Administrative Agency Finance & Banking

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FSOC Criticized by Government Accountability Office, but GAO Report Misses Critical Substantive Improvements; FRB Begins to...

The U.S. Government Accountability Office just issued a report on the Financial Stability Oversight Council's (“FSOC”) systemically important financial institution (“SIFI”) designation process, entitled “Further Actions Could...more

Lawmakers Seek Details On Consumer Data Breaches From Financial Institutions

On November 18, 2014, several major financial institutions received requests from lawmakers for detailed information about recent data breaches and for briefings from their corporate data security officials. The lawmakers...more

SEC’s Authority to Interpret the Securities Laws Comes Under Fire in Criminal Enforcement

A recent statement by Justice Antonin Scalia accompanying the Supreme Court’s denial of certiorari in a criminal insider trading case raises fundamental questions about how the courts interpret the federal securities laws and...more

Three Principals of Adviser Settle SEC Charges Over Undisclosed Conflicts

The Commission filed another settled action based on undisclosed conflicts involving an investment adviser. In this proceeding Respondents, principals of the adviser, failed to disclose a fee splitting arrangement with an...more

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more

Critics Question SEC’s Increasing Use of Administrative Enforcement Proceedings

The SEC is increasingly bringing enforcement actions in its administrative forum rather than federal district court, setting the stage for a legal and policy battle over this tactic. The SEC’s approach has been made...more

Operation Choke Point

As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking...more

As Bitcoin Gains Momentum, Focus on Regulation Increases

The virtual currency market has emerged in the United Arab Emirates with Dubai’s first Bitcoin ATM introduced in April 2014. Middle East entrepreneurs have begun launching Bitcoin payment products and SMEs are beginning to...more

The Regulators Are Coming! The Regulators Are Coming!

Regulators, in-house lawyers and compliance officers told a serious cautionary tale at the recent Practicing Law Institute Broker-Dealer Regulation and Enforcement seminar. Representatives of the Securities and Exchange...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

Senate holds nomination hearing for HUD Assistant Secretary

Last Thursday afternoon, the Senate Committee on Banking, Housing, and Urban Affairs conducted a nomination hearing to interview San Antonio Housing Authority CEO Lourdes Castro Ramírez for the position of HUD Assistant...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

No Good Deed Goes Unpunished: Document Preservation Notices Can Lead to SOX Violation!

On November 12, 2014, the Fifth Circuit affirmed a Department of Labor finding that Halliburton retaliated against a whistleblower by including his name in a document preservation notice. The court also held that emotional...more

Legal Alert: Has New York City Added a Fourth Element for Determining a Combined Group?

A New York Tax Appeals Tribunal Administrative Law Judge (ALJ) recently determined that a federal savings and loan association was not required to include a subsidiary, which was formed as a Connecticut passive investment...more

Final Treasury Regulations Set Deadline for Arbitrage Rebate Overpayment Claims

Effective November 13, 2014, the filing deadline for a claim for an arbitrage rebate overpayment on tax-exempt and other tax-advantaged bonds is two years after the final arbitrage computation date for the issue from which...more

Supreme Court to Decide Important Administrative Law Issue

On December 1, 2014, the United States Supreme Court will hear oral argument in a case that will have significant implications for federal regulatory agencies like the U.S. Food and Drug Administration (FDA) and the Alcohol...more

Recent Key Bitcoin and Virtual Currency Regulatory and Law Enforcement Developments

In recent months, US federal and state regulators have continued to focus on Bitcoin and the adoption of a regulatory framework for it and other "virtual currencies," as well as the enforcement of existing securities laws to...more

FinCEN Issues Statement Encouraging Banks to Evaluate Money Services Businesses on a Case-by-Case Basis

On November 10, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Statement addressing bank “de-risking,” often described as the practice of closing accounts or refusing to open accounts for particular types...more

The Results Are In: Investors Favor Additional Regulatory Protection

On November 6, 2014, FINRA released results from a survey of U.S. investors measuring the demand for additional regulatory protections. The survey polled 1,000 adults and revealed that an overwhelming majority felt that it...more

A further update on state AG/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

Forex Probe Results in Fines, but Investigation Not Over Yet

The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on...more

Data Privacy And Cybersecurity For Investment Funds

In This Presentation: - WHY IS DATA PRIVACY AND SECURITY IMPORTANT? ..Why is it important to protect data? ..SEC Cybersecurity Risk Alert ..FINRA Scrutiny - BEFORE THE BREACH ...more

MoFo New York Tax Insights - Volume 5, Issue 11 - November 2014

In This Issue: - Court Orders Department of Finance to Release Corporate Tax Return Records to City Comptroller - ALJ Upholds State Tax Department Policy on Personal Liability of LLC Members for Sales...more

Pennsylvania Amends Act 47 to Give the Commonwealth More Oversight and its Municipalities Less Time to Reorganize

Pennsylvania’s legislature recently approved House Bill No. 1773, an overhaul to its Municipalities Financial Recovery Act, commonly known as “Act 47.” HB 1773 was signed into law by Governor Tom Corbett on October 31, 2014....more

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