Gain insight into the unique receivership and related powers enjoyed by the FDIC.
Depositors, borrowers, businesses and banks all need to be aware of the complex rules of the FDIC for determining deposit insurance coverage as well as the powers that the FDIC asserts when it takes control of a failed financial institution. Directors and officers of failed financial institutions also need to be very aware of potential enforcement actions by the FDIC or other federal bank regulatory agencies. The FDIC has established a high level of professionalism associated with and handling failed insured depository institutions, but there are clear differences in the powers available to the FDIC in the event of a bank failure as compared to a bankruptcy trustee in the event of a corporate failure. This program will explain the unique receivership and related powers enjoyed by the FDIC, and will also comment on the receivership process in the fintech sector and the issues that may be presented depending on the charter being used.
Agenda
Faculty
Frank A. Mayer, III
Stevens & Lee
- Has more than 30 years of banking law experience, chairs his firm’s financial services regulatory enforcement practice
- Clients include some of the largest financial services firms throughout the world and he regularly defends insured depository institutions, related affiliates, officers and directors, foreign banking organizations, branches and agencies from United States government enforcement actions
- Was a senior attorney at FDIC and while with the Resolution Trust Corporation in more senior positions, he advised policy makers and officials in the liquidation divisions in connection with closing financial institutions as well providing legal advice and holding requisite delegated authority to dispose of some of the agencies’ most complex assets and liabilities
- As the legal representative to the RTC settlement work out team, he held co-delegated authority of $100,000,000.00
- Frequently sought by the media to offer insights into bank regulatory issues and he has chaired the ABA Bano Agency Comment Committee and is the current chair of the ABA Banking Law Committee task force concerning the bank examination privilege
Timothy R. McTaggart
McTaggart Law Office
- Nationally known lawyer based in Washington, D.C. who focuses his practice on bank and financial services regulatory processes and related corporate matters
- Served as the Delaware Bank Commissioner and as counsel to the U.S. Senate Banking Committee
- Graduate of Harvard Law School and Harvard College (economics)
- Represented bank boards, bank board committees, bank directors and bank officers in actual or threatened enforcement actions by the FDIC and the other federal regulatory agencies, as well as by certain state agencies plus by the CFPB
- Invited and guest lectured at the FDIC and other bank regulatory agencies on banking/financial services topics
- Currently has his own law firm, McTaggart Law Office, www.mctaggartlegal.com and previously was a partner in several major American law firms with a specialization in financial institution issues
- Testified before congress on banking/financial services issues and has been recognized for various pro bono and other community efforts involving cultural, social justice, and educational organizations
- Recognized for its contributions to bar association activities, speaking efforts and written commentary over the course of his career
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