July 1, 2024
To our clients and friends:
On June 27, 2024, the United States Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy, a decision which will have important ramifications for banks and individuals facing enforcement actions by the federal banking agencies and the CFPB. Our Client Alert covers the relevant considerations from the decision and the practical implications for any institution, director, or officer facing a potential federal bank agency enforcement action.
Our Alert is available here.
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June 27, 2024
Zac Davis and Steve Lanter presented “Augmenting Capital: Capital Planning and Capital Raising in the Current Environment” at the 2024 Annual Convention for Idaho, Nevada, Oregon and Washington Bankers in Skamania, Washington. The presentation addressed the current regulatory and economic environment for capital planning and capital raises, reasons why banks may want to review their capital plans and capital raising options with an eye toward how the markets may play out over the next year plus, and the different types of capital raising options available to banks and the benefits and limitations of each.
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June 24, 2024
On June 18, 2024, PeoplesBancorp, MHC, Holyoke, Massachusetts, and SSB Community Bancorp MHC, Spencer, Massachusetts, announced their agreement to form a strategic partnership through the merger of PeoplesBancorp, MHC and SSB Community Bancorp MHC. PeoplesBank and Cornerstone Bank, the bank subsidiaries of PeoplesBancorp, MHC and SSB Community Bancorp MHC, respectively, will remain independent entities under a mutual multi-bank holding company.
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June 4, 2024
To our clients and friends:
Today we published Volume 6 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers the Supreme Court’s decision on the CFPB’s funding mechanism, Congressional developments regarding custody of crypto assets, bank agency reports on key risks and supervisory priorities, state action limiting credit union-bank transactions, and impacts to sanctions compliance programs from new legislation and OFAC regulations.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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June 3, 2024
On May 30, 2024, Affinity Bancshares, Inc. and its wholly-owned subsidiary, Affinity Bank, National Association, announced the signing of a definitive purchase and assumption agreement with Atlanta Postal Credit Union, pursuant to which Atlanta Postal Credit Union will acquire the assets and assume the liabilities of Affinity Bank in an all-cash transaction. Following the completion of the acquisition, Affinity Bancshares, Inc. will settle its remaining obligations and distribute its remaining cash to its shareholders.
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