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Senate-passed Regulatory Reform Offers Real Benefits to Depository Institutions under $10 Billion in Assets

March 15, 2018

Authors

Robert Klingler

Senate-passed Regulatory Reform Offers Real Benefits to Depository Institutions under $10 Billion in Assets

March 15, 2018

by: Robert Klingler

On March 14, 2018, the Senate passed, 67-31, the Economic Growth, Regulatory Relief and Consumer Protection Act, or S. 2155.  While it may lack a catchy name, its substance is of potentially great importance to community banks.

The following summary focuses on the impact of the bill for depository institutions with less than $10 billion in consolidated assets.  The bill would also

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Constitutional Challenge to Garnishment Statute

March 4, 2013

Authors

Bill Custer and Julia Fenwick Ost

Constitutional Challenge to Garnishment Statute

March 4, 2013

by: Bill Custer and Julia Fenwick Ost

This update is provided to our earlier post regarding the passage of HB 683 in 2012 permitting banks to answer garnishments without the need for an attorney.   As you may recall, we advised you then that there may subsequently be a challenge to the statute of on the grounds that the statute allegedly violates the separation of power principle set forth in the Constitution of Georgia.  As we predicted, Georgia Legal Services Program (“GLSP”) has recently challenged HB 683 on precisely this ground.

GLSP is challenging this law on the grounds that the General Assembly cannot define the practice

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New Georgia Garnishment Reform Bill Allows Bank Employees to Answer Garnishments Directly

February 15, 2012

Authors

Bill Custer and Julia Fenwick Ost

New Georgia Garnishment Reform Bill Allows Bank Employees to Answer Garnishments Directly

February 15, 2012

by: Bill Custer and Julia Fenwick Ost

Georgia Governor Nathan Deal recently signed into law HB 683, a bill that reforms the way in which banks and other corporations may respond to a garnishment summons.  Under the new law, banks may now use their own employees to respond to a garnishment summons and are no longer required to hire an attorney for this task.

This statute seeks to overrule a 2011 Georgia Supreme Court decision which held that corporations must use a Georgia-licensed attorney to answer garnishments, and that non-lawyer employees who responded to garnishments on behalf of their employers were engaging in the unauthorized practice of

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Senate Defeats Bill to Delay Interchange Fee Caps

June 8, 2011

Authors

Bryan Cave Leighton Paisner

Senate Defeats Bill to Delay Interchange Fee Caps

June 8, 2011

by: Bryan Cave Leighton Paisner

After a long and divisive lobbying fight, retailers defeated the banking industry Wednesday as the Senate narrowly defeated legislation to delay new caps on debit-card swipe fees.

The legislation was offered by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) and failed on a 54-45 vote, falling just six votes shy of the 60 needed for passage and clearing the way for a provision in last year’s Dodd-Frank Wall Street reform law to take effect July 21.

The provision, often referred to as the “Durbin Interchange Amendment” required the Federal Reserve to establish fair and reasonable interchange fees for many

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Senate Adopts Corporate Finance and Executive Compensation Reforms

June 1, 2010

Authors

Robert Klingler

Senate Adopts Corporate Finance and Executive Compensation Reforms

June 1, 2010

by: Robert Klingler

In addition to significant reforms specific to the financial services industry, the Financial Reform Bill is likely to contain a number of significant provisions that would affect corporate governance and executive compensation at public companies, as well as Regulation D private placements, whistleblowers and beneficial ownership reporting.

We address the reforms contained in the Senate-adopted “Restoring American Financial Stability Act of 2010” and compare to the House-adopted “Wall Street Reform and Consumer Protection Act of 2009.”  As the Senate and House are now proceeding to the reconciliation phase, it is difficult to predict what changes, if any, will be made

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Will Trust Preferred Retain Tier 1 Capital Status?

May 27, 2010

Authors

Barry Hester and Bryan Cave Leighton Paisner

Will Trust Preferred Retain Tier 1 Capital Status?

May 27, 2010

by: Barry Hester and Bryan Cave Leighton Paisner

The Senate-approved version of the Restoring American Financial Stability Act of 2010 raises many issues for community banks.  Provisions added to it by the amendment of Senator Susan Collins (R-Maine), however, are drawing special attention.  The full text of the amendment can be found as Section 171 of the Senate-approved legislation.  The Senate unanimously consented to Senator Collins’ amendment by voice vote on May 13, 2010.

The amendment requires the various federal banking regulators to establish minimum leverage and risk-based consolidated capital requirements for all banks, all bank holding companies, and those non-bank financial firms subject to regulation

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Senate Publishes Text of Regulation Reform Bill

May 27, 2010

Authors

Robert Klingler

Senate Publishes Text of Regulation Reform Bill

May 27, 2010

by: Robert Klingler

On May 26, 2010, the Senate released the official copy of the Senate-passed “Restoring American Financial Stability Act of 2010.”  Before becoming law, the senate-approved bill will need to be reconciled with the previously House-passed “Wall Street Reform and Consumer Protection Act of 2009.”  We understand the White House is pushing for reconciliation of the two bills before the Fourth of July congressional recess.

The reconciliation process can lead to dramatic changes in the final legislation, including changes and additions that are not currently reflected in the house or senate versions.  For example, in 1980, the increase in

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Enhanced Deposit Insurance Extended Through 2013

May 21, 2009

Authors

Robert Klingler

Enhanced Deposit Insurance Extended Through 2013

May 21, 2009

by: Robert Klingler

On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act of 2009 (Senate Bill 896).  Among other things, the Act:

Frank Introduces TARP Reform and Accountability Act of 2009

January 9, 2009

Authors

Robert Klingler

Frank Introduces TARP Reform and Accountability Act of 2009

January 9, 2009

by: Robert Klingler

On January 9, 2009, Barney Frank introduced H.R. 384, the TARP Reform and Accountability Act, to amend the TARP provisions of the Emergency Economic Stabilization Act of 2008.

As introduced, the Reform Act would: require quarterly reporting on the use of TARP funds, limit the ability to use TARP funds to acquire healthy institutions, require additional compensation limitations, and require Treasury to make TARP Capital available to smaller depository institutions, including Subchapter S corporations and mutuals.

It is important to remember that this is the initial legislation as proposed by Congressman Frank, and it may never become the law, or

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