraith, “the only function of economic forecasting is to make astrology look respectable,” Fisher nevertheless reviews the The good news: Businesses’...Banking LawProfUniform Commercial Code Issues in Mortgage Foreclosurestag:typepad.com,2003:post-6a00d8341bfae553ef01675f30b88f970b2011-12-22T22:47:18-05:002011-12-23T03:47:18ZThe Permanent Editorial Board for the Uniform Commercial Code (UCC) has issued a report discussing the applicability of UCC Article 3 (Negotiable Instruments) and Article 9 (Secured Transactions) to certain issues in judicial and non-judicial foreclosures, including: Who is the...Banking LawProfCorporate Governance: The Option to Incorporate Outside the U.S.tag:typepad.com,2003:post-6a00d8341bfae553ef015438a33979970c2011-12-21T11:33:49-05:002011-12-21T16:33:49ZNY Times DealBook has an intriguing note about the recent decision by the New York Stock Exchange listed fashion company, Michael Kors Holdings, to reincorporate in the British Virgin Islands. Reasons to incorporate outside the U.S. include: avoiding unfavorable U.S....Banking LawProfFinCEN is Serious: No Disclosing SARstag:typepad.com,2003:post-6a00d8341bfae553ef01675f10487a970b2011-12-20T20:10:58-05:002011-12-21T01:10:58ZThe Financial Crimes Enforcement Network (FinCEN) announced that it assessed of a $25,000 civil money penalty against an individual for violation of Bank Secrecy Act (BSA) prohibitions against disclosing suspicious activity reports ("SARs"). The individual contacted the subject of a...Banking LawProfSEC Sues Former GSE Execs -- But Will the Agency Follow Through?tag:typepad.com,2003:post-6a00d8341bfae553ef0162fe0d34fb970d2011-12-19T17:11:48-05:002011-12-19T22:28:32ZLast week the SEC filed two civil lawsuits against six former executives of Fannie Mae and Freddie Mac: Former Fannie Mae CEO Daniel Mudd, former Fannie Mae chief risk officer Enrico Dallavecchia, and former Fannie Mae EVP Thomas Lund; and,...Banking LawProfSEC Appeals Rakoff Rejection of Settlementtag:typepad.com,2003:post-6a00d8341bfae553ef01675ed0d926970b2011-12-15T18:10:34-05:002011-12-15T23:10:34ZThe Securities and Exchange Commission (SEC) has appealed Judge Jed Rakoff's rejection of the proposed $285 Million settlement between the SEC and Citigroup. This seems like a no-win for the SEC. If they win the appeal, they look like enforcement...Banking LawProfFDIC Administers a Slap on the Wrist to WaMu Executivestag:typepad.com,2003:post-6a00d8341bfae553ef0154384fff5d970c2011-12-14T21:37:36-05:002011-12-15T02:37:36ZFDIC is settling its lawsuit against three executives of the failed Washington Mutual -- for $64 Million, only $400,000 to come out of personal pocketbooks & the rest from the D&O policy. Washington Mutual represents the largest bank failure in...Banking LawProf