Bank Law Monitor
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SEC Adopts Final Cybersecurity Disclosure Rules for Public Companies
The Securities and Exchange Commission (SEC) adopted new rules in late July 2023 that will require publicly traded companies to disclose information to assist investors in understanding the processes companies use to manage their cybersecurity risks...
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The Supreme Court Abrogates Tribal Immunity in Bankruptcy Proceedings
On June 15, 2023, Justice Jackson led the majority in an 8-1 decision holding that the Bankruptcy Code abrogates federally recognized tribes’ sovereign immunity. The decision has significant implications for tribal creditors in bankruptcy proceedings...
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TL;DR: The Feds on SVB and Deposit Insurance Reform
The Federal Reserve recently published a whopping 118-page review of the failure of Silicon Valley Bank (SVB), and three days later the FDIC published a 75-page report outlining several ideas to reform our deposit insurance system. We know you are b...
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Paperclips and Staples: “Affixing” Allonges under the UCC
In the age of digital transactions and DocuSign, the importance of lenders storing and maintaining original loan documents has waned. But exceptions persist. In a recent decision, the Washington Court of Appeals (Division I) outlined one of the remai...
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Supreme Court Limits the Ability to Discharge Debts Obtained by Fraud
The discharge provided in bankruptcy is fundamental, allowing the “honest but unfortunate” debtor a fresh start. There are various exceptions to the discharge found in Sections 523 and 727 of the Bankruptcy Code—designed to prevent the discharge of d...
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FedNow—The Fed Announces Launch Timeline and Pricing
The Federal Reserve’s long-awaited new payment system, FedNow, will be here and available to financial institutions sooner than we expected. In fact, many organizations have already been participating in the FedNow Pilot Program, including a num...
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