With offices all over the world, Bryan Cave attorneys are often quoted in the news. Recent Media Mentions of Financial Institutions Group attorneys include:
Blanchard in GBA Bulletin
Atlanta Partners Jerry Blanchard, Nicole Wade and Associate Wendy Godfrey were highlighted in the December 16, 2011 Georgia Bankers Association (GBA) e-bulletin for their participation in a recent panel discussion at the 2011 GBA Credit Conference, held in Atlanta, Ga. The forum focused on current developments in foreclosure and problem loan collections in Georgia. Participants at the conference included senior lenders from around the state. Click here to read more about the discussion in the GBA e-bulletin.
Rinearson in Forbes, Wall Street Journal Online
New York Partner Judith Rinearson was quoted January 5 by Forbes online and January 6 by The Wall Street Journal online regarding the controversial appointment of Richard Cordray to head the new U.S. Consumer Financial Protection Bureau (CFPB). Cordray, a former Ohio attorney general, was President Barack Obama’s pick to head the CFPB, a watchdog group created by last year’s financial law. But for months, Senate Republicans had refused to confirm him — or anyone — to the post. Obama used his executive constitutional power to appoint Cordray while Congress was in recess. The Senate GOP says the chamber was not fully in recess, and that Obama had no right to push through a “recess” appointment. One interesting aspect of the appointment is how it will impact non-banks. “It’s generally acknowledged that the CFPB has power to oversee banks but what’s interesting is what this oversight means for nonbanks,” Rinearson told Forbes. Click here to read the full piece.
With offices all over the world, Bryan Cave attorneys are often quoted in the news. Recent Media Mentions of Financial Institutions Group attorneys include:
Hightower on BankDirector.com
Atlanta Associate Jonathan Hightower authored an article Nov. 18 for BankDirector.com concerning the pitfalls for banks negotiating lease renewals with insiders. “During the mid-2000s, it was commonplace for a bank, particularly a de novo bank, to lease some or all of their bank facilities from an entity controlled by the bank’s directors,” he wrote. “Most bank directors understand their duty to act in the best interests of the bank, but they are also facing personal financial exposure if the lease is not renewed on terms that allow the [director-owned] entity to continue to service its debt obligations. In addition, given public scrutiny of directors and officers who are perceived to have profited at the expense of the bank they serve, creating a proper process to manage these situations has never been more important.” Click here to read the full article.
McAlpin on BankDirector.com
Atlanta Partner Jim McAlpin authored the second article in a series on “best practices” for bank directors Dec. 2 for BankDirector.com. ”A bank board is like any other working group in that the direction and decisions of a board can be heavily influenced by members who dominate the conversation, or by members who actively discourage discussion or dissent,” wrote McAlpin, who offers tips to help all board members achieve meaningful participation. Click here to read the full article.
Moeling in Bank Director
Atlanta Partner Walt Moeling was quoted in the fourth quarter 2011 issue of Bank Director on challenges facing new directors now and in the near future. “Business plans become much more realistic when they start out with the big picture rather than “do we really want a Wal-Mart greeter in the lobby?” Moeling said. ”Are we going to build for five years and sell? Are we going to acquire? Are we going to stay local or expand?”
With offices all over the world, Bryan Cave attorneys are often quoted in the news. Recent Media Mentions of Financial Institutions Group attorneys include:
McAlpin on BankDirector.com
Atlanta Partner Jim McAlpin authored the first in a series of articles concerning best practices of bank boards Oct. 25 for BankDirector.com. McAlpin said “there has never been a greater need for well-functioning, informed and courageous boards of directors of banks and bank holding companies. There has also never been a more important time for board members to keep in mind that their responsibilities can be boiled down into one simple goal: the creation of sustainable long-term value for shareholders.” This also was the lead article in the BankDirector November e-mail newsletter. Click here to read the full text. The second installment in the series will be published by BankDirector in early December.
Moeling in American Banker, Atlanta Journal-Constitution
Atlanta Partner Walt Moeling was quoted at length Nov. 17 by American Banker regarding the new perception businesspeople have toward serving on a bank board. “Most of them joined because it is one of the great clubs in an area and there is an opportunity to help people in your community. But after four years of foreclosing on your neighbors, watching your friends lose their jobs and seeing your investment lose its value, you’re done,” said Moeling, adding that banks still can find local people to serve, but those directors will have to be prepared to roll up their sleeves a lot. “The compliance burden is huge. Regulators are going to expect directors to be on top of things. The meetings will be longer and more detailed. It will be a lot more demanding than it ever was in the past and it is not going to be as much fun.” He also was quoted Nov. 7 in The Atlanta Journal-Constitution concerning the reasons for the failure of Decatur First Bank in Decatur, Ga. The bank’s quest for growth (it opened subsidiary banks in the mid-2000s in the once-booming Lake Oconee area, about 80 miles east of Atlanta) provided a windfall for a few years until the housing market crashed.
ReVeal on BankDirector.com
DC Counsel John ReVeal was interviewed for two videos now being used on the BankDirector.com Web site. One video focuses on the Bank Secrecy Act (BSA) and how violations are perceived today by regulators. The other, which outlines what a bank board should know about BSA, has become the group’s official training piece concerning BSA and is located in a password-protected section. Click here to view ReVeal’s video on BSA and regulators.
With attorneys and staff worldwide, Bryan Cave often makes the news. Recent media mentions of attorneys in the Financial Institutions Group include:
Walt Moeling in SNL
Walt Moeling was quoted August 11 in an SNL blog post, a product of SNL Financial, regarding the slow down in bank failures (even as the problem bank list has shown no signs of shrinking). Moeling said a number of banks have nonperforming loans on their books that are current, but they have had time to write down the loans to levels closer to market values. In addition, some banks with a high likelihood of failing have recapitalized and should survive. “I think it’s strengthening. Banks that were really clamped down are coming out,” he said. “Not that all the problems are over. Some have bled so much that they’re not going to get a transfusion.”
John ReVeal in Bank Safety & Soundness Advisor
John ReVeal was quoted August 1 by the Bank Safety & Soundness Advisor concerning the final rule on preemption issued recently by the Office of the Comptroller of the Currency (OCC) — a last statement on what has been an opaque, legalistic debate carried out between the U.S. Treasury Department and the OCC. At stake were OCC powers that allow the agency to exempt (or preempt) national banks and thrifts from state consumer finance laws. Dodd–Frank legislation codifies what many consider to be a new, stricter standard. But does the Dodd-Frank standard compel the OCC to change its preemption standards? “What community banks can do is breath a momentary sigh of relief,” ReVeal said. “Preemption still exists. Everything we believed about preemption before Dodd-Frank is still true.” Now the OCC’s view will be tested in the courts. “We just need to watch the new laws and see how that plays out,” ReVeal noted.
With attorneys and staff worldwide, Bryan Cave often makes the news. Recent media mentions of attorneys in the Financial Institutions group include:
Walt Moeling in American Banker
Atlanta Partner Walt Moeling was quoted July 5 by American Banker regarding the recent drop in bank consent orders, formerly called cease-and-desist orders. Since the beginning of 2008, the Federal Deposit Insurance Corp. has issued 851 consent orders. The issuances peaked in November 2009, when the FDIC issued 51 consent orders. In May, just 10 banks entered into consent orders with the FDIC. “At this point, these banks should be getting a “Hallelujah” instead of a consent order,” Moeling said. “These are the survivors that are making it in a lousy market. It isn’t a reflection of the board’s performance, it’s a reflection of the market.” Click here to read the full article.
Judie Rinearson in PaybeforeLegal
New York Partner Judith Rinearson authored an article for the July edition of Paybefore Legal regarding key provisions of the Durbin Amendment to the Dodd-Frank Act. The Federal Reserve Board issued its much-anticipated final rule implementing the amendment on June 29. “And now the real work begins for the industry and its participants “changing programs, business models, disclosures, contracts and more to bring thousands of affected programs into compliance,” she wrote. “But before you can dig in, you need to know if your organization and its prepaid programs are covered by the Fed’s final rule. And if they are, what that means.” Rinearson’s article poses 13 questions to help clients identify whether their prepaid card program is eligible for the interchange exemption, fraud prevention adjustment and routing or exclusivity exemptions. Click here to read the article.
With attorneys and staff worldwide, Bryan Cave often makes the news. Recent media mentions of attorneys in the Financial Institutions group include:
Andreassen on Moneylaundering.com
DC Associate Kristine Andreassen was quoted June 7 by Moneylaundering.com regarding a report from the U.S. Senate Caucus on International Narcotics Control in which lawmakers criticize the U.S. Treasury Department for failing to adequately implement a portion of the Credit CARD Act of 2009. The lack of regulations governing the cross-border transportation of prepaid access products has hamstrung American efforts to combat Mexican drug-trafficking organizations, according to lawmakers. Andreassen said that the Financial Crimes Enforcement Network (FinCEN) ultimately must decide whether to require individuals carrying prepaid access devices to declare the actual or potential maximum value the products have before crossing the border. “One of the issues FinCEN has to account for is cards that cross the border empty, and are then reloaded on the other side,” she said.
Moeling in Atlanta Journal-Constitution, Bank Investment Consultant
Atlanta Partner Walt Moeling was quoted May 27 in The Atlanta Journal-Constitution regarding Georgia Rep. Greg Morris, who has been fined $5,000 by federal bank regulators after he made overdrafts not allowed because of his role as a bank director. Moeling said it’s a relatively minor violation. “Director overdrafts seldom impose any threat to the safety and soundness of a bank,” he said. “Nonetheless they are clear violations and the regulators will act when they find repeat offenders.” He also was quoted May 25 by Bank Investment Consultant regarding a growing group of acquisition-minded community banks, for whom fee-based businesses are looking like a more attractive way to bolster revenue than are traditional bank deals.
Rinearson in Franchise Law News
New York Partner Judith Rinearson authored an article in the current edition of Franchise Law News with tips on how to avoid the legal traps of promotional certificates. A spate of class-action lawsuits claim that the short expiration dates popular with “Groupon-like” gift certificate programs violate applicable laws. “Just because you are compliant with federal law, don’t think you are off the hook,” she cautioned. “With care in structuring these programs, and with good, clear disclosures in all marketing materials, these Groupon-like gift certificate programs can be a true win-win for both consumers and retailers.”
With attorneys and staff worldwide, Bryan Cave often makes the news. Recent media mentions include Kristine Andreassen of the Financial Institutions Group in PayBefore News:
DC Associate Kristine Andreassen was quoted April 21 in PayBefore News on the recent settlement agreement approved with AT&T concerning its advertisement of rebate-related prepaid cards. Plaintiffs accused AT&T (formerly Cingular) of making misleading and unfair advertisements by displaying cell phones as discounted or free after rebate when, in fact, the rebate was distributed post-sale via a network branded prepaid card with limited terms for usage. Andreassen told the publication that this settlement should serve as another reminder of the importance of clear and conspicuous disclosures for all parties involved in rebate card programs. “Merchants using prepaid cards to distribute rebates aren’t usually thought of as having their own disclosure obligations, but clearly, they do,” she said.
With attorneys and staff worldwide, Bryan Cave often makes the news. Recent media mentions of attorneys in the Financial Institutions group include:
Moeling in The Atlanta Journal-Constitution
Atlanta Partner Walt Moeling was quoted March 5 in The Atlanta Journal-Constitution concerning the high number of failed banks in Georgia, many of them concentrated within 70 miles of Atlanta. For the most part, the failed banks were heavily tied to the state’s once-booming housing market. “The banks that failed are a direct reflection of the economy that supported them,” Moeling said. Click here to read the full article.
Custer and Dempsey in The Atlanta Journal-Constitution
Atlanta Partner Bill Custer was quoted March 10 in The Atlanta Journal-Constitution for his representation of a syndicate of banks that held an $89.3 million loan on a large Arizona development that failed. Following a one-week arbitration last December in which Custer and Atlanta Partner Jennifer Dempsey represented the banks, a panel of arbitrators entered an award on Valentine’s Day against longtime Atlanta developer W. Harrison Merrill in the amount of $43.6 million. Unfortunately, the decision does not clear the way for banks, located primarily in the Southeast, to collect the money any time soon. A trial in the Superior Court of Pinal County, Ariz., later this year ultimately will be required to resolve the matter. Click here to read the full article.
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.
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 out of Massachusetts.
Moeling in American Banker
Atlanta Partner Walt Moeling was quoted Nov. 4 by American Banker concerning an announcement by our client Brand Group Holdings Inc. that it will raise up to $200 million through affiliates of Carlyle Group, Stephens Group LLC and Nonami LLC, owned by the Cousins family in Atlanta. Analysts say the deal is the first time in years that private equity has made a big traditional investment in Georgia, rather than using shelf charters or failed banks. “We haven’t had a significant infusion of capital in any Atlanta-based community bank in three years, essentially,” Moeling said. “The banks that are still standing may be battered and bruised but, by God, they’re still standing and the biggest hits have been taken.” Click here to read the article, republished by Bank Investment Consultant. He also was quoted Oct. 27 by American Banker on Ameris Bank, one of the few homegrown banks in Georgia to have bid successfully on multiple failed banks. Ameris just made its fourth failed-bank purchase in the past year – notable given that Ameris has had eight consecutive quarters of net losses largely owing to credit deterioration in real estate-related loans. Analysts say the bank has become a serial acquirer by proving it can handle these takeovers in its recession-battered market.