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On July 15, 2010, the Senate approved the conference report for H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). The House approved the conference report on June 30. The bill is scheduled for signature by the president next week. The Act includes a number of important provisions of interest, which we will address in a series of Alerts to our Banking Clients. This Alert addresses measures related to the thrift charter, risk retention for asset-backed securities sales, deposit insurance and business checking accounts. A summary of these new changes includes the following:
(i) the residual income of the mortgagor after all monthly obligations;
(ii) the ratio of housing payments to the monthly income of the mortgagor; and
(iii) the ratio of total monthly installment payments to the income of the mortgagor.
Day Pitney Alert
On February 20, Michael Rave and Michael Dunne spoke at FinXTech R.O.D.E., a conference presented by Autobooks, Bank Director and Microsoft and held at the Advanced Technology Development Center in Atlanta, GA.
Michael Rave and Megan Bedell authored an article, "Banking the Marijuana Business: Legal or Not?," published by the New Jersey Law Journal.
Michael Rave spoke on a Marijuana Banking panel at the 115th Annual New Jersey Bankers Association conference held in Colorado Springs, CO.
On January 27, Michael Rave will be speaking on "Public & Private Capital Raising: How To Fund Your Bank for Growth and/or Change" at Bank Director's annual conference, Acquire or Be Acquired, in Phoenix, AZ.
Mike Rave was quoted in an analysis article, "Reg Rollbacks Seen As Bit Player In $28B BB&T-SunTrust Deal," published by Law360.
On December 7, Day Pitney, ICSGroup and CohnReznick co-sponsored "Launching a Private Fund: What You Need to Know."
Day Pitney Press Release
Eliza Fromberg was quoted in an article, "FINRA's Capital Acquisition Broker Rules Face Tough Sell," in Law360.