Savings Accounts : Financial Institutions

Savings Accounts

Revised Article 9 of the UCC: Deposit Accounts
Lech Kalembka of Cadwalader, Wickersham & Taft LLP

General Except for a few states that have enacted nonuniform amendments to their respective versions of the .
Financial Services Alert Developments of Note
Goodwin Procter LLP

SEC issues proposed bank broker-dealer rules, federal banking agencies issue an advisory on accepting accounts from foreign governments, the SEC to act on proposals regarding short sale regulation, disclosure regarding fund advisory contract approvals and added fund corporate governance requirements,and the comment period for an interagency statement regarding complex structured finance activities is extended to July 19, 2004.
SEC's Proposed Regulation B: Complex but More Flexible--What Bankers Need to Know to Comment and Eventually Comply
Melanie L. Fein of Goodwin Procter LLP

The Securities and Exchange Commission's newly proposed Regulation B includes highly detailed provisions that build on the framework created in the SEC's Interim Final Regulations issued in 2001. The Interim Regulations never took effect due to complaints from banks, banking regulators and members of Congress who criticized the regulations as unduly burdensome and inconsistent with the intent of Congress to avoid disrupting traditional banking activities.