Banking and Finance Law Commons^™

The 2004-2005 Amendments To The Community Reinvestment Act Regulations: For Communities One Step Forward And Three Steps Back, Richard D. Marsico

Articles & Chapters

In 2001, the four federal banking agencies that enforce the Community Reinvestment Act (CRA) began a review of CRA regulations they adopted in 1995. The review lasted until they issued amendments in 2004 and 2005. The review process was controversial, tortuous, and divisive. By the time it was over, residents of the communities the CRA was intended to benefit, including low- and moderate-income and predominantly minority neighborhoods, gained a victory in their efforts to promote community reinvestment and economic development, but also lost significant ground. The victory was strengthened regulation of subprime and predatory lending. The losses included a reduction …

Chip Away At The Stone: The Validity Of Pre-Bankruptcy Clauses Contracting Around Section 363 Of The Bankruptcy Code, Matthew P. Goren

NYLS Law Review

No abstract provided.

Democratizing Capital: The History, Law And Reform Of The Community Reinvestment Act, Richard D. Marsico

Books

Since 1977, the Community Reinvestment Act (CRA) has required banks to meet the credit needs of their local communities, including low-income neighborhoods. Since then, banks have committed to make more than $1 trillion in loans for housing, small businesses, small farms, and economic development in low-income neighborhoods. Despite this record, the CRA and its implementing regulations have been unsatisfactory to banks, advocates, and even bank regulators charged with enforcing the law. Author Richard Marsico traces this dissatisfaction to an imbalance in banking regulators' resolution of the CRA's tension between requiring banks to lend to low-income neighborhoods, but not requiring them …

In Re Adelphia Communications Corp. (Decided Dec. 5, 2003), Phillip Mahoney

NYLS Law Review

No abstract provided.

Democratizing Capital: The History, Law, And Reform Of The Community Reinvestment Act, Richard D. Marsico

Articles & Chapters

The Community Reinvestment Act of 1977 (CRA) has made great progress in achieving its dual purposes: eliminating bank redlining and promoting reinvestment in previously redlined neighborhoods. In doing so, the CRA has helped to democratize capital by giving more people a voice in bank lending decisions and including more people in the economic mainstream by influencing banks to make loans to them to buy homes or open small businesses. Despite the CRA's success, the CRA has not reached its full potential. One of the main reasons for this is that the federal agencies that enforce the CRA are so fearful …

Once A Mortgage, Always A Mortgage - The Use (And Misuse) Of Mezzanine Loans And Preferred Equity Investments, Andrew R. Berman

Articles & Chapters

The mortgage remains one of the most common and successful techniques to finance real estate transactions. In the last 25 years, mortgage loans have also been sold in the secondary market and included in mortgage-backed securitizations. The amazing growth of mortgage securitizations has also led to the development of novel financing techniques, including mezzanine financing and preferred equity investments.

This article discusses the historical development of real estate financing from the early beginning of mortgage law and the equity of redemption through the modern advent of mortgage-backed securitizations (MBS) and other non-traditional financings. It argues that the phenomenal success of …

Missing The Mark: Nasd Rule 2711 And Nyse Rule 472 Mistakenly Emphasize Disclosure Rather Than Amending The Pleading Requirements Of Pslra, James J. Barney

NYLS Law Review

No abstract provided.

The Heartland Funds’ Receivership And Its Implications For Independent Mutual Fund Directors, Jeffrey J. Haas, Steven R. Howard

Articles & Chapters

No abstract provided.

Interpreting Indentures: How Disequilibrium Economics And Financial Asset Specificity Support Narrow Interpretation, Houman B. Shadab

Articles & Chapters

No abstract provided.

Arbitration Of Truth-In-Lending-Act Claims, Marshall E. Tracht

Articles & Chapters

In recent years, it has become increasingly common for lenders to include arbitration clauses in their consumer financing agreements. While federal law strongly supports the enforceability of arbitration provisions, there are a number of grounds on which their enforceability can be, and has been, challenged.

This article summarizes the state of the law on a number of major issues which have arisen in the attempt to use arbitration clauses in consumer financing agreements, focusing on Truth-in-Lending Act claims, including an analysis of the Supreme Court's recent decision in Green Tree Financial Corp. v. Randolph.

Financial Modernization: The Effect Of The Repeal Of The Glass-Steagall Act On Consumers And Communities, Richard D. Marsico

Articles & Chapters

No abstract provided.

Enforcing The Community Reinvestment Act: An Advocate's Guide To Making The Cra Work For Communities, Richard D. Marsico

Articles & Chapters

This guide to the Community Reinvestment Act (CRA) is designed to provide community advocates with the basic information and skills they need to challenge bank redlining and promote economic development in their neighborhoods. The Guide includes four sections: the legal structure of the CRA; important information about banks and how to get it; analyzing a bank's CRA records, and participating in the CRA enforcement process.

Patterns Of Lending To Low-Income And Minority Persons And Neighborhoods: The 1999 New York Metropolitan Area Lending Scorecard, Richard D. Marsico

Articles & Chapters

This paper analyzes home mortgage lending patterns in the New York Metropolitan Area. It examines lending to four particular underserved populations: minority persons, predominantly minority neighborhoods; low-income persons; and low-income neighborhoods. The paper compares lending to these populations to lending to control groups and over time in order to evaluate whether the needs of the underserved populations are being met. The paper also analyzes the records of individual lenders at meeting the credit needs of those four populations and ranks the lenders accordingly. The paper also analyzes trends in subprime lending to these four populations.

The Gramm-Leach-Bliley Act: Overview Of The Key Provisions; Presentation Before The State Of New York Banking Department, David L. Glass

NYLS Journal of Human Rights

No abstract provided.

The New Consumer Financial Privacy Regulations: Balancing The Interests Of Consumers And Industry, Dolores S. Smith, James H. Mann

NYLS Journal of Human Rights

No abstract provided.

Financial Modernization: What's In It For Communities?, Lawrence J. White

NYLS Journal of Human Rights

No abstract provided.

Transparency And Accountability: Rethinking Corporate Fiduciary Law's Relevance To Disclosure, Faith Stevelman

Articles & Chapters

This article explores the duty of “disclosure/complete candor” (among directors, from boards to shareholders and from controllers to minority shareholders) within state corporate fiduciary law (especially Delaware’s, the most developed). It observes the odd minimization of the candor/disclosure duty within the core doctrines of fiduciary care, loyalty and good faith. It analyzes the evolution of the fiduciary disclosure duty and its “moment of truth” in the watershed litigation in Malone v. Brincat. The belated appearance of the fiduciary disclosure duty is partly the result of historical, customary and political understandings which have dwarfed logic and conceptual coherence in this area …

Will Exploding Guaranties Bomb?, Marshall E. Tracht

Articles & Chapters

Springing and exploding guaranties - insider guaranties that will become due ifand when a borrower files for bankruptcy - have become popular as "bankruptcy-proofing" devices, yet there is little case law or literature on their enforceability. This article reviews the limited existing law on these bankruptcy-contingent guaranties and examines some of the arguments against their enforceabiltiy that can be expected to be made in the future.

New York Metropolitan Area Lending Scorecard: 1998, Richard D. Marsico

Articles & Chapters

No abstract provided.

Commodities Rulings Appealable To Circuit (New York Law Journal), Daniel Wise

News Articles

No abstract provided.

Shedding Some Light On Lending: The Effect Of Expanded Disclosure Laws On Home Mortgage Marketing, Lending And Discrimination In The New York Metropolitan Area, Richard D. Marsico

Articles & Chapters

No abstract provided.

Corporate Democracy -- Not Such A Radical Idea, Carlin Meyer

Other Publications

No abstract provided.

The New Community Reinvestment Act Regulations: An Attempt To Implement Performance-Based Standards, Richard D. Marsico

Articles & Chapters

On May 4, 1995, the federal banking regulatory agencies published new Community Reinvestment Act (CRA) regulations.' This culminated a process that began nearly two years earlier, in July 1993, when President Clinton called on the agencies to reform the CRA enforcement regime. The goal was to institute a regulatory scheme that emphasized lending performance over process, that was more objective and less subject to arbitrary interpretation, and that reduced unnecessary paperwork.2 With this presidential mandate, the agencies commenced a 21-month odyssey that included seven hearings around the country with more than 250 witnesses, two sets of proposed revisions to the …

Directorial Fiduciary Duties In A Tracking Stock Equity Structure: The Need For A Duty Of Fairness, Jeffrey J. Haas

Articles & Chapters

No abstract provided.

Working For Social Change And Preserving Client Autonomy: Is There A Role For ‘Facilitative’ Lawyering?, Richard D. Marsico

Articles & Chapters

No abstract provided.

Fighting Poverty Through Community Empowerment And Economic Development: The Role Of The Community Reinvestment And Home Mortgage Disclosure Acts, Richard D. Marsico

Articles & Chapters

No abstract provided.

A Guide To Enforcing The Community Reinvestment Act, Richard D. Marsico

Articles & Chapters

No abstract provided.

United States Litigation And Foreign Bank Secrecy: The Origins Of Conflict, Danforth Newcomb

NYLS Journal of International and Comparative Law

No abstract provided.

Comment, Insights Into Lender Liability: An Argument For Treating Controlling Creditors As Controlling Shareholders, Jeffrey J. Haas

Articles & Chapters

No abstract provided.

Distributions In Kind In Corporate Liquidations: A Defense Of General Utilities, Richard C.E. Beck

Articles & Chapters

No abstract provided.