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Bank Receiverships Task Force
Recent events in the financial community, particularly with the recent closing of a significant California bank, have created uncertainty, challenges, and opportunities.
The Bank Receiverships Task Force is led by Winston’s senior attorneys from the Firm’s financial regulatory, restructuring/bankruptcy, consumer finance/lending, litigation, and transactional practices. The team is based in the United States and other jurisdictions impacted by such events globally.
Task Force members—many of whom were advising clients on similar issues during the Savings and Loan Crisis of the late 1980s/early 1990s and the Financial Crisis of 2008-2009—are actively addressing questions and concerns as the situation evolves and the U.S. and international business communities navigate the bank resolution process. Winston’s Task Force has advised customers of banks that have closed and were placed in receivership and have experience in dealing with the special rights and obligations arising out of the FDIC bank receivership process. Additionally, we have experience representing the former officers and directors of distressed banks and their holding companies against shareholder claims, FDIC claims (both as receiver and regulator), and third-party claims (e.g., customers).
Winston Is Advising Clients
If you are a customer of a bank under receivership and want to better understand the FDIC bank receivership process—specifically, the role of the FDIC during these events—you will likely have important questions. For example:
- What are the limits of deposit insurance on multiple accounts?
- Will your credit arrangements be repudiated?
- Can you exercise set-off rights against credits you owe to a failed institution against uninsured deposit amounts owed to you?
- Who will take on custodial arrangements?
- How can you hedge contracts with banks as a counterparty?
- How will you handle near-term funding or liquidity needs?
- What is the process to make a claim before the FDIC to recover assets?
Whether you are an affiliate, customer, creditor, or commercial counterparty, Winston’s Bank Receiverships Task Force is here to help you identify and minimize risk and liability.
CONTACT & SUBSCRIBE
Contact our Bank Receiverships Task Force
Press Release: Federal Reserve Board Announces It Will Make Available Additional Funding To Eligible Depository Institutions To Help Assure Banks Have The Ability To Meet the Needs of All Their Depositors
Term Sheet: Bank Term Funding Program
FAQs: Bank Term Funding Program
FAQ Resource: Bank Receiverships Task Force
FDIC Correspondence: FIN 10539 - Silicon Valley Bank Correspondent Bank Accounts, Santa Clara, CA
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