The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") was signed into law by President Obama on July 21. The Act includes a number of important provisions of interest that we will address in a series of Alerts to our banking clients. The Act makes significant changes to the ability of bank and thrift holding companies to issue trust preferred securities ("TRUPS") and continue to count them as Tier 1 capital.
History of the Legislation
The House-passed version of the legislation (H.R. 4173) did not contain any provisions addressing the capital treatment of TRUPS. The subsequent Senate bill included provisions inserted by Senator Collins (R-Maine) that were supported by the FDIC, which would have eliminated Tier 1 capital treatment for TRUPS. These provisions were eased during the deliberations between the Senate and House of Representative conferees that produced the Conference Report, which was approved by the House on June 30 and the Senate on July 15.
Final Provisions of Dodd-Frank
The final rules concerning TRUPS are as follows:
Day Pitney Alert
On April 9, Jed Davis was one of the presenters on a webinar, "Cybersecurity Regulation: Navigating the New DFS Cybersecurity Regulation," distributed through Thomson Reuters.
Jed Davis spoke on "Cybersecurity: Surveying Current State and Federal Regulatory Activity By The SEC and NYDFS," a webinar presented by Bloomberg and moderated by cybersecurity expert Daniel Garrie.
Jed Davis authored an article, "Six Common Misconceptions About Cybersecurity," which appears in the March 5, 2018 issue of New York Law Journal as part of a special section on cybersecurity.
On December 7, Day Pitney, ICSGroup and CohnReznick co-sponsored "Launching a Private Fund: What You Need to Know."
Jed Davis was quoted in a breaking news article, "New York eases proposed cyber regulations after industry complaints," published by Reuters.
Day Pitney Press Release
Eliza Fromberg was quoted in an article, "FINRA's Capital Acquisition Broker Rules Face Tough Sell," in Law360.