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Treasury Releases Small Business Lending Fund Application, Term Sheets and Guidelines

December 23, 2010

Authors

Bryan Cave

Treasury Releases Small Business Lending Fund Application, Term Sheets and Guidelines

December 23, 2010

by: Bryan Cave

On December 21, 2010, the U.S. Treasury published the application form, term sheet and other guidance for participation in the $30 billion Small Business Lending Fund (SBLF) that was authorized under the Small Business Jobs Act earlier this year.   As a result, banks considering participation in the program have a variety of new resources available to them via Treasury’s website for the SBLF.   These resources include:

A summary of the SBLF’s principal provisions follows, but is not exhaustive.  Please see the documents listed above and Treasury’s SBLF website for more detailed information about the program and application process.

Eligibility

Asset size: Total assets of less than $10 billion

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Financial Services Update – December 17, 2010

December 17, 2010

Authors

Matt Jessee

Financial Services Update – December 17, 2010

December 17, 2010

by: Matt Jessee

Congress Passes Tax Package

On Monday, the Senate passed the $858 billion tax package sending the bill back to the House where it passed late Thursday night. The bill now heads to President Obama’s desk for his signature into law. While the package does not include a repeal of the Form 1099 health care requirement or extension of the Buy American Bond program, the bill does the following major items:

  • extends through 2012 the current individual income tax brackets, capital gains and dividends rates for all taxpayers;
  • increases the AMT exemption amounts for 2010 to $47,450 (individuals) and $72,450 (married filing jointly) and for 2011 to $48,450 (individuals) and $74,450 (married filing jointly);
  • extends through 2011 the ability to take an itemized deduction for state and local general sales taxes in lieu of the itemized deduction permitted for state and local income taxes;
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Financial Services Update – December 10, 2010

December 10, 2010

Authors

Matt Jessee

Financial Services Update – December 10, 2010

December 10, 2010

by: Matt Jessee

Senate to Vote on Tax Package Monday; House Passage Remains Uncertain

On Thursday, the Senate unveiled final details of its $858 Billion 10-year tax bill and will vote on the procedural motion to pass the bill Monday.  However, it is unclear whether the House can pass the bill in its current form.  Below is a summary of the provisions.  Click here for a copy of the entire bill.

Fannie and Freddie in Negotiations on Write Downs

Reports this week indicate that Fannie Mae and Freddie Mac are in negotiations with the Federal Housing Finance Agency (FHFA) on a plan to write down so-called “underwater loans” on their balance sheets. The Obama administration wants the firms to join a program run by the Federal Housing Administration that allows banks and other creditors, which agree to write down mortgages, to essentially hand off the reduced loans to the FHA. Unlike most loan-modification

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Media Mentions – December 3, 2010

December 3, 2010

Authors

Jeannie Osborne

Media Mentions – December 3, 2010

December 3, 2010

by: Jeannie Osborne

With attorneys and staff worldwide, Bryan Cave often makes the news.  Recent media mentions  include Rob Klingler of the Financial Institutions group on NPR.

Atlanta Associate Robert Klingler was interviewed Nov. 23 on National Public Radio’s “All Things Considered” concerning the FDIC’s recently released list of problem banks. The number has gone up again – 860 institutions are on its official watch list. That’s the most since 1993. “We’ve had banks that survived the Great Depression but couldn’t make it through the Great Recession, and each one is a traumatic event,” Klingler said. Click here to read a full transcript of the interview.

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Financial Services Update

November 29, 2010

Authors

Matt Jessee

Financial Services Update

November 29, 2010

by: Matt Jessee

Irish Bailout Finalized Sunday

On Sunday, Ireland finalized plans for a bailout from the European Union (EU) and International Monetary Fund (IMF), after approval from EU finance ministers. European leaders hoped that such a measure would be a firewall against further bailouts in other Eurozone countries, but concern has grown over the past week that Portugal and Spain could also need such loans. The rescue package for Ireland is estimated to be worth tens of billions of dollars. Individual European nations have also announced their own loans to Ireland. Britain is putting together a $11.5 billion package and Sweden’s prime minister announced a $1.5 billion loan on Thursday. Irish Prime Minister Brian Cowen last week announced a four-year “austerity plan” designed to cut spending and increase taxes. The plan would save $13.4 billion through welfare cuts and raise $6.7 billion through higher taxes. The plan’s spending cuts include reductions in the minimum

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Media Mentions – November 22, 2010

November 22, 2010

Authors

Jeannie Osborne

Media Mentions – November 22, 2010

November 22, 2010

by: Jeannie Osborne

With attorneys and staff worldwide, Bryan Cave often makes the news.  Recent media mentions of attorneys in the Financial Institutions group include:

Blanchard in Atlanta Business Chronicle

Atlanta Partner Jerry Blanchard was quoted Nov. 4 in the Atlanta Business Chronicle in connection with a resurgence of energy from Georgia banks. The state has suffered numerous bank failures, and even those that did not go under have in large part been hibernating during the recession. But now they are starting to look for capital again, he said. “To the extent that everybody has been looking for light at the end of the tunnel, this is a little light,” Blanchard said.

Klingler in Banker & Tradesman.

Atlanta Associate Robert Klingler was quoted extensively Oct. 18 in Banker & Tradesman on the good and bad that small banks have seen since accepting TARP funds. Banker & Tradesman is a banking trade publication

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Financial Services Update

November 22, 2010

Authors

Matt Jessee

Financial Services Update

November 22, 2010

by: Matt Jessee

Debate Over Extension of Bush Tax Cuts Continues

On Thursday, House Majority Leader Steny Hoyer (D-MD) and House Speaker Nancy Pelosi (D-CA) told House Democrats at a closed door meeting that the House would vote before the end of the year on extending the Bush tax cuts for only those individuals making less than $250,000. However, even if such a measure were to pass in the House, it is unclear whether the Senate will agree to such a vote. There is still the possibility the bill may not pass the House if Republicans are able to successfully pass a procedural response, known as a “motion to recommit,” that could force a House vote on a full extension of the Bush tax cuts.  According to sources, Pelosi told President Barack Obama that House Democrats remain firmly committed to allowing Bush-era tax cuts to expire for earners making more than $250,000, which

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Renewing “High Rate Area” Determinations

November 14, 2010

Authors

Robert Klingler

Renewing “High Rate Area” Determinations

November 14, 2010

by: Robert Klingler

As we have previously discussed, FDIC determinations that a bank is operating in a “high rate area” remains effective only for the calendar year in which it was granted.  All banks that received a high-rate determination in 2010 are required to submit a new request to the FDIC in order to continue their ability to use the local market average calculation method for determining their rate cap in 2011.

The FDIC has informed us that these requests will not be processes prior to year-end, but that banks that submit a request will be entitled to continue to use the local market average calculation method until notified in writing otherwise by the FDIC.

The FDIC has also confirmed that all of the states within the Atlanta region continued to be considered high-rate areas for the fourth quarter of 2010.  This determination, which is separate from a specific determination that

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Financial Services Update

November 12, 2010

Authors

Matt Jessee

Financial Services Update

November 12, 2010

by: Matt Jessee

Obama Trade Mission to Asia

On Friday, President Obama landed in Japan, the last leg of his 10-day, four-nation trade mission which included previous stops in India, Indonesia, and South Korea. The most recent stop in Seoul was marred by negotiators’ failure to finish a long-delayed U.S.-South Korea free trade agreement and squabbling at a G-20 summit over U.S. monetary policy. In Japan, Obama will attend an Asia-Pacific economic summit in Yokohama, which will set the stage for the next APEC summit scheduled for 2011 in Hawaii. He will also meet with Japan’s new prime minister, Naoto Kan, to discuss Japan’s potential membership in the U.S.-backed Transpacific Partnership free-trade initiative. However, Kan faces opposition from Japan’s politically powerful farm groups who oppose Japan’s membership in the trade measure.

Axelrod on Taxes and Healthcare

On Wednesday, White House Senior Advisor David Axelrod acknowledged during an interview that President Obama might agree

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Creditors: Proceed with Caution on Involuntary Bankruptcy Filings

November 11, 2010

Authors

Bryan Cave

Creditors: Proceed with Caution on Involuntary Bankruptcy Filings

November 11, 2010

by: Bryan Cave

A recent Ninth Circuit Court of Appeals decision provides several clear messages regarding the dangers of poorly thought out involuntary bankruptcy petitions. In In re Southern California Sunbelt Developers, Inc., 608 F.3d 456 (9th Cir. 2010), the two debtors placed into involuntary bankruptcies won an attorney fee award of $745,000 and a punitive damages award of $130,000 against all 13 petitioning creditors.

Section 303(b) of the Bankruptcy Code provides the general rule that an involuntary chapter 7 or 11 case may be commenced “by three or more entities, each of which is either a holder of a claim . . . that is not contingent as to liability or the subject of a bona fide dispute as to liability or amount, or an indenture trustee representing such a holder, if such noncontingent, undisputed claims aggregate at least $13,475 . . .” more than the value of the underlying collateral (if

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