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Diversity Reports at Two Federal Agencies Offer Glimpse of Regulatory Review under Impending Dodd-Frank Diversity Standards

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed by President Obama in 2010 in response to the financial crisis, includes a provision intended to remedy racial and gender discrepancies at...more

California AG Declares Whistleblower Tally A State Secret

Since 2004, the California Attorney General has been required to maintain a whistleblower hotline to receive calls from persons who have information regarding possible violations of state or federal statutes, rules, or...more

10-K Conundrum: 7th Circuit Holds Corporate Filings Can Lead To Employment Claims

A recent Seventh Circuit decision provides a cautionary tale for employers deciding what level of detail about litigated matters to include in publicly disclosed Securities and Exchange Commission (“SEC”) filings. The court...more

Whistleblowers on Wall Street Could Earn Share of $425 Million Pot

Since the establishment of the SEC Whistleblower Program, there have been a lot more highly publicized cases of whistleblowers coming forward and revealing wrongdoing within their organizations, specifically in regard to...more

Flying High: The Human Rights Implications of Investing In Drones

Civilian application of drone technology has increased dramatically in recent years. The burgeoning civilian opportunities are a potential boon for investors, who view this emerging market as one that will expand long into...more

Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule...more

Implementing Regulation B Spousal Signature Provisions

The Equal Credit Opportunity Act and its implementing rule, Regulation B, prohibit any creditor from discriminating based on sex or marital status, among other protected statuses. All the federal banking agencies are involved...more

Spouse-Guarantor Rule: A Split Between Federal Circuit Courts

When a closely-held entity applies for a loan, the financial institution usually requires the entity’s owner(s) to guaranty the loan. If the owner is married, the financial institution may also require the owner(s) spouse(s)...more

FINRA Issues Guidance Notice To Warn Against Settlements Barring Whistleblower Tips

This month, FINRA issued guidance notice 14-40 to reminds firms that “it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

FINRA Again Cautions Against Confidentiality Provisions Silencing Whistleblowers

As reported this week by Law360 (subscription required), the Financial Industry Regulatory Authority (FINRA) recently issued a reminder (Regulatory Notice 14-40) warning firms against the use of confidentiality provisions in...more

Start Your Compliance Engines: CFPB Proposes Rule to Supervise Larger Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a proposed rule on September 17, 2014, that would empower the Bureau to supervise certain larger nonbank automobile finance companies. The CFPB proposed the...more

Guarantors Are Not Protected by the Equal Credit Opportunity Act, Eighth Circuit Holds

The U.S. Court of Appeals for the Eighth Circuit recently upheld summary judgment in favor of a lender, dismissing an action by the borrowers’ spouses alleging that the lender’s requirement that the spouses sign guaranties...more

Take 5 Newsletter: Five Documents That Financial Services Employers Should Revisit Now

With summer here, including its long days and blazing heat, many thoughts may turn to beaches, sunshine, and lazy afternoons. The summer may also be a good time for employers—especially those in the financial services...more

FCPA Compliance and Ethics Report-Episode 71-World Cup Report-Part IV [Video]

Mike Brown, Managing Director of Infortal, and myself continue our series around the 2014 World Cup. In this episode we discuss the winning Qatar bid to host the World Cup 2022 and the USA's chances in the knock-out round...more

The CFPB Eyes Supervisory Regulation Over Large Auto-Lenders

Large auto-lenders may soon have to contend with a new regulator. In its most recent semi-annual report, the Consumer Financial Protection Bureau (“CFPB”) highlighted its intent to promulgate a new rule which would subject...more

A New Defense Against Municipal Disparate Impact Claims

Banks and non-bank lenders face a variety of fair lending disparate impact claims, which allege unintentional and unfavorable disparate impacts of otherwise neutral policies or practices on minority borrowers. Regulators,...more

The Whistle Blower Provisions of Sarbanes-Oxley Extends to Employees of Privately Held Companies Under Some Circumstances

In a decision that expands considerably the number of employees covered by the whistle-blower provisions of the Sarbanes-Oxley Act, the United States Supreme Court ruled earlier this month in Lawson v. FMR LLC that two former...more

Cost of Insurance Litigation -- District Court Says Stick to Enumerated Factors

In a class action challenging a cost of insurance (COI) rate increase, a New York federal district court has stated that an insurer may only consider factors specifically enumerated in the policy when raising COI rates on a...more

Africa Update

In This Issue: -Leading the News -United States – Africa Relations -North Africa -East Africa -West Africa -Sub-Saharan Africa -General Africa News - Excerpt from Leading the News: World...more

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

Sarbanes-Oxley Whistleblower Protections Cover Employees of a Public Company’s Private Contractors

On March 4, 2014, the United States Supreme Court, in a 6-3 decision, expanded the protections offered to whistleblowers under anti-fraud laws, in Lawson v. FMR LLC. In its decision, the Court ruled that a specific...more

The U.S. Supreme Court Extends Sarbanes-Oxley Whistleblower Protections to Employees of Mutual Fund Investment Advisers and Other...

The Supreme Court of the United States on March 4, 2014 held that employees of a privately-held mutual fund investment adviser are protected under a whistleblower provision enacted as part of the Sarbanes-Oxley Act of 2002...more

Supreme Court Widens Sarbanes-Oxley Whistleblower Net

On March 4, 2014, the U.S. Supreme Court significantly expanded the Sarbanes-Oxley anti-retaliation law to cover employees of private contractors who perform services for publicly-traded companies. Passed in 2002 in the wake...more

Corporate and Financial Weekly Digest - Volume IX, Issue 12

In this issue: - Delaware Supreme Court Upholds Chancery Court Ruling that Applied Business Judgment Rule to Going Private Transaction with Controlling Stockholder - Amendments to Uniform Branch Office...more

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