Banking Report Index-Summary

LATIN AMERICA

See also specific countries
– Remittances, stabilization after steep drop, IADB report, 94:535

LEASING

– Accounting

– – Converged principles, FASB and IASB plans, tentative agreement on definition of lease, 94:290; industry group concerns, 94:365; transitional provisions for finance/capital leases, 94:365; alternative lessor accounting measurement model, possible delay of new standard, 94:670
– – Leveraged leases, FASB tentative decision against special accounting, 94:1181

– Sale-in/lease-out (SILO) transactions, Wells Fargo participation in SILO shelter, tax refund denied (Fed. Cl.), 94:71

LEGISLATION, FEDERAL

– Ed. Note: This heading covers bills with assigned numbers only. For information on measures not yet assigned numbers see specific subject headings.
– Outlook 2010, Special Report, 94:180
– House

– – HR 200, Helping Families Save Their Homes in Bankruptcy Act, CRS report, 94:15
– – HR 225, Emergency Homeownership and Equity Protection Act, CRS report, 94:15
– – HR 1106, Helping Families Save Their Homes Act, CRS report, 94:15
– – HR 1935, Carried interest, Hill Watch, 95:428
– – HR 2267, Internet gambling services operating in U.S., possible support for licensed internet gambling, 95:166; Financial Servs. Comm. markup and vote, 95:213
– – HR 2268, Taxation of licensed internet gambling services, possible support for concept, 95:166
– – HR 2336, Green Resources for energy Efficient Neighborhoods Act, Financial Servs. Comm. approval, 94:814
– – HR 2695, Credit Card Fair Fee Act, debate over savings to merchants and consumers, 94:849
– – HR 2861, Greater say in corporate governance for investors, Kanjorski (D-Pa) hearing announcement, 94:762
– – HR 3221, Student Aid and Fiscal Responsibility Act, Duncan comments on likelihood of passage, 94:356
– – HR 3272, Greater say in corporate governance for investors, Kanjorski (D-Pa) hearing announcement, 94:762
– – HR 3351, Greater say in corporate governance for investors, Kanjorski (D-Pa) hearing announcement, 94:762
– – HR 3506, Eliminate Privacy Notice Confusion Act, reduction in duplicative privacy notices to consumers, 94:753
– – HR 3808, Interstate Recognition of Notarizations Act, Pres. Obama pocket veto of bill, 95:619
– – HR 3904, Overdraft Protection Act, consumer survey results in support of disclosure and limits, 94:277
– – HR 3933, Foreign Account Tax Compliance Act, requirements challenging to implement, Treasury Dep't official remarks, 94:418
– – HR 4173, Wall Street Reform and Consumer Protection Act, CRS report on primary residence exception amendment, 94:15; fix needed for gaps between broker-dealer and investment adviser regulations, 94:226; Dodd (D-Conn) and Corker (R-Tenn) compromise, 94:303; mandatory Volcker rule under consideration, 94:546; Frank (D-Mass) and Dodd remarks on harmonization of proposals, 94:596; plans for swift resolution of differences between House and Senate versions of bills, 94:1003; Senate support for exemptions for auto dealers and insurers, 94:1004; more stringent oversight of derivatives trading, 94:1005; increased oversight of hedge funds and credit rating agencies, 94:1006; concerns about risk retention rules for securitizations, 94:1007; concerns about possible loss of corporate governance provisions in conference, 94:1008; Senate passes bill, 94:1009; possible limits on swaps hedging by pension funds, 94:1009; sunset provisions for Home Valuation Code of Conduct, 94:1068; restrictions on inclusion of trust-preferred securities in Tier 1 capital, 94:1069; selection of Senate conferees, 94:1070; White House role in negotiations, 94:1070; participation by banks in derivatives trading, 94:1071; financial sector contributions to Senate conferees, 94:1072; Wolin remarks on broker fiduciary standard, 94:1090; Senate bill likely model for final version, 94:1118; Sherman (D-Cal) disagreement with Franken (D-Minn) over CRA amendment, 94:1134; Frank remarks on interchange fee cap, 94:1163; opposition to interchange fee cap from community banks, credit unions, and state officials, 94:1165; Collins (R-Maine) amendment could bar TARP shares from Tier 1 capital, 94:1168; few differences on accounting and audit practices, 94:1169; NASAA comments on broker-dealers' obligations to customers, 94:1170; ABA concerns about margin and collateral requirements for swap contracts, 94:1170; Hoenig remarks on Lincoln (D-Ark) proposal on spinning off derivatives businesses, 94:1171; Garrett (R-NJ) remarks on federal standards for covered bonds, 94:1172; Durbin (D-Ill) swipe-fee amendment topic of discussion at conference, 94:1176; Bartlett remarks about problematic provisions, 94:1176; oversight council still sticking point, 94:1227; Frank agrees to put consumer protection agency at FRB, 94:1229; deposit insurance increase and TAG program extension win approval, 94:1230; proxy access, executive pay, and broker-dealer standards still sticking points, 94:1231; hedge fund and private equity advisors and credit rating agencies under new restrictions, 94:1232; swap dealers fiduciary duty to pension funds still under discussion, 94:1233; moderate House Democrats remarks on broad end-user swap exemptions, 94:1234; final push for enactment soon, 94:1277; many new regulations necessary for implementation of bill, 94:1279; SEC oversight of annuity products not in final bill, 94:1280; expansion of FTC powers not in final bill, 94:1280; nonadmitted insurance market taxes in final bill, 94:1280; Johnson (D-SD) fiduciary duty amendment in final bill, 94:1281; tepid support for bill from real estate industry, 94:1282; House approves conference report, 95:5; clarification of derivatives provisions underway, 95:6; small business exemption from compliance with Sarbanes-Oxley Act §404, 95:7; proxy access regime discussion, 95:8; tax on nonadmitted insurance market provisions, 95:9; commercial real estate industry support for bill, 95:15; attorney remarks on SEC gaining most responsibility, 95:55; ISDA warning of impact of wording on capital and liquidity requirements, 95:58; Pres. Obama signs, 95:144
– – HR 4191, Financial transaction tax, U.S. Chamber of Commerce criticism, 94:512
– – HR 4213, American Jobs and Closing Tax Loopholes Act, amendment to tax extenders bill on one-time windfall tax on executive bonuses at certain institutions, 94:474; small business group concerns about payroll tax increase for S corporation shareholders, 94:862; revisions to carried interest provisions necessary, 94:972; carried interest tax hike passes House, 94:1073; Senate amendment softens carried interest tax increase, 94:1184; impromptu cloture vote fails, 94:1245; AEI warning about implications of carried interest tax hike, 94:1246; Miller (D-Cal) request for restoration of fee disclosure provisions, 94:1247; bill tabled, 94:1299; NCPA report criticism of taxing carried interest as ordinary income, 95:19; focus on establishment of Consumer Protection Bureau, 95:89; Senate approves bill, 95:90; bill as key component of overall Obama administration economic plan, 95:93; implementation of reforms next agenda item for Obama administration, 95:94; exemption of small public companies from Sarbanes-Oxley Act §404, 95:94; streamlined tax collection for insurance market, 95:95; Gensler remarks on CFTC implementation plans, 95:95; dormant carried interest tax hike proposal, 95:221; American Bar Ass'n carried interest concerns, 95:887
– – HR 4506, Bankruptcy Judgeship Act, House passes bill, 94:517; Senate Judiciary Comm. approval, 94:1097
– – HR 4562, Cash Back Reward Act, Lewis (D-Ga) proposal for temporary income tax deduction for credit card interest, 94:276
– – HR 4790, Shareholder Protection Act, Financial Servs. Comm. approves bill, 95:272
– – HR 4868, Housing Preservation and Tenant Protection Act, Financial Servs. Comm. approval of bill, 95:218
– – HR 4872, Health Care and Education Affordability Reconciliation Act, federal student loan reform makes way into bill, 94:547; deleted Pell Grant provisions unlikely majorly impacting proposal, 94:616
– – HR 4976, Internet gambling taxation and regulation, McDermott (D-Wash) introduces bill, 94:653
– – HR 5042, Private civil actions for violations of federal securities laws, Hill Watch, 95:428
– – HR 5043, Private Student Loan Bankruptcy Fairness Act, Judiciary Comm. panel passes bill, 95:458; Judiciary Comm. panel hearing on fairness of allowing discharges of private student loan debt, 94:814
– – HR 5072, Federal Housing Administration Reform Act, Financial Servs. Comm. approval, 94:842; FHA Comm'r request for realtor help in passing bill, 94:968; House passes bill, 94:1172; Hill Watch, 95:428
– – HR 5297, Small Business Lending Fund Act, Financial Servs. Comm. approval, 94:1012; beginning of debate set, 94:1182; House passes bill, 94:1235; CBO scoring of Senate amendments, 95:14; consideration of bill likely to resume soon, 95:147; continuing discussions on proposed amendments, 95:253; Hill Watch, 95:427; Pelosi (D-Cal) call for consideration of Senate version of bill, 95:446; House passes revised bill, 95:498; terms sheets likely released soon, Sperling remarks, 95:690
– – HR 5311, Community Development Financing Act, Pascrell (D-NJ) bill on permanent tax exemption for certain municipal bonds, 94:970
– – HR 5486, Small business tax bill, likely marriage to small business lending bill, 94:1183
– – HR 5502, ECO-Gift Card Bill, delay on requirements for printing CARD Act info on prepaid cards, 95:265
– – HR 5551, Treasury Dep't certification of disposition of money, House passes ethics requirement bill, 94:1289
– – HR 5623, First-time home buyer tax credit deadline extension, Senate passes bill, 95:19
– – HR 5777, Data collection practices disclosure, Rush (D-Ill) data privacy bill, 95:153; merger with competing bill possible, 95:213; Hill Watch, 95:428
– – HR 5816, Commercial real estate credit guarantee program, Financial Servs. Comm. hearing, 95:210
– – HR 5823, United States Covered Bonds Act, Financial Servs. Comm. markup of minimum standards bill likely soon, 95:166; Financial Servs. Comm. reports bill out of committee, 95:250; Financial Servs. Comm. approves bill, 95:268; Hill Watch, 95:428; Krimminger warnings of complications in bill, 95:454
– – HR 5901, Real Estate Jobs and Investment Act, House passes bill, 95:219
– – HR 5943, Community Recovery and Enhancement Act, interest groups express support for temporary tax incentives, 95:266
– – HR 5948, Repeal of Dodd-Frank Act confidentiality language for SEC, Campbell (R-Cal) bill, 95:269
– – HR 5970, SEC Transparency Act, Paul (R-Tex.) bill on repealing §929I of Dodd-Frank Act, 95:269
– – HR 5981, FHA mortgage insurance premium increase, House passes bill, 95:206; Senate passes bill, 95:256
– – HR 6099, Automatic IRAs, Hill Watch, 95:428
– – HR 6198, Bankruptcy Technical Corrections Act, House passes Senate amendment, 95:1122
– – HR 6322, Permanent home private mortgage insurance premium tax deduction, Crowley (D-NY) bill, 95:631
– – HR 6420, Red Flag Program Clarification Act, bipartisan bill amending Fair Credit Reporting Act definition of creditor, 95:935

– Senate

– – S 61, Helping Families Save Their Homes in Bankruptcy Act, CRS report, 94:15
– – S 896, Helping Families Save Their Homes Act, CRS report on primary residence exception amendment, 94:15
– – S 1379, Energy Efficiency in Housing Act, expert testimony before Banking Comm. panel, 95:19
– – S 1551, Private civil actions for violations of federal securities laws, Hill Watch, 95:428
– – S 1799, Fairness and Accountability in Receiving (FAIR) Overdraft Coverage Act, consumer survey results in support of disclosure and limits, 94:277
– – S 1934, Foreign Account Tax Compliance Act, requirements challenging to implement, Treasury Dep't official remarks, 94:418
– – S 2862, Small Business Export Enhancement and International Trade Act, Small Bus. and Entrepreneurship Comm. approval, 94:13
– – S 2869, Small Business Job Creation and Access to Capital Act, Small Bus. and Entrepreneurship Comm. approval, 94:13
– – S 2916, Block of IRS notice allowing Citigroup to preserve tax benefits after exiting TARP, introduction, 94:15
– – S 2919, Federal Credit Union Act amendments, expansion of business lending allowances, 94:133
– – S 2927, Financial transaction tax, U.S. Chamber of Commerce criticism, 94:512
– – S 3005, National Institute of Finance establishment, coordinator of systemic risk response, 94:318
– – S 3217, Financial reform legislation, possible schedule for floor vote, 94:733; voting action without extended debate blocked, 94:789; interest groups' request for language on fiduciary duty on broker-dealers, 94:813; Bair call for changes on derivatives language, 94:839; push for revision of remittance language in measure, 94:843; calls for more limits on proprietary trading and tougher capital standards, 94:899; addition of Cantwell (D-Wash) anti-manipulation amendment, 94:903; Lincoln (D-Ark) defense of controversial derivatives oversight language, 94:904; Geithner and Paulsen remarks, 94:907; fiduciary duty for broker-dealers, 94:926; move to end debate, 94:949; successful FRB retention of oversight powers, 94:950; reduction in size of interchange fees, 94:951; defeat of exemption for certain OTC derivatives from mandatory central clearing and exchange trading provisions, 94:953; amendments about credit ratings market, 94:954; alleged legislation of accounting standards, 94:955; Treasury Dep't authority to impose financial sanctions for impeding U.S. tax enforcement efforts, 94:956; amendments outlining fiduciary duty for broker-dealers, 94:956; plans for swift resolution of differences between House and Senate versions of bills, 94:1003; Isaac remarks on “too big to fail” institutions, 94:1014; bipartisan group support for swipe fees amendment, 94:1067; Pitt criticism of measure, 94:1081; Senate bill likely model for final version, 94:1118
– – S 3579, Data Security Act, reintroduction of bipartisan bill on protecting financial account information, 95:106
– – S 3717, Repeal of FOIA exemptions for SEC in Dodd-Frank Act, House passes bill, 95:516
– – S 3742, Data Security and Breach Notification Act, concerns from coalition of industry groups, 95:315
– – S 3760, Automatic IRAs, Hill Watch, 95:428
– – S 3826, Regulations from Executive in Need of Scrutiny Act, DeMint (R-SC) bill on Congressional approval of major rulemaking, 95:515
– – S 3987, Red Flag Program Clarification Act, Senate approves bill narrowing scope of FTC rule, 95:1024; House passes bill, 95:1062
– – S 4036, Revisions to Federal Credit Union Act, Senate approves bill, 95:1116

LICENSING

– Loan modification, Wash. governor signs measure, 94:525
– Mortgage lenders, brokers, and loan originators, all states and territories likely using national registry system by end of 2010, 94:1127; final rule establishing national registry, 95:262

LIECHTENSTEIN

– Liechtenstein Global Trust annual report, FY2009, 94:583
– Tax evasion, payment to German tax authorities to settle aiding and abetting charges, 95:1129

LIQUIDITY

– Commercial Paper Funding Facility, FRB closes program, 95:402
– Cost-benefit analysis of FRB actions to stabilize financial markets, CBO report, 94:1075
– GMAC Financial Servs., additional $3.8B in Treasury Dep't capital for increased government stake, 94:10; fourth quarter losses, 94:66
– Regulatory reform, report by Comm. on Global Financial System, 94:1104
– Small business lending, FRB questionnaire on improvements, 95:299
– TALF

See TERM ASSET-BACKED SECURITIES LOAN FACILITY (TALF)

– Term Auction Facility (TAF)

See MONETARY POLICY

– Term deposits for commercial banks with balances at Federal Reserve, final rule, 94:844

LITIGATION

– Ed. Note: For lower court cases see specific subject headings. For Supreme Court actions, see SUPREME COURT, U.S.
– Noncash assets, DOL amendment of prohibited transaction class exemption expanding types of assets plan fiduciaries may accept in settling suits, 94:1257

LOAN MODIFICATION

– Accounting, troubled debt within pools accounted as single assets, FASB guidance, 94:854
– Bankruptcy, Senate measure

See LEGISLATION, FEDERAL, S 61

– Buybacks of modified loans, investor suit against BoA dismissed (N.Y. Sup. Ct.), 95:697
– Debt collection letters and correspondence, reinstatement of class action against loan servicer under Fair Debt Collection Practices Act (7th Cir.), 95:229
– Delinquencies, 2009 statistics, State Foreclosure Prevention Working Group report, 95:349
– Fannie Mae statistics, first quarter 2010, report to SEC, 94:966
– Foreclosure controversy prompts FHA examination of completed deals, 95:722
– Fraud

– – Lawyer and 2 associates alleged involvement in nationwide scam (Cal. Super. Ct.), 94:237
– – Upfront fees from rescue firms, FTC proposed prohibition, 94:275; public comments sought, 94:513

– Hill Watch, 94:712
– Home Affordable Mortgage Program

– – Congressional Oversight Panel report on pace of foreclosures versus workouts, 94:747; May 17 update, 94:1020; Dec. 14 update, 95:1058
– – Foreclosure

– – – Bar for potentially eligible homeowners, 94:594
– – – Treasury Dep't proposal prohibiting action against homeowners not under consideration, 94:403

– – House Oversight panel probe of effectiveness in helping homeowners, 94:304
– – Moore (D-Kan) letter to Geithner asking for better results, 94:968
– – Performance analysis and improvement

– – – Grassley (R-Iowa) letter to Geithner, 95:218
– – – State working group report, 94:138

– – Permanent modifications too complicated for many borrowers, lender remarks, 94:1294
– – Principal reduction by lenders, changes emphasizing preferred solution, 94:593
– – Related tax issues, BNA Insights, 95:37
– – Revised Treasury Dep't guidance for mortgage servicers, 94:210; fair lending experts' evaluation of performance data, 95:256; correction to page 95:256, 95:320
– – Workout statistics to date, 94:137; Jan. 2010 statistics, 94:356

– Licensing of modifiers, Wash. governor signs measure, 94:525
– Reduction of principal key to resolving home loans, TARP oversight official remarks, 95:784
– Servicers failing in homeowner aid efforts, Senate Appropriations Comm. hearing, 94:861
– Shared-loss agreements, FDIC IG report, 94:462
– TARP initiative falling short of expectations, SIGTARP report critical of Treasury Dep't overstatements, 95:783
– Up-front fees for services, FTC final rule prohibiting mortgage relief company charges, 95:936

LOBBYING

– Goldman Sachs plans for political contributions and political advertising, 95:272
– Heavy lobbying activity relationship to risky lending and poor performance, IMF analysis, 94:31
– Regulatory reform, nearly 1500 registrants connected closely with Congress, interest group report, 94:1132
– Shareholder protection

See LEGISLATION, FEDERAL, HR 4790

LOCAL GOVERNMENT

See STATE AND LOCAL GOVERNMENT

LOUISIANA

– Failed banks, Statewide Bank of Covington, 94:514
– Mergers and acquisitions, First Delta FCU of Marks, Miss., merger with Shreveport FCU of Shreveport, 95:20

LUXEMBOURG

– Madoff Ponzi scheme

– – Liquidator suit against UBS and Ernst & Young, 94:620
– – UBS liability as custodian bank for European feeder mutual funds, 94:490; preliminary probe, 94:1200