04/22/2014 - American Bankers Association Bank Compliance Magazine Guest Article: Responding to Examination Findings
Amid the industry's efforts to emerge from the global financial crisis, banks now encounter a new era in examination management. This era is marked by continuing regulatory uncertainty, economic instability, and heightened expectations from prudential regulators.
01/03/2014 - Final FFIEC Guidance - "Social Media: Consumer Compliance Risk Management Guidance"
On December 17, 2013, the Federal Financial Institutions Examination Council (the “FFIEC”) issued the Social Media: Consumer Compliance Risk Management Guidance
for financial institutions.
03/27/2013 - Banking Law Journal Guest Article: A Look at Proposed FFIEC Guidance: "Social Media: Consumer Compliance Risk Management Guidance"
On January 23, 2013, the Federal Financial Institutions Examination Council (“FFIEC”) issued a notice for comment on its proposed guidance, Social Media: Consumer Compliance Risk Management Guidance (the “Guidance”).
02/14/2013 - A Look at Proposed FFIEC Guidance: “Social Media: Consumer Compliance Risk Management Guidance”
On January 23, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued a notice for comment on its proposed guidance, Social Media: Consumer Compliance Risk Management Guidance.
11/15/2011 - Consumer Financial Protection Bureau Publishes Enforcement Notice
On November 7, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced that it will provide financial companies and individuals who are the subject of potential enforcement actions with an “Early Warning Notice Letter.”
09/20/2011 - Weathering the Storm: Living Will Requirement under Dodd-Frank
On September 13, 2011, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) unanimously approved a final rule implementing Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Rule”). The Dodd-Frank Rule requires (i) bank holding companies with $50 billion or more in assets and (ii) nonbank financial institutions, such as insurance companies and investment banks that are designated as “systemic” by the Financial Stability Oversight Council to create and submit “living wills.”
09/06/2011 - FDIC and FinCEN Hit Ocean Bank with $10.9 Million Penalty: Bank Fined Seven Percent of Book Value for Ineffective Compliance Program
On Monday August 22, 2011, the FDIC
, Treasury’s Financial Crimes Enforcement Network (“FinCEN
”) and Florida’s Office of Financial Regulation announced civil money penalties of $10.9 million and a two-year deferred prosecution agreement against Ocean Bank (“the Bank
”) in Miami, FL.
05/28/2010 - Revisiting the FDIC’s “Superpowers”: Contract Repudiation and D’Oench Duhme
In this article, the Erin Burrows and F. John Podvin, Jr. briefly review the Federal Deposit Insurance Corporation’s powers to facilitate a failed bank’s orderly liquidation, dissolution, asset sale and/or merger. When a bank is declared insolvent, the authors advise all counterparties to review the specific provisions of their contracts with the failed bank to evaluate the likelihood of, and prepare a response to, the receiver’s exercise of its repudiation powers and authority under the D’Oench Duhme doctrine.
03/12/2010 - John Podvin: Commercial Real Estate Lending Tightens Guideline Enforcement
Have North Texas banks overindulged on commercial real estate loans? John Podvin
comments in the Dallas Business Journal.
02/23/2010 - Weathering the Storm: The FDIC’s Authority to Repudiate Contracts
The current economic climate has led to a dramatic increase in bank failures over the past few years. In 2009 alone, 140 banks failed, compared to 26 bank failures in 2008 and only 3 bank failures in 2007. The Federal Deposit Insurance Corporation (the “FDIC”) recently announced that it has 702 banks on its “Problem List” as of December 31, 2009, up 27 percent from 552 banks on September 30, 2009. This acute trend has heightened the awareness and interest in the role of the FDIC as receiver of a failed bank.
09/09/2009 - Weathering the Storm: Guidelines Issued for Private Equity Investors Acquiring Failed Banks or Thrifts
The interest from the private equity community in filling the growing capital gaps that exist in the balance sheets of U.S. banks has spurred the FDIC Board to adopt a Final Statement of Policy on Qualifications for Failed Bank Acquisitions (the “Policy Statement”). The Policy Statement, published on September 2, 2009, provides private equity investors with guidelines for acquiring failed banks or thrifts.
08/01/2009 - Financial and Economic Crisis: When Does Too Much Regulation Tip The Scale?
Metropolitan Corporate Counsel interviews John Podvin, Of Counsel at Haynes and Boone in Dallas, about the government's response to the economic crisis. Mr. Podvin draws on his experience in banking, corporate and other regulatory matters to evaluate what is working, what isn't, and what businesses can expect moving forward.
05/21/2009 - Weathering the Storm: Are Your Deposits Insured?
The Federal Deposit Insurance Corporation (the “FDIC”) is celebrating its 75th anniversary this year, and due to the economic downturn, 2009 will pose a substantial challenge to the FDIC. FDIC Chairman Sheila C. Bair said in a recent speech that “No one has ever lost a penny of an insured deposit.” President Obama stated during his first address to a joint session of Congress, “You should also know that the money you’ve deposited in banks across the country is safe; your insurance is secure; you can rely on the continued operation of our financial system. That is not a source of concern.” These two quotes help set the tone that the Government stands behind the security of “insured” deposits.
04/06/2009 - Public-Private Investment Program
On March 23, 2009 the Treasury Department, in conjunction with the Federal Deposit Insurance Corporation (“FDIC”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”), announced the creation of the Public-Private Investment Program (“PPIP”), which is designed to provide public support to catalyze the purchase and sale of legacy assets through Public-Private Investment Funds (“PPIF”).
03/25/2009 - Weathering the Storm: U.S. Treasury Public-Private Investment Program
On March 23rd, the Treasury Department announced its Public-Private Investment Program (“PPIP”). The PPIP is designed to provide the public support necessary to catalyze the purchase and sale of legacy assets the diminished market for which is presently creating uncertainty on the balance sheets of financial institutions and thereby limiting their access to equity capital, and curtailing their lending activity.