Recent Articles

Bank of America Stops Selling Loans to Fannie Mae

February 24, 2012 17:03

Bank of America (B of A) will not be selling any more mortgage loans to secondary mortgage market GSE Fannie Mae. The trigger for this move appears to be the ongoing dispute between Fannie Mae and B of A that...

Webinar Opportunity for UCC Profs and Practitioners

February 23, 2012 22:28

This coming Tuesday, Feb. 28, 2012, Continental Corporate Services will be hosting a free webinar regarding the Uniform Commercial Code, Revised Article 9. The same session will be broadcasted once at 10:30 am EST and again at 2:30 pm EST....

CFPB Is Looking Into Overdraft Fee Issues

February 22, 2012 21:22

The Consumer Financial Protection Bureau (CFPB) has opened an inquiry into overdraft fee practices. Today, CFPB representatives are in New York at town hall meeting for consumers to share their overdraft fee experiences. The CFPB also has a Notice and...

Capital One Approval as a Road Map for "Too Big to Fail" Standards?

February 21, 2012 21:06

Capital One received a valentine in the form of the February 14, 2012, Federal Reserve approval of Capital One's application to acquire ING Bank, fsb (“FSB”), Wilmington, Delaware, and indirectly also ShareBuilder Advisors, LLC (“ShareBuilder”) and ING Direct Investing, Inc....

News for UCC Profs

February 17, 2012 20:59

To avoid litigation, the Cheesecake Factory will post drink prices on its menus in Massachusetts. Under the Article 2 of the Uniform Commercial Code - Sales, a restaurant meal is a "sale of goods." Under 2-305, if the parties to...

Federal Housing Act Discrimination Case Settles Just Before U.S. Supreme Court Argument

February 13, 2012 16:30

The U.S. Supreme Court was scheduled to hear oral argument in Magner v. Gallagher on February 29, 2012. The issue in the case is whether "disparate impact" is an appropriate standard to establish racial discrimination in a Fair Housing Act...

Update on FDIC D&O Litigation

February 09, 2012 19:20

FDIC currently reports that as of Jan. 18, 1012: "FDIC has authorized suits in connection with 44 failed institutions against 391 individuals for D&O liability with damage claims of at least $7.7 billion. This includes 19 filed D&O lawsuits (2...

U.S. Banks Buying CMOs

February 08, 2012 22:25

The Financial Times reports that low interest rates in the economy are prompting U.S. banks to increase holdings of Collateralized Mortgage Obligations which carry a higher return than U.S. Treasuries. It would be deja vu all over again -- but...

Proposed State Administrative Procedure Change

February 04, 2012 16:32

The Administrative Judge's ruling would be the final word -- no review by the agency with an opportunity to change the AJ's opinion -- if this MN bill (HF1560) becomes law. The MN House State Government Finance Committee passed the...

FOMC Projections Released

January 27, 2012 21:04

The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released summaries of the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the January 24-25...