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
8/1/2023
/ Broker-Dealer ,
Cybersecurity ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Financial Industry Regulatory Authority (FINRA) ,
MSRB ,
Municipal Securities Issuers ,
Municipal Securities Market ,
SASB ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation
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
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
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
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
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
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
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
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
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
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
AML Scandals Seem to Inevitably Spawn Investor Lawsuits -
As we recently blogged, Westpac, Australia’s second-largest retail bank, has been embroiled in a scandal arising from approximately 23 million alleged breaches of...more
2/7/2020
/ American Depository Receipts (ADRs) ,
AML/CFT ,
Asia ,
Australia ,
Business Valuations ,
Cross-Border Transactions ,
Derivative Suit ,
Enforcement Actions ,
Exploitation ,
Failure to Monitor ,
Financial Transactions ,
Foreign Correspondent Banking ,
Infrastructure ,
Internal Investigations ,
Investment Opportunities ,
Money Laundering ,
NYSE ,
Payment Processors ,
Penalties ,
Popular ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Regulatory Violations ,
Retail Banks ,
Rule 10b-5 ,
Securities Fraud ,
Securities Litigation ,
Statement of Claim ,
Stock Prices
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
10/23/2018
/ Business E-Mail Compromise (BEC) ,
Cyber Attacks ,
Electronic Communications ,
Email ,
Fraud ,
Internal Controls ,
Popular ,
Publicly-Traded Companies ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Vulnerability Assessments
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
11/4/2016
/ Arbitration Agreements ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Educational Institutions ,
Federal Arbitration Act ,
Federal Student Loans ,
Higher Education Act ,
Loans ,
Misrepresentation ,
Program Participation Agreements (PPAs) ,
Title IV
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
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
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
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
10/5/2015
/ Borrowers ,
Compliance ,
Disclosure Requirements ,
Due Diligence ,
EMMA ,
Enforcement Actions ,
MCDC ,
Municipal Bonds ,
Municipal Securities Issuers ,
Municipal Securities Market ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Self-Reporting ,
Underwriting
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
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
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
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
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
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
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
8/1/2014
/ Disclosure Requirements ,
MCDC ,
Municipal Securities Issuers ,
Policy Violations ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting ,
Trade Associations ,
Underwriting