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FDIC Announces $62.95 million Settlement With Morgan Stanley Related to RMBS Claims

The settlement funds will be distributed among the receiverships for the three failed banks – Colonial Bank of Montgomery, Alabama, which failed on August 14, 2009; Security Savings Bank of Henderson, Nevada, which failed on February 27, 2009; and United Western Bank of Denver, Colorado, which failed on January 21, 2011. Along with $24 million from a settlement with Morgan Stanley last year of RMBS claims related to Franklin Bank, S.S.B., of Houston, Texas, which failed on November 7, 2008, this settlement brings total RMBS claim settlements by the FDIC with Morgan Stanley to $86.95 million.

Bank Trade Associations Pen Letter on Credit Union Overreach

In a joint letter to congressional leadership, the American Bankers Association and the Independent Community Bankers of America took issue with NCUA’s proposal to loosen its field of membership restrictions. It is believed that the proposed expansion would effectively allow credit unions to operate as tax-exempt banks and have significant, wide-reaching policy implications.

Nevada Supreme Court Issues Order Amending Foreclosure Mediation 

On December 14, 2015 the Nevada Supreme Court issued an order amending the foreclosure mediation rules. The amendment incorporate program changes arising from the 2015 legislative session. Included is the NBA supported initiative that allows distressed homeowners to elect mediation in advance of default. NBA members can log in and select  >Advocacy > State of Nevada to read the full order.

Visit with Congressman Cresent Hardy | Monday December 21 9:00 am

Join Nevada Bankers Association for a breakfast reception and exclusive convseration with Congressman Hardy. Learn what's happening in his district, including the Apex development.

Click for the official invite and RSVP details.

 

'Faraday Future' Special Legislative Session

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Late Tuesday December 15 Nevada Governor Brian Sandoval issued a proclamation calling the legisture into a special session beginning Wednesday December 16 at 5:00 p.m. Two bills covering Faraday Future and Apex develoment have been introduced:

SB1 includes the incentive and provisions for thepayment of infrasturture

AB1 covers workforce development

A third bill is expected to be introduced Thursday morning, December 17, 2015. Visit the Las Vegas Sun for detailed coverage.

 

Economic Outlook by Alan Blinder | December 2015

It was time--or so the Federal Open Market Committee decided on Wednesday.

The Fed surprised approximately no one by raising the target range for the federal funds rate from 0-25 basis points, where it had been for seven years, to 25-50 basis points. Also, as widely expected, it described its likely future rate hikes as “gradual”—a word Chair Janet Yellen repeated several times in her press conference. And it emphasized that “the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.” Yes, gradual and data-dependent, just as we thought. Read More

Nevada Legislature Special Session

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On Monday Gov. Brian Sandoval said he was still finalizing a proclamation to call a special session of the NevadaLegislature. The special session would be tasked with a review of the package of tax abatements and credits being considered in an effort to bring the electric car manufacturer Faraday Future to Southern Nevada's Apex region.