May 19, 2023
On May 18, 2023, Benjamin Azoff was a panelist at Street Talk: US Banking Liquidity Crunch – Fundamental Performance and Outlook Event hosted by S&P Global Market Intelligence. The event featured two panels of U.S. bank investors and advisers that discussed U.S. bank liquidity trends and their impact on the competitive landscape and investment opportunities in the sector. Key topics included the safety and soundness of U.S. banks, investor sentiment toward the group, and the outlook for M&A activity and potential regulatory and accounting changes on the horizon.
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May 17, 2023
To our clients and friends:
The SEC recently adopted a final rule to expand disclosure requirements related to an issuer’s repurchase of its equity securities, also known “buybacks.” On October 1, 2023, issuers must start tracking new details about all share repurchases. Our Alert regarding the new requirements is available here.
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May 15, 2023
Zac Davis presented “Corporate Governance in Today’s Environment: Top Issues and Hot Topics” at California Bankers’ 2023 Annual Conference in Wailea, Hawaii. The presentation addressed important corporate governance topics and issues and the role of modern bank directors and senior executives, and also covered current regulatory initiatives, new regulations, strategic planning and recent developments in governance and risk management.
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April 10, 2023
On March 31, 2023, NuMark Credit Union, Joliet, Illinois, completed its acquisition of Pioneer State Bank, Earlville, Illinois.
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March 28, 2023
To our clients and friends:
Recently, the NCUA finalized an amendment to its current rules on subordinated debt. The amendment makes two material changes to the current rule. First, there is no longer a maximum maturity for subordinated notes, provided certain requirements are satisfied. In addition, the regulatory capital treatment of grandfathered secondary capital was extended from 20 years to the later of 30 years from the date of issuance or January 1, 2052. Please see our Alert for more details.
Credit unions should strongly consider getting NCUA preapproval to issue subordinated debt for liquidity and capital planning purposes even if they have no immediate plans to issue subordinated debt. The current rules provide eligible credit unions with a two-year window to issue subordinated debt without any further approvals from the NCUA. Further information about subordinated debt can be found here: White Paper - NCUA Subordinated Debt Final Rule.
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