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In a Financial Institution Letter, the FDIC told counterparties and service providers to the recently failed Silicon Valley Bank, N.A. and Signature Bank, N.A. that (i) they remain obligated to the successor bridge banks of the two failed banks and (ii) they must meet their contractual obligations to the bridge banks.

The Federal Reserve Board, CFPB, FDIC, OCC, National Credit Union Administration and state financial regulators alerted mortgage servicers that they will resume their respective pre-pandemic supervisory and enforcement approaches towards noncompliance with mortgage-servicing rules.

Commentary by Eric Waxman

In Kravitz v. Samson Energy Co., the United States Bankruptcy Court District of Delaware held that, if a debtor qualifies as a financial participant, then transfers by a debtor in connection with a safe harbor-protected securities contract may be protected from avoidance, even if the recipient/transferee does not qualify as a financial participant.