Alert August 08, 2006

Financial Services Alert - August 8, 2006

  • Pension Reform Bill Passes House and Senate; President Expected to Sign
  • Federal Banking Agency Counsel Determine State Laws Seeking to Prohibit ILC Branching May More Broadly Limit De Novo Bank Branching
  • New Hampshire Gift Certificate Laws Preempted for Mall Gift Cards Issued by National Bank and Federal Savings Association
  • OTS Provides Flexibility in Lending through Operating Subsidiaries
  • Federal Court Dismisses Claim that Card Processor is Liable under Theory of Breach of Contract for Damages from Merchant’s Security Breach
  • SEC Moves Forward on Study Comparing Effect of Broker-Dealer and Adviser Regulatory Systems on Investors
  • Enforcement of Presentment Warranties not Prejudiced by Inability to Produce Paper Check
  • DOL Issues Advisory Opinion on PTE 77-3 and 12b-1 Fees
  • OTS Permits Purchase Agreement to Enable Thrift to Exclude Asset from Asset Caps
  • MSRB Seeks Comment on Use of “Access Equals Delivery” Model for Official Statements Relating to New Issue Municipal Securities Including 529 College Savings Plans
  • SEC Chairman States Agency Will Not Seek Review of Hedge Fund Decision
  • ABA Promotes “Standardized” Basel II Approach