Bank Receivership Hub
The swift and surprising failure of two large regional banks leaves a sense of uncertainty across financial markets. What does this mean for depositors, investors, and the U.S. economy? For over five decades — including the 2008 financial crisis and bank and thrift crisis of the late 1980s and early 1990s — regulators, banks and other financial institutions, officers and directors, investors, and creditors have turned to Arnold & Porter’s breadth of experience in high-stakes financial crisis situations. Our nationally recognized team includes lawyers who have held positions at the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve System, the Department of the Treasury, the Securities and Exchange Commission, and the New York State Department of Financial Services, among other government agencies.
Lawyers in our financial services regulatory, bankruptcy, finance, securitization, and securities practices collaborate seamlessly to advise clients on the myriad issues that arise when encountering bankruptcy, insolvency, or receivership situations.
Breadth of Our Experience
Acquisitions of failed financial institutions and distressed assets.
Advised financial institutions and investors as purchasers of failed banks including with respect to loss-sharing agreements and other asset sale strategies.
Enforcement actions and professional liability claims.
Advised former directors and officers of failed institutions in enforcement actions and professional liability claims brought by the FDIC as receiver.
Navigating financial crises, including balance sheet management.
Advised financial institutions and their boards on navigating financial crises, including balance sheet management through accessing sources of liquidity, selling assets, and raising capital.
Advised distressed financial institutions through the receivership process; also advised FDIC as receiver of failed depository institutions.
Emergency government financing sources, including TARP and TLGP.
Advised financial institutions in accessing emergency government financing sources such as the Troubled Asset Relief Program (TARP) and the Temporary Liquidity Guaranty Program (TLGP).
Advised Federal Home Loan Bank Board, Federal Savings and Loan Insurance Corporation, Office of Thrift Supervision, FDIC, and Resolution Trust Corporation on drafting receivership regulations and what became parts of the FIRREA legislation, including the rules applicable to “qualified financial contracts.”
TLGP Senior Debt Guaranty Program.
Advised FDIC in the creation of the Senior Debt Guaranty Program under the TLGP.
Investigations and litigation arising out of financial crises.
Advised FDIC and SEC in multiple investigations and litigation, including claims involving major banking institutions resulting from the 2008 financial crisis.
Asset sale structures employed by FDIC.
Advised in the development of numerous asset sales structures employed by the FDIC in marketing and offering receivership assets such as public/private partnerships, securitizations, performing and non-performing asset pools, and the evaluation and resolution of mortgage portfolios (including some of the first RMBS and CMBS offerings).
Purchasing of Failed Banks and Asset Portfolios
IndyMac Bank Conservatorship
Closings and Liquidations of Financial Institutions
Freddie Mac and Fannie Mae Conservatorship
Lehman Brothers Chapter 11
PMI Rehabilitation Acquisitions