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Banking Law

Litigation Update: American Bankers Association and Washington Federal v. U.S. - Podcast

Litigation Practice Group Podcast
Stephen J. Obermeier, Brett A. Shumate February 21, 2017

The American Bankers Association and Washington Federal, a bank holding company, have filed a suit against the United States government for reducing the amount of dividends paid to banks that own Federal Reserve stock. In the Federal Reserve Act of 1913, the Federal Reserve agreed to pay 6% annual dividends to stockholders of regional Federal Reserve Banks, but Congress decreased that amount to 2% in 2015 in the Fixing America’s Surface Transportation Act, or FAST Act, which appropriated the other 4% of would-be-dividends for highway funding. Proponents of the change argue that 6% dividends were exorbitant returns for the stock, and that banks are still guaranteed a positive return, even at 2%.

Brett Shumate and Steve Obermeier of Wiley Rein, who represent the plantiffs in this case, joined us to discuss the pending litigation.

Featuring:

  • Stephen J. Obermeier, Partner, Wiley Rein LLP
  • Brett A. Shumate, Partner, Wiley Rein LLP

Explaining the Next Crisis - Event Audio/Video

2015 National Lawyers Convention
Phil Gramm, Frank Medina, Karen Shaw Petrou, J.W. Verret, Edith H. Jones November 18, 2015

Many observers of the U.S. financial system increasingly believe that the United States will soon experience another financial crisis – the only questions are when and how bad will it be? With that expectation in mind, the panel could address the following issues: What are the likely early indicators that another crisis is in the offing? What economic conditions are the likely causes of that crisis (rising housing prices, the reemgence of shadow banking, other consequences of Dodd-Frank, crises emanating from other countries, etc.)? What might ignite that crisis? Who will likely be blamed for causing the next crisis and who or what should be blamed? What might be the political/legislative response(s) to the next crisis? What, if anything, can be done to mitigate the consequences of the next financial crisis and possibly even steer the U.S. economy away from future financial crises?

Financial Services: Explaining the Next Crisis
12:00 noon – 2:15 p.m.
Chinese Room

  • Hon. Phil Gramm, Senior Advisor, US Policy Metrics and Former United States Senator
  • Mr. Frank Medina, Senior Counsel & Director of Research, Better Markets
  • Ms. Karen Shaw Petrou, Managing Partner, Federal Financial Analytics, Inc.
  • Prof. J.W. Verret, Assistant Professor of Law, George Mason University School of Law
  • Moderator: Hon. Edith H. Jones, U.S. Court of Appeals, Fifth Circuit

The Mayflower Hotel
Washington, DC

Consumer Financial Protection Bureau Update - September 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser September 29, 2015

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on recent important activity at the Consumer Financial Protection Bureau (CFPB).

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP

Consumer Financial Protection Bureau Update - June 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser June 17, 2015

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on recent important activity at the Consumer Financial Protection Bureau (CFPB).

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP

Consumer Financial Protection Bureau Update - May 2015 - Podcast

Financial Services & E-Commerce Practice Group Podcast
Wayne A. Abernathy, Julius L. Loeser May 21, 2015

Members of the Federalist Society’s Financial Services & E-Commerce Practice Group Executive Committee provided an update on important activity at the Consumer Financial Protection Bureau (CFPB).  Developments included the CFPB's adoption of a final policy on publishing consumer complaint narratives, a moratorium on credit card issuers submitting their credit card agreements to the CFPB, the Office of Management and Budget's threat of recommending the veto of a bill that would reduce the CFPB's budget by 0.1% over then next ten years, and the D.C. Circuit Court of Appeals decision to uphold the dismissal on procedural grounds in Morgan Drexen, Inc. v. CFPB, a suit challenging the constitutionality of the CFPB.

  • Hon. Wayne A. Abernathy, Executive VP for Financial Institutions Policy and Regulatory Affairs, American Bankers Association
  • Julius L. Loeser, Of Counsel, Winston & Strawn LLP