Despite the existence of a prior acts exclusion in an insurance policy, the officers and directors of a failed bank were entitled to coverage for a lawsuit brought by the Federal Deposit Insurance Corporation (FDIC), the U.S....more
The Board of Governors of the Federal Reserve System requested public comment on a proposal intended to enhance the effectiveness of boards of directors, refocusing the regulator’s supervisory expectations of boards....more
Why it matters -
Bank officers may be liable in a lawsuit brought by the Federal Deposit Insurance Corp. (FDIC) while the directors escaped liability, in a new ruling from the Fourth Circuit Court of Appeals interpreting...more
9/23/2015
/ Affidavits ,
Appeals ,
Articles of Incorporation ,
Banking Sector ,
Board of Directors ,
Breach of Duty ,
Business Judgment Rule ,
Corporate Officers ,
Enforcement Actions ,
Exculpatory Clauses ,
Expert Witness ,
FDIC ,
Fiduciary Duty ,
Gross Negligence ,
Loans ,
Negligence ,
Personal Liability ,
Rebuttable Presumptions ,
Reversal ,
Summary Judgment
Why it matters -
One Colorado credit union is taking matters into its own hands after the Federal Reserve Bank of Kansas City (FRB-KC) and the National Credit Union Association (NCUA) rejected the institution's...more
9/1/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Credit Unions ,
Declaratory Judgments ,
Department of Justice (DOJ) ,
Due Process ,
Financial Institutions ,
FinCEN ,
Marijuana Related Businesses ,
NCUA ,
Suspicious Activity Reports (SARs) ,
Tenth Amendment
Taxes remain a certainty in life, but in an effort to reduce confusion regarding the ownership of tax refunds—particularly in light of court opinions reaching varying conclusions when considering failed banks—the Board of...more
Community Banks and the Volcker Rule: What’s Next? -
For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more
1/17/2014
/ Arbitration ,
Banking Sector ,
Collateralized Loan Obligations ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Social Media ,
Trust Preferred Securities ,
Volcker Rule