S.D. Wind Energy Statutes Can Pose Problem for the Unwary
Anyone following the news during the last year knows alternative energy is emerging as a major issue in politics and economics. Many in South Dakota are optimistic that any resulting surge in alternative energy development and production will include much greater wind development in the state. Yet landowners and developers, both large and small, need to be aware that South Dakota has four unique statutes governing wind easements and leases.
WARN Act Impacts Certain Employer Layoffs
WARN stands for “Worker Adjustment and Retraining Notification.” The WARN Act is a federal law requiring larger employers to give 60 days written notice in advance of plant closings or mass layoffs. It is intended to give displaced workers and their families transition time to seek alternate employment or training before the end of their employment.
The Capital Purchase Program and Privately-Held Financial Institutions
Plenty of publicity surrounded the $700 billion Emergency Economic Stabilization Act of 2008, the so-called "bailout" plan enacted by Congress due to the recent financial crisis. Little of the publicity, though, looked at the details of various aspects of the plan. One of those is the Capital Purchase Program, announced by the U.S. Treasury Department on October 14 and created pursuant to the Act's mandated Troubled Asset Relief Program. While most observers are aware the program will allow the Treasury Department to purchase senior preferred shares of qualified financial institutions desiring to participate in the program, the applicable terms vary for publicly held and privately held financial institutions
Financial Institution Bulletin
Credit card regulation and federal assistance to financial institutions continue to generate front page headlines. In the latest Financial Institution Bulletin, Dixie Hieb looks at how regulations going into effect on July 1, 2009, will change credit card billing statements while Charles Gullickson explains the new Capital Assistance Program, which will be used to recapitalize banks if found necessary after a series of "stress tests." Other topics examined in this issue are a U.S. Supreme Court decision addressing tribal court jurisdiction over banks, proposed changes in federal bankruptcy law dealing with home mortgages, recent federal guidance on remote deposit capture products and new regulations aimed at illegal internet gambling.
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FDIC Adopts Interim Rule on Temporary Liquidity Guarantee Program
On October 23, 2008, the Federal Deposit Insurance Corporation (“FDIC”) adopted an interim final rule establishing the Temporary Liquidity Guarantee Program (“TLG Program”). The TLG Program consists of two primary components: (i) a Transaction Account Guarantee Program (“TAG Program”), through which the FDIC will guarantee certain noninterest-bearing transaction accounts of participating depository institutions; and (ii) a Debt Guarantee Program, through which the FDIC will guarantee the payment of certain newly-issued senior unsecured debt of participating entities. The TAG program may be of special interest to bankers and their customers because of the unlimited amount of insurance coverage it provides for certain types of deposits.
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