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Vol. 92, Nos. 1-26, pp. 1-1510, and Vol. 93, Nos. 1-15, pp. 1-832 Jan. 6 -- Oct. 27, 2009 A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
S&Ls
Taxation, officials expect to adopt transparency, tax evasion, and information exchange provisions recommended by OECD, 92:1182
Constitutionality, challenge may be first financial dispute for Sotomayor to consider as Supreme Court justice, 92:1271
Discrimination, OTS launches Minority Depository Institutions Advisory Comm., 92:759
Earnings, OTS report, 4th quarter 2008, 92:471; first quarter 2009, 92:1306; 2nd quarter 2009, 93:382 Hartford Financial Servs. Group, Allianz Se may keep stake in firm after conversion to holding company, FRB says, 92:140 Winstar, restitution award in related case upheld but must be reduced (Fed. Cir.), 93:807
Economic inclusion, FDIC advisory panel to examine giving banks CRA credit for certain products to encourage asset building in underserved areas, 93:230
Households now reducing debt after 20 years of rapid growth, FRB San Francisco report says, 92:1154 IRAs primarily benefit high-income earners and fail to contribute significantly to national saving, CRS report finds, 92:140
Garnishment, banks doing business in state could be ordered to turn over assets held by judgment debtors even if assets held outside of state (N.Y.), 92:1497
Arbitration, FINRA expands pilot program giving investors all public panel option, 93:692
Asset-backed securities, IOSCO publishes guidance for regulators seeking to improve regulation of disclosure on public offerings or listings, 93:36 Auction rate bonds and preferred securities BrokerCheck service, FINRA proposes that disciplinary histories of brokers remain online permanently, 92:1058 Class actions
Fairness Act removal provisions trump removal bar of 1933 Securities Act (7th Cir.), 92:203
Hill Watch, 93:478 Credit default swaps Currency transaction reports, FBI arrests financier who was also target of SEC asset freeze (C.D. Cal.), 92:1067 Enforcement policy
Filing of cases related to credit crisis increased significantly in 2008, study says, 92:1498
International cases, SEC foresees decreasing cross-border impediments to prosecution, 92:584 Transparency, FINRA issues guidance describing investigations, reviews, and other processes, 92:752 Equity-indexed annuities, insurers seek to invalidate SEC rule clarifying scope of regulatory authority (D.C. Cir.), 92:201; court agrees to expedite review of controversial SEC rule, 92:350; SEC failed to consider economic impact properly, court rules, 93:192 ERISA, BofA faces employee stock drop class action for alleged breach of fiduciary duties with respect to investment options for 401(k) plan (S.D.N.Y.), 92:349 European private equity industry seeks to distinguish inherent risks from hedge fund risks as regulators call for tougher rules, 92:500 Financial responsibility rules, SEC seeking comments on FINRA proposal, 92:274 Fraud
See FRAUD
Hybrid securities, Standard & Poor's lowers ratings on instruments held by certain institutions, 92:480 Impairment accounting for certain debt instruments, FASB to issue final staff guidance including formal statement of dissent from 2 panel members, 92:62; FASB issues quick-turnaround guidance, 92:134 Insider trading
Citigroup, former banker and brother charged with $6M scheme (N.D. Cal.), 92:1066
Lehman Bros., Grassley (R-Iowa) seeking answers to FINRA's handling of allegations by former employee challenging arbitration filing, 92:1323 Litigation, financial crisis brings surge in suits against banks, Analysis and Perspective, 92:457 Merrill Lynch reaches settlement with employees and investors over investment losses from subprime mortgage-backed assets (S.D.N.Y.), 92:203 Monoline insurance firms still battling civil lawsuits, 93:646 Mortgage-backed securities
Board to set standards and certify instruments
Private investment, FRB selects 4 firms to implement new purchase program, 92:7 Notification, Wachovia Securities and First Clearing agree to pay fine to resolve FINRA charges, 92:762 Outlook 2009, Pres. Obama pledges major reforms while Schapiro promises big changes at SEC, 92:225 Private-label securities, declining value causes capital shortfall at FHLBank Seattle, 92:148 Proxy process reform, SEC eliminates broker voting and proposes rule changes, 93:21 Real estate investment trusts (REITs), Ameriprise Financial Servs. reaches settlement over alleged concealment of revenue-sharing (SEC), 93:146 Regulatory reform, financial regulatory system overhaul
Investor protection, Obama administration delivers proposed measure to strengthen SEC powers, Special Report, 93:97
Kanjorski (D-Pa) draft measure to reform SEC, lawmakers question whether approach sufficiently aggressive, 93:732 Obama administration plan would mean big changes in existing law, Special Report, 93:93 Regulation under Obama regulatory plan pushes change agenda, Analysis and Perspective, 93:99 Statistics, class action filings surge in 2008, 2 reports show, 92:89 TALF Taxation
Controlled foreign corporations, IRS extends relief from Subpart F inclusions for some securities, 92:139; White House unveils proposals to put significant new limits on deferrals, 92:1035
Fails charges, IRS considering guidance on emerging issue, 93:231 Fannie Mae and Freddie Mac securities, ABA panelists discuss interest group questions regarding tax treatment after federal government buyout, 92:148 Texas governor signs measure to change franchise tax treatment of securities sold by lending institutions, 92:1490 Treasury Inflation-Protected Securities (TIPS) program, Treasury Dep't asks major dealers about usefulness of program, 92:186; Treasury Dep't sends survey to major traders ahead of quarterly refunding, 93:177; Treasury Dep't to sell record $75B in debt, 93:263; GAO urges Treasury Dep't to sell more government debt securities linked to inflation rate, 93:633 United Kingdom
Barclays Bank to pay fine for failing to provide accurate transaction reports, 93:470
Director and officer liability insurance, risk managers invest in large policies, 93:83
Appointments and personnel changes
Khuzami named director of enforcement, 92:444
Schapiro vows to reinvigorate enforcement if confirmed as chairman, 92:142 Enforcement policy, significant restructuring and continued emphasis on class action litigation likely in 2009, 92:85; Walter tells conference that more investigations to open following self-analysis, 92:569; Aguilar urges Congress to expand enforcement powers that include criminal action authority, 92:696 Regulatory reform, state and local pension fund executives urge Geithner to maintain agency independence, 92:1258 Review needed to help rebuild investor confidence, Reed (D-RI) says, 92:274; FINRA launches 2 broad regulatory reviews, 92:1370 Self-regulatory organization employee liability after resignation
Accounting
Embedded credit derivatives in securitized financial instruments, FASB to defer effective date of proposed implementation date of scope exception of FAS 155, 92:561
Loans and other transferred financial assets, FASB records more progress toward completing rule repair project, 92:270; FASB tightens criteria to qualify for business-friendly sale accounting, 92:560 Waterfall structures, further area of divergence opens between IASB and FASB, 93:748 Future of business, stricter capital requirements for banks and FASB transfer rules may spell end for most issuers, speakers tell workshop, 93:497 Hill Watch, 92:957 Regulatory policy, Bair calls for jump start of private market, 92:1156 Restart of markets
IMF supports numerous proposals but warns about implementation, 93:594
Senators question industry expert witnesses on additional actions needed to restore process, 93:673 Russia adopts measure on financial assets, 93:816 Subprime mortgages
Casino culture of Wall Street must be abandoned, Kanjorski (D-Pa) urges, 93:573
Supremacy Clause preempts Cleveland's suit against national banks over allegedly destructive cycle of lending and securitization, OCC brief says (N.D. Ohio), 92:84
Australia, foreclosure documents may be served via Facebook accounts, supreme court rules, 92:30
E-mail acceptable alternative means of serving process in legal dispute, several federal courts rule, 92:30
Alternative lending markets must be strengthened to help firms survive economic crisis, Seedco report says, 92:820
CRA loans drop significantly in 2008 from 2007, FFIEC data show, 93:340 Credit availability increases Economic stimulus package, Geithner to clarify details on plans to boost lending, 92:627 Microlending expansion SBA §7(a) loan program eligibility expansion, approximately 70,000 firms become eligible through temporary alternate size standard, 92:1053; lender panel says loan limit caps should be raised, 92:1377; Mills tells Senate panel that loan volume spiked 30 percent after ARRA increased limits and revised qualification standards, 92:1438 SBA §504 loan program, firms may now refinance for expansion projects, Mills announces, 92:1486 Stabilization of loan markets TALF
See also specific countries
Bank of South, 7 nations reach agreement on new regional development bank, 92:1182
Failed banks, BankFirst, state closes down 2 offices and names FDIC receiver, 93:125
Bank bailout plan, EU antitrust and competition regulator approves government plan to provide guarantees to commercial banks, 92:35
Tax payments made by direct debit methods, government publishes new rules, 92:1504
Civil disobedience part of push to stop foreclosures and evictions in U.S. cities, 92:398
CMBS to be eligible under TALF but S&P proposes ratings change, 92:1338 Foreclosure, cities using laws and purchase power to pressure banks to address crisis, 93:39 Identity theft
Gonzalez case raises stakes for U.S. firms, experts say, 93:409
Lobbying groups opposing red flag rule could turn to courts as ultimate solution, 93:302
Derivatives, Geithner introduces Obama administration plan based on minimizing custom derivatives, 93:96
Investor protection, Obama administration delivers proposed measure to strengthen SEC powers, 93:97 Securities, Obama administration plan would mean big changes in existing law, 93:93
See also specific states
Foreclosure
Cities using laws and purchase power to pressure banks to address crisis, Special Report, 93:39
Prevention, state laws that impede homeowners in avoiding proceedings once initiated contributing to U.S. crisis, consumer group report says, 92:491 Outlook 2009
Prioritization, state legislation affecting banks will yield to budget crisis bills, 92:238
Privacy, states face many measures, 92:117 Taxation
Bank ownership changes, Cal. board proposes rule to clarify position on treatment, 93:341
Foreign holding companies with interests in firms doing business in N.Y. subject to state tax, appeals board rules, 93:144 Investment tax credits, N.Y. explains legislative revisions to financial services industry, 92:434 Losses or bad debts following ownership changes, Cal. to discuss draft rule to uncouple state law from Treasury Notice 2008-83, 92:387; state board to go ahead with draft rules, 92:693; state lawmakers pass decoupling measure, 93:446 Subchapter S corporations, N.Y. resident owners subject to state taxes despite federal protection, state agency says, 92:138 Tax havens, Cal. state tax board reminds taxpayers to report offshore bank income, 92:1488 Waivers, Haw. to waive penalties for taxpayers voluntarily disclosing previously undeclared offshore bank account income, 93:400
Electronic commerce, EFTA violation occurs when first funds transfer takes place (6th Cir.), 92:1329
Mortgages, technical flaw in notice in certain refinancing documents concerning borrower's rights does not support deadline extension (1st Cir.), 93:30 Tax haven abuse prevention, White House unveils proposals to increase penalties and extend time limits, 92:1035
Bankruptcy, discharge of loans via Chapter 13 plan (U.S., rev grant), 92:1449
Budget, FY2010 appropriations, Obama administration proposal to eliminate Federal Family Education Loan Program, 92:487; private student lending industry critical of plan to end subsidized loan program, 92:929; banks oppose fast-track legislative procedure as preventing proper debate, 92:1046; trade group expresses concern that reconciliation process could limit options for effective reform plan, 92:1051 CRA, FDIC board approves interagency rulemaking to give credit to lenders providing low-cost education loans to low-income borrowers, 92:1477 Default rate increase likely due to failing economy, Duncan says, 93:444; default rate for FY2007 rose 6.7 percent, 93:515 Disclosure, FRB approves final revisions to TILA rules that include multipurpose loans, 93:229 Federal Family Education Loan Program must go, Pres. Obama insists, 92:987 Government as originator, Miller (D-Cal) introduces measure to eliminate private lender participation in Direct Loan program, 93:131; further action, see LEGISLATION, FEDERAL, HR 3221 Regulatory reform, Obama administration plan gets mixed response from industry and schools, 92:805 Short-term program to buy up to $6.5B in eligible loans, Education Dep't finalizes agreement, 92:195; Education Dep't awards 4 contracts to service part of outstanding loan portfolio, 92:1442 Undue hardship standard, House panel explores dischargeability provision of Bankruptcy Code, 93:578
Capital Purchase Program, Treasury Dep't spells out funding eligibility for issuance of debt, 92:131
Federal taxes
Lower tax rates
ICBA supports extension while opposing break for credit unions, 92:693
SBA report shows firms face highest effective tax rate, 92:819
N.Y. resident owners subject to state taxes despite federal protection, state agency says, 92:138
Utah grants firms exemption from corporate income tax as of 2012, 92:874
Economic policy, Bush administration's lending policy led to subprime lending crisis, OECD says, 92:159
Fiduciary duty, Catholic organization sues State Street Bank and Trust for losses to fund for retired nuns (S.D.N.Y.), 92:1011 Foreclosure, Supremacy Clause preempts Cleveland's suit against national banks over allegedly destructive cycle of lending and securitization, OCC brief says (N.D. Ohio), 92:84 Fraud, Countrywide Financial agrees to pay settlement in deceptive marketing suit (Colo. Dist. Ct.), 92:393 Japan, losses at banks increased as of June 2009, 93:543 Jurisdiction, judge remands class action by investors in trusts seeking to force Countrywide to repurchase modified loans to state court (S.D.N.Y.), 93:348 Loan modification, Goldman Sachs agrees to spend $60M to help Mass. borrowers, 92:1167 National credit conditions, FRB N.Y. report shows continuing struggles to make timely payments, 92:337 Securities, Merrill Lynch reaches settlement with employees and investors over investment losses from subprime mortgage-backed assets (S.D.N.Y.), 92:203
Arbitration, class actions
Authority of panel to determine permissibility on behalf of class (rev grant), 92:1445
Waiver provisions, 4 banking groups claim lower court ruling upends expectations in connection with commercial accords (brief filed), 93:81 Debt relief agencies, American Bar Ass'n urges exclusion of lawyers from definition (amicus brief), 93:455 Identity theft, financial harm and alleged damage to credit rating not protected by Constitutional right to privacy (rev den), 92:151 Jurisdiction, Discover Financial Servs. cardholder agreement, §4 of Federal Arbitration Act directs courts to focus on underlying dispute using well-pleaded complaint rule (rvs and rem), 92:579 Preemption
Cal. financial information privacy statute, justices ask Obama administration to detail position on affiliate information sharing in FCRA (brief invited), 92:636; DOJ urges court not to hear appeal (brief filed), 92:1328; (rev den), 93:27
National banks and operating subsidiaries shielded by federal regulations from investigation and enforcement actions by N.Y. authorities (rev grant), 92:200; (oral arg), 92:1044; strategy and tactics state AGs will use to seek documents from banks to change in aftermath of decision, 93:25; (aff and rev), 93:25 Sotomayor's record yields few clues on future rulings in financial disputes, 93:28; Sotomayor tells Senate Judiciary panel that predictability is key in commercial law, 93:141; Senate Judiciary Comm. approves nomination, 93:244 Student loans, discharge via Chapter 13 bankruptcy plan (rev grant), 92:1449 TILA, preemption provision only supersedes state laws relating to format, content, manner, or substance of disclosures (rev den), 92:200
Bank supervision, operational risk, U.S. shows largest bank losses in Basel Comm. survey, 93:218
Bankruptcy, survey of large home builders shows one third in financial distress, 92:380 Community banks, rural banks face increased competitive pressure from technology and urban banks, FRB Kansas City finds, 92:18 Data security, Me. bank regulators find data breaches expensive and time-consuming, 92:74 Deficit forecasts, Wall Street more upbeat in latest Treasury Dep't survey, 93:281 Economic conditions improving, Business Roundtable's CEO Economic Outlook Survey for 2d quarter 2009 finds, 92:1487 Freddie Mac mortgage interest rate survey
See INTEREST RATES
Senior Loan Officer Opinion Survey
See CREDIT MARKETS
Economic stimulus package, government to purchase up to 70 percent of any new stock offering by banks and credit institutions, 92:354
Stability fees, government confirms proposal requiring financial institutions to pay annual fees to state bank guarantee fund, 92:1021
Bank secrecy, government appoints members of expert committee to advise on preservation effort, 92:583; government announces intent to accept international standards on transparency and exchange of tax information, 92:607
Bribery, government says information lacking to launch criminal proceedings against John Doe official, 93:247 Credit Suisse ordering closure of U.S. offshore accounts, 92:948 Double taxation, government to begin talks with U.S., France, and Japan on bilateral agreements, 92:713; private bankers list minimum conditions for acceptable deals, 92:1453; Swiss official warns prospects for approval of new U.S. treaty slim without resolving UBS issue, 93:88; Geithner signs protocol updating income tax treaty to allow greater tax information exchange, 93:592 International banking and finance, Wegelin advises clients to dump U.S. securities holdings due to concerns about further overseas crackdown by tax authorities, 93:407 Money laundering, government adopts FATF recommendations, 92:211 Mortgage bonds, government eases capital rules to unblock lending freeze, 92:451 Mutual funds, government aligns collective investment rules with EU minimum requirements, 92:294 Privacy, government task force to examine options for preserving banking secrecy in wake of UBS-U.S. deal, 92:514 Regulatory reform, government approves financial market regulator plan for increased oversight of banks and improved client protection, 93:652 Tax havens
European Comm'n expects same assistance as U.S., 93:366
Negative impact in future of banking system from easing bank secrecy forecast, 93:750 OECD promotes to white list of jurisdictions substantially implementing standard tax information exchange pacts, 93:599 UBS
Boeing, former sales manager pleads guilty to filing false tax return and hiding assets in Swiss bank accounts (W.D. Wash.), 93:700
Conspiracy, former manager and Swiss attorney indicted for helping U.S. clients conceal assets (S.D. Fla.), 93:350 Criminal complaint accuses top executive and chief regulator of handing over details of accounts to U.S. authorities, 92:514 Executive at center of U.S. tax evasion controversy fired, 92:839 Executive compensation, financial regulators outline conditions under which UBS may meet commitments on promised bonus payments, 92:395 Net money outflows in first quarter 2009 due to settlement of U.S. tax fraud case, officials say, 92:1129 Securities fraud, New Orleans Employees' Retirement System files class claims against UBS for alleged tax evasion scheme (S.D.N.Y.), 92:347 Senate panel plans hearing on alleged practices facilitating tax evasion and other misconduct, 92:395; Senate panel reschedules hearing, 92:418; 3 top U.S. government officials and senior bank executive to testify, 92:492; CFO informs panel that UBS has fully complied with IRS John Doe summons, 92:580 Senior employee who assisted in identifying U.S. tax cheats sentenced to prison despite government request for leniency (S.D. Fla.), 93:351 Smaller banks refusing new dealings with U.S.-based clients, 93:190; some banks dealing with U.S. clients through specially created units, 93:201 Stanfordville representative of Hong Kong and Chinese toy manufacturers admits to using accounts to hide commission income from IRS (S.D. Fla.), 93:245 Tax evasion, DOJ asks court to enforce summons for disclosure to IRS of thousands of U.S. customers with secret Swiss bank accounts (S.D. Fla.), 92:442; Swiss temporary injunction bars handover of bank client data to U.S. authorities, 92:449; Switzerland accuses U.S. of violating bilateral tax treaty, 92:1065; Swiss leader expects investigation to be resolved before new treaty approved, 92:1069; DOJ files memorandum supporting summons seeking U.S. taxpayer identities, 93:28; judge postpones trial, 93:80; U.S. and UBS reach agreement in principle to resolve John Doe summons issues, 93:215; U.S. and UBS still working on final set of issues, 93:290; IRS and DOJ announce agreement with Switzerland on taxpayer names, 93:316; Baucus (D-Mont) and Grassley (R-Iowa) give measured reception to agreement, 93:318; Conn. AG seeks names turned over to U.S., 93:388; Switzerland to hire temporary federal judges to handle U.S. data requests, 93:544; Swiss judge orders UBS to inform clients before turning account details over to U.S., 93:593 Threat of IRS prosecution made disclosure program successful, experts say, 93:783 Travel ban on staff advising foreign clients, bank imposes prohibition pending internal review of compliance with foreign tax rules, 92:899 Whistleblowing banker seeks IRS award for providing help in identifying tax cheats, 93:744
AIG, Geithner defends actions to keep firm afloat, 92:619
Bank supervision
Bernanke supports creation of oversight council, 93:615
Major financial firms favor allocation of oversight to new or existing federal regulator, 92:541 Winding up failed cross-border banks, Basel Comm. issues draft guidelines, 93:508 CDS clearinghouses, GAO study finds some benefits but systemic risk not fully addressed, 92:567 Deposit insurance for nonbank institutions, lawmakers consider expanded FDIC authority to unwind certain firms, 92:666; Bair calls for authority to resolve failing nonbank firms, 92:786; banking group opposes proposal to give FDIC authority to resolve failing financial firms, 92:915; FDIC calls for expansion of authority to include systemically critical institutions, 92:976 EU member states agree to establish macroeconomic supervision body, 93:778 Fair value accounting, proper valuation of assets would have reduced exposures to systemic risk, head of Goldman Sachs says, 92:868 Financial regulatory system overhaul, financial experts warn against dangers of using as basis for identifying and regulating financial institutions, 92:337; Geithner defends Obama administration overhaul proposal at congressional hearing, 92:1414; Investors' Working Group releases report opposing plan to create federal regulatory agency, 93:114; Tarullo says macroprudential outlook must be part of adjustments needed for reform to work, 93:680 FRB role
Bernanke tells Congress that central bank appropriately equipped and ready to oversee system, 93:166
Candidates for federal regulator needs to be able to make emergency loans, former SEC commissioner says, 92:1097 Creditors should be liable for losses if major institutions fail, FRB Minneapolis president proposes, 92:798 Expanded powers could lead to conflict of interest, Bair warns, 92:1416; Kohn tells House panel that board could handle new risk mission while maintaining independence, 93:59 Senate hearing underscores controversy over federal authority, 92:604 Surveillance of whole system good fit for board, Volcker says, 93:561
FRB Boston official calls for ability to require transactions to move to exchanges, 92:1104
IMF reports reduced financial sector risks and remaining threats, 93:654 Insurance
House actions, Bean (D-Ill) and Royce (R-Cal) introduce measure to create optional federal charter and systemic risk accountability rules, 92:801
National Insurance Office to coordinate policy and identify firms that pose risks to U.S. financial system, 93:183 Regulatory policy, industry rules may be reshaped in wake of establishing federal monitor, speakers say, 92:549; trade groups and regulators differ on proposed measure, 92:673 Measurement tools, policymakers need to define, identify, and develop menu of indicators, FRB Philadelphia president says, 92:558 Monitoring, AEI Shadow Financial Regulatory Group endorses limited authority to designate systemically significant firms, 92:1103 Mutual funds, ICI reform proposal calls for federal regulators to oversee systemic risk and capital markets, 92:574 Outlook 2009, new rules for hedge funds likely, analysts say, citing systemic risk potential, 92:233 Oversight of financial markets
Financial Servs. Roundtable recommends FRB take over role, 92:256; Dodd (D-Conn) expresses interest in creation of council to act as watchdog, 92:1094; Bernanke calls for macroprudential oversight system, 92:1095
House actions, Frank (D-Mass) predicts committee vote on measure soon, 92:1102 SEC proposes group of regulators, 92:993 Senate actions, Dodd (D-Conn) to focus on designation of federal regulator, 92:325; Dodd says several banking agencies could share authority for monitoring and regulating systemic risk, 92:738; Bair advises Senate Banking Comm. to give financial stability oversight council more power than FRB to monitor risk, 93:165 State banking, securities, and insurance regulators' groups call for state-federal council, 92:1205 Uber regulator needed to be responsible for everything except monetary policy and systemic risk management, former SEC chair says, 92:748 Shadow Financial Regulatory Comm. warns against problem of moral hazard, 92:383 Too big to fail institutions
Economists recommend setting up resolution process to break up too big to exist institutions, 92:978
FDIC chair calls for greater market discipline to end creation of disruptive elements, 92:669 Contact the Webmaster at webmaster@bna.com Copyright © The Bureau of National Affairs, Inc. All Rights Reserved. |
