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Municipal Securities Regulation and Enforcement: 2023 Mid-Year Review

2023 MID-YEAR REVIEW - In the first half of 2023, several rule changes have been proposed by the Municipal Securities Rulemaking Board (MSRB) and the U.S. Securities and Exchange Commission (SEC), including changes to...more

FTC proposes “click to cancel” provision in proposed amendments to Negative Option Rule

On March 23, 2023, the Federal Trade Commission (“FTC” or “Commission”) issued a Notice of Proposed Rule Making (“NPRM”) seeking comment on proposed amendments to the Commission’s Negative Option Rule. The proposed...more

Municipal Securities Regulation and Enforcement: 2022 Year in Review and Look Ahead

As is widely known, the new issue market slowed down in 2022 due to a variety of factors, including rising interest rates, reduced institutional demand resulting from municipal bond fund outflows, inflation and recession...more

GOP lawmakers question CFPB’s relationship with state attorneys general and take aim at interpretive rule on state enforcement...

Three Republican House members sent a letter last week to CFPB Director Chopra raising questions about the Bureau’s relationship with state attorneys general and its interpretive rule issued in May 2022 regarding the...more

CFPB updates Rules of Practice for Adjudication Proceedings

The CFPB has issued a procedural rule that updates its Rules of Practice for Adjudication Proceedings (Rules of Practice) and a request for comment. The procedural rule is effective February 22, 2022. However, the Bureau...more

Delaware federal district court certifies questions regarding CFPB’s enforcement authority and constitutionality to Third Circuit...

In CFPB v. National Collegiate Master Student Loan Trust et al., the district court rejected the Trusts’ arguments that they were not “covered persons” under the CFPA and that because the enforcement action was filed by an...more

Municipal Securities Regulation and Enforcement: The Year in Review and a Look Ahead

The municipal securities market carried its momentum from the first half of 2021 into a strong finish for the year against the backdrop of continued regulatory and enforcement actions. Despite new variants of COVID-19...more

Municipal Securities Regulation & Enforcement

The municipal securities market started the first half of 2021 strong against the backdrop of regulatory and enforcement actions, all while the remnants of COVID-19 continued to impact travel, commerce, and the economy....more

CT federal district court rules state’s demands to PHEAA for federal student loan documents preempted by federal law

The Connecticut federal district court has ruled in Pennsylvania Higher Education Assistance Agency v. Perez that demands by the Connecticut Department of Banking (DOB) to the Pennsylvania Higher Education Assistance Agency...more

Financial Disclosures in the COVID-19 Era for REITs and other Public Companies Relating to Real Estate Assets and Liabilities

The stock markets’ volatility in the era of the COVID-19 pandemic is one of the virus’ largest impacts. With that in mind, the SEC recently made clear that timely disclosure of significant financial and non-financial issues...more

FinCEN Issues COVID-19 AML Update for Financial Institutions

Some Commentary on the Unfortunate Relationship Between Crisis and Fraud - The Financial Crimes Enforcement Network (“FinCEN”) released an update (“Update”) on its March 16, 2020 COVID-19 Notice, on which we previously...more

SEC Special Report: Rampant Business Email Compromises Require Reassessment of Internal Accounting Controls

The U.S. Securities and Exchange Commission (SEC) has joined the government chorus in sounding the alarm about the rapid rise in "business email compromises" that are victimizing organizations across industry sectors....more

Dept. of Ed. Bans Pre-Dispute Arbitration Agreements by Title IV Schools

The U.S. Department of Education has issued a final rule that broadly addresses the ability of a student to assert a school's misconduct as a defense to repayment of a federal student loan. The final rule includes a ban on...more

Ban Proposed on Mandatory Pre-Dispute Arbitration Agreements by Schools Receiving Title IV Aid for Student Borrowers

The U.S. Department of Education has issued a proposed rule that includes a ban on mandatory pre-dispute arbitration agreements by schools receiving Title IV assistance under the Higher Education Act (HEA) and a new federal...more

Department of Education Creates Student Aid Enforcement Unit

The U.S. Department of Education is creating a Student Aid Enforcement Unit to respond to allegations of illegal actions by higher education institutions. The announcement closely follows the Department's and Federal Trade...more

University Faces Action for Alleged Deceptive Advertising of Graduates' Employment, Earning Prospects

The Federal Trade Commission (FTC) has filed a complaint in a California federal district court against the operators of DeVry University in which it alleges that DeVry violated the FTC Act by misrepresenting the employment...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

U.S. Department of Education Fines College for Job Placement Rate Disclosure Violations

The U.S. Department of Education (Department) intends to fine a college more than $29 million for allegedly misrepresenting job placement rates and failing to comply with federal placement rate disclosure requirements. The...more

Washington State AG Sues Student Loan Debt Adjustment Firm

The Washington State Attorney General recently filed an action in state court against a student loan debt adjustment firm and its individual principal alleging that the firm charged illegal fees and failed to provide required...more

SEC Muni Enforcement Chief Offers Her Views on MCDC

The Securities and Exchange Commission’s (SEC’s) year-old Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative or MCDC) has encouraged municipal securities issuers, borrowers, and underwriters to...more

SEC Charges City Mayor as a Control Person in Allen Park, Michigan, Enforcement Action

Thursday, the Securities and Exchange Commission (SEC) announced fraud charges against the City of Allen Park, Michigan (City), and two of its former officials—the former City Mayor and former City Administrator. It is the...more

MCDC Issuer Deadline is December 1. Are You Prepared?

The deadline for municipal issuers and obligated persons to self-report to the Securities and Exchange Commission (SEC) under its Municipal Continuing Disclosure Compliance (MCDC) Initiative any recent misstatements in...more

New York Grand Jury Indicts 12 Online Payday Lenders and 3 Individuals

In a shot across the bow of online payday lenders who allegedly disregard state law where their borrowers reside, a New York County grand jury recently voted a criminal usury and conspiracy indictment against 12 companies...more

Industry Concerns Prompt SEC To Modify MCDC Initiative

In response to concerns raised by industry participants, the Securities and Exchange Commission (SEC) has made some modifications to its Municipalities Continuing Disclosure Cooperation Initiative (MCDC Initiative). The SEC...more

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