Administrative Agency Civil Rights Finance & Banking

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Federal Reserve Bank Ruled a Federal Supervisory Agency Under the BSA

In a case of first impression, a district court held that a regional Federal Reserve Bank was a supervisory agent as defined by the Bank Secrecy Act (“BSA”). The BSA requires the reporting of any suspicious activity that may...more

ABA seeks supervisory and enforcement standards consistent with Inclusive Communities

The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more

Six Regulatory Agencies Issue Joint Final Diversity and Inclusion Standards

Section 342 of the Dodd-Frank Act required all agencies subject to Dodd-Frank, including the Bureau of Consumer Financial Protection (CFPB), to create an Office of Minority and Women Inclusion (OMWI) to develop standards to...more

Final Diversity and Inclusion Standards Issued Jointly by Six Federal Agencies

Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

Whistle While You Work: SEC Announces First Retaliation Whistleblower Award

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

WSJ Report On Delayed SEC Whistleblower Bounty Awards

A Wall Street Journal article (subscription required) dated May 4, 2015 reports that a backlog of tips received by the SEC Office of the Whistleblower as part of its bounty program has resulted in a delay in paying awards to...more

SEC Announces a Maximum Whistleblower Award to an Employee Who Faced Employment Retaliation as a Consequence of Reporting...

In June of last year, Paradigm Capital Management agreed to pay the SEC nearly $2 million to settle allegations that it violated the Dodd-Frank Act’s conflict-of-interest rules and unlawfully retaliated against the...more

What Successful Whistleblowers Have in Common

As required by the Dodd-Frank Act, the SEC makes monetary awards to eligible individuals who voluntarily provide original information that leads to successful SEC enforcement actions resulting in monetary sanctions over $1...more

A Review of Recent Whistleblower Developments

• Fourth Circuit Applies Two-Year Statute of Limitations to SOX Whistleblower Claim and Confirms Availability of Emotional Distress Damages • SDNY Holds That SOX Protects Employee From Retaliation for Activity Engaged...more

Study Finds Whistleblowers Increase Penalties of Regulatory Enforcement Actions

A recent academic paper found that whistleblower involvement in financial misrepresentation enforcement actions tends to increase (1) penalties against firms by an average of $77 million, (2) penalties against employees by an...more

OSHA Issues Long-Awaited SOX Whistleblower Rule

On March 5, 2015, OSHA issued a long-awaited Final Rule regarding SOX whistleblower procedures and related matters. The new Final Rule will replace the Interim Final Rule enacted in 2011, after Dodd-Frank amended SOX. The...more

5th Circuit: Outing Whistleblower Equals Adverse Action

On November 12, 2014, in Halliburton, Inc. v. Admin. Review Bd., 5th Cir. No. 13-cv-60323, the Fifth Circuit affirmed an ARB’s decision that disclosing the identity of a whistleblower may constitute an “adverse action” under...more

Court Tosses HUD’s Disparate Impact Rule: Is Protection for Lenders from Disparate Impact Claims on the Horizon?

Since the 1970s, courts have routinely held that the Fair Housing Act, 42 U.S.C. §§ 3601 et seq., may remedy housing discrimination proven through use of the disparate impact theory. The doctrine of disparate impact permits a...more

Federal court strikes down HUD’s disparate impact regulations

On Monday, the United States District Court for the District of Columbia issued a scathing opinion that struck down HUD’s disparate impact rule. The disparate impact rule, also referred to as a ”discriminatory effects”...more

Court Rules Disparate Impact Claims Cannot Be Made Under Fair Housing Act

Earlier this week, a federal district court judge struck down a regulation issued by the U.S. Department of Housing and Urban Development (HUD), which would have allowed for claims of housing discrimination to be based on...more

Disparate impact on the ropes: federal district court vacates HUD rule

A federal district court in Washington, D.C. dealt a heavy blow on Monday to HUD’s position that disparate impact claims are cognizable under the Fair Housing Act (FHA). In American Insurance Association v. U.S. Department of...more

CFPB Proposes Federal Oversight of Auto Financing Companies

On September 17, 2014, noting the auto lending discrimination it has uncovered at banks, the Consumer Financial Protection Bureau (Bureau or CFPB) announced its plan to further extend its reach under the Dodd-Frank Act by...more

Inclusive Communities Project case summary

On March 24, 2014, the Fifth Circuit was the first Circuit to directly adopt HUD’s new disparate impact rule. Inclusive Communities Project v. Texas Dep’t of Hous., 2014 WL 1257127 (5th Cir. Mar. 24, 2014). Now, a challenge...more

Preventive Measures: Avoiding Predatory and Discriminatory Lending Litigation

Slides addressing the management and defense against claims of discriminatory lending and assessing the status of ‘disparate impact’ in Fair Lending litigation and enforcement. ...more

Conducting Workplace Investigations

Recently, when advising a client who was investigating a complaint of sexual harassment, I had the opportunity to revisit the EEOC’s Enforcement Guidance: Vicarious Employer Liability for Unlawful Harassment by Supervisors...more

Employment And Labor Insight: Year In Review - Are Your Employment Procedures, Practices And Policies In Compliance?

As we enter 2013, we would like to update you on the importance of reviewing your application, background check procedures, employment policies and employee handbook for compliance with the changing laws in these areas....more

Justice Department Settles ADA Claims against Debt Collector

A recent Department of Justice settlement with a debt collection law firm that was accused of violating the Americans with Disabilities Act exemplifies the mounting federal scrutiny of the debt collection industry....more

Can ‘Disparate Impact’ Become the Basis for a Fair-Lending Claim?

As part of its aggressive program to protect consumers in financial matters, the Consumer Protection Financial Bureau (CFPB) has announced that it is prepared to adopt a controversial “disparate impact” theory of liability...more

CFPB Ombudsman's Office Publishes First Annual Report

Full text copy of the Consumer Financial Protection Bureau Ombudsman's Office first annual report. From the report: "The CFPB Ombudsman advocates for a fair process as between consumers, the providers of consumer financial...more

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