What Lawyers Must Know re the Latest in the Banking Industry
Date: Oct 19, 2023 9:00 a.m. – 12:35 p.m.
- Michael MacIntyre
- Citizens Bank
- David B. Grantz, Esq.
- Meyner & Landis, LLP, Newark
- Edward S. Adams
- Edward S. Adams, Minneapolis
- Paul S. Doherty, III, Esq.
- Hartmann Doherty Rosa Berman Bulbulla, Winter Park
- Michael M. Horn, Esq.
- McCarter & English LLP, Newark
- Christina A. Livorsi, Esq.
- Day Pitney LLP, Parsippany
In the first months of 2023, three sizeable regional banks failed. First, Silicon Valley Bank, a major lender to the technology industry, failed because of a bank run - customers frantically flocked to the bank, withdrawing money from their accounts. Two days later, Signature Bank also shuttered in the face of a bank run. The third bank, First Republic Bank, failed in early May.
In the aftermath of these failures, there have been many news reports and explanations but you may have wondered – what really happened, how does banking work, how does this affect me and my practice and what can I expect in the future?
Lawyers, of course, not only need information for ourselves, but we are also responsible for the money in our trust accounts that we safeguard as fiduciaries. That makes this information doubly important.
Join us as David Grantz, the Immediate Past Chair of the NJSBA Banking Law Section and Managing Partner of Meyner & Landis, LLP, moderates a panel of experts from banking and the law as they explain the banking industry. You’ll learn how banks make money, the laws and regulations that safeguard funds and what to expect in the future so you can protect and grow your funds and protect those of your clients.
First, Ed Adams, the Howard E. Buhse Professor of Finance and Law at the University of Minnesota, will provide an overview of banking and finance. He will define equities, debt including bonds and bank lending, and clearly delineate the role of interest rates and the role of the FDIC. He will explain the business of banking – how banks make money, and the regulatory framework, including who regulates and how. Finally, Ed will talk about Signature Bank and Silicon Valley Bank (SVB). What happened? What is the outlook for the banking sector? What are some potential legislative and regulatory responses as well as lessons and action items for customers, banks and attorneys?
Next, Michael Horn, a partner in McCarter & English, LLP with decades of experience in the banking industry, will explain deposit insurance. What role did it play in the SVB crisis? How did the $250,000 limit on deposit insurance impact peoples’ confidence?
Third, Michael MacIntyre, the Head of Business Banking Sales-Expansion at Citizens Bank, will offer a banker’s perspective of deposit insurance, including solutions that banks offer existing customers now to help them keep their deposited funds secure.
Fourth, Christina Livorsi, a partner in Day Pitney with a wealth of experience representing mortgage loan servicers and financial institutions, will discuss practical issues that lawyers who represent banks in litigation matters must deal with after a bank closes.
Last, Paul S. Doherty, III, a partner in Hartmann Doherty, Rosa, Berman & Bulbulia, LLC, the Managing Partner and the Chair of their Corporate Law Department, will wrap up. He will discuss ways to maximize your FDIC coverage, especially where multiple family members have deposits in the same institution that exceed $250,000 in the aggregate.
Of course, there will be time for Q &A so that you can get answers to your own specific questions.
Learn about the banking industry from banking experts and insiders. Register now!