Financial Industry Recovery Center

Recent Posts from Financial Industry Recovery Center

• Business Tax Provisions of the Worker, Homeownership, and Business Assistance Act of 2009

  On November 6, 2009, President Barack Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (the “Act”). The significant tax changes applicable to businesses under the Act are summarized below.1 Net…

• Federal Reserve Requires Banks to Implement New Overdraft Procedures and Related Disclosures

  The Federal Reserve emphasized its newly donned role of the consumer protector on November 12, 2009 when it issued final revisions to Regulation E (the “Final Rule”) that will require many banks to revise their…

• Senate Banking Committee Democrats Release Financial Regulatory Overhaul Draft Bill

  Today Senate Banking Committee Chairman Christopher Dodd and his Democratic Banking Committee colleagues released draft financial regulatory reform legislation. The new draft legislation comes as the House Financial Services Committee has yet to complete its…

• New CRE Loan Workout Rules Provide Relief and Pitfalls

  On October 30, 2009, all of the federal regulatory agencies issued a new policy statement on commercial real estate (“CRE”) loan workouts. The policy statement does offer opportunities for financial institutions (“FI”) to reduce the…

• Treasury Dept. and House Financial Services Committee Release Draft Systemic Risk Bill

  Today the Treasury Department and the House Financial Services Committee jointly released draft legislation addressing systemic risk. The new draft legislation comes two days before the House Financial Services Committee is scheduled to hold a…

• TARP Executive Compensation Special Master Issues First Rulings

  Special Master for TARP Executive Compensation Kenneth R. Feinberg announced his compensation package determinations for top executives at firms receiving significant TARP assistance. The announcement impacts the five most senior executive officers and the next…

• Consumer Financial Protection Agency Bill Passes the House Financial Services Committee

  Today the House Financial Services Committee passed legislation to create the Consumer Financial Protection Agency.  Although the legislation has yet to pass the full House and Senate, the current bill would make the new agency…

• House Agriculture Committee Approves Derivatives Regulation

  The House Agriculture Committee approved today legislation to regulate over-the-counter ("OTC") derivatives.  Today's approval amends the bill passed out of the House Financial Services Committee on October 15, 2009.  According to today's press release, "the…

• House Financial Services Committee Approves Derivatives Regulation

  The House Financial Services Committee approved today legislation to regulate over-the-counter ("OTC") derivatives.  Included in OTC derivatives are swaps which, under the legislation, will now mostly be traded on exchanges and certain swap participants will…

• Over-The-Counter Derivatives Regulation Draft Bill Released

  House Financial Services Committee Chairman Barney Frank released a discussion draft of legislation to regulate over-the-counter ("OTC") derivatives Friday on Capitol Hill.  The draft is being circulated in anticipation of the Committee's hearing scheduled for…