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12 May 2024, 9:01 pm
., they are “in-scope”): “qualified public depositories” (“QPDs”), which are depository institutions designated by the Florida Chief Financial Officer (“Florida CFO”) as qualified to take Florida public deposits pursuant to Chapter 280 of the Florida Statues;[2] “financial institutions subject to the financial institutions codes”—e., “state-authorized or state-chartered financial… [read post]
22 Apr 2024, 8:01 am
Under the bill, state non-depository trust companies may issue up to $10 billion in payment stablecoins, whereas state or federally chartered deposit institutions may do so without limit, subject to the condition that existing institutions charter a separate banking entity to act as the payment stablecoin issuer. [read post]
15 Apr 2024, 9:01 pm
One proposal—part of Toomey’s proposed Stablecoin TRUST Act—would have required Federal Reserve Banks to grant master accounts to state-chartered depository institutions acting as issuers of payment stablecoins, a type of cryptocurrency pegged to the U.S. dollar that would be 100% backed by cash or cash equivalents. [read post]
12 Apr 2024, 12:06 pm
Revised Coverage Limits for Trust Accounts Under the updated rules, trust deposits are now capped at $1.25 million in FDIC coverage per trust owner per insured depository institution. [read post]
10 Apr 2024, 9:01 pm
Instead, unlimited liability for bank executives inspired the kind of trust which in turn brought in more investors and depositors. [read post]
31 Mar 2024, 9:01 pm
While the OCC has jurisdiction over merger transactions between national banks or federal savings associations with insured depository institutions that result in a national bank or federal savings association,[2] the FDIC has jurisdiction over merger transactions that result in a FDIC-supervised institution, and jurisdiction over any merger transaction involving an insured depository institution and a non-insured institution.[3] This advisory summarizes and contrasts the OCC NPRM… [read post]
21 Mar 2024, 1:16 pm
The Proposed Rule further notes that a trust is deemed to be the transferee trust regardless of whether residential real property is titled in the name of the trust itself or in the name of the trustee in their capacity as the trustee of the trust. [read post]
7 Feb 2024, 9:01 pm
The Remarks call for the development of a “macro view” of the banking system—one that holistically evaluates the impact of bank mergers on the banking system and the U.S. economy—as a way to improve “transparency and trust” in the Office of the Comptroller’s (the “OCC”) “micro,” case-by-case approach to reviewing bank merger applications. [read post]
29 Jan 2024, 12:00 pm
The SEC accused the wire house and Passi of breaching the trust of sellers by leaking non-public information about impending block trades to gain an advantage, violating federal securities laws. [read post]
23 Dec 2023, 12:00 am
In addition, the county’s depository did not pay any interest on the court and trust funds or provide the treasurer and the Comptroller’s Office with an annual certificate of cash balances, along with other information, as required by state rules. [read post]
23 Dec 2023, 12:00 am
In addition, the county’s depository did not pay any interest on the court and trust funds or provide the treasurer and the Comptroller’s Office with an annual certificate of cash balances, along with other information, as required by state rules. [read post]
18 Dec 2023, 2:48 pm
December 18, 2023 Clients, Friends, and Associates: As we near the end of 2023, we have highlighted some recent industry developments that will likely impact many of our clients. [read post]
5 Dec 2023, 9:05 pm
., the nominee of the Depository Trust Company, and its books will show transfers from one broker to another. [read post]
30 Nov 2023, 8:10 am
An all-inclusive deed of trust (“AITD”) is used when the seller will be financing part of the selling price, and the buyer will also take subject to the existing deed of trust. [read post]
2 Nov 2023, 12:13 pm
We recommend starting with NASAA because they serve as a depository for many participating states. [read post]
26 Oct 2023, 10:57 pm
As a consequential change, the requirement to obtain consent from each beneficiary of the trust, which many stakeholders considered impractical, particularly in the context of large superannuation and managed funds with many thousands of members, has been removed, as has the option of obtaining consent of the Supreme Court. [read post]
22 Oct 2023, 5:58 pm
As they say in this space: ‘don’t trust, verify’. [read post]
16 Aug 2023, 3:57 pm
California Community Land Trusts: Land trusts established for the purpose of creating and maintaining affordable housing options for low- and moderate-income residents. [read post]
15 Aug 2023, 5:56 am
AMC’s retail stockholder base “has a reputation for their online activity,” and the company published notice on its website, on what was then Twitter, via a Form 8-K, over PR Newswire, and on Depository Trust Company’s Legal Notice System. [read post]
31 Jul 2023, 9:05 pm
Perhaps more important, what would be the systemic risks associated with concluding that such doctrines invalidate the rules of the Depository Trust Company? [read post]
