General Business Finance & Banking Communications & Media

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First Crowdfunding Portal Application Appears on EDGAR

CFS, LLC became the first crowdfunding portal application available on EDGAR. Actually, the initial application and two amendments are available. The company will conduct business under the name uFundingPortal and its website...more

BNA Insights: Regulation Crowdfunding and Small Businesses: A Match Made in SEC-Regulated Heaven?

The Dawn of a New Era in Capital Formation - The need for crowdfunding regulation became apparent after the Securities and Exchange Commission issued a cease and desist order to stop a crowdfunding effort by two men...more

Seventh Circuit Holds No Agreement Entered Into With Respect To On-Line Contract

This case arises from an appeal from an Illinois federal district court, which ruled that TransUnion, a credit reporting agency, did not give a putative class of its website users proper notice of an arbitration agreement,...more

Food and Beverage Law Update: April 2016

Finance - PACA Liens Could Impact Financing Terms - The Perishable Agricultural Commodities Act (PACA) is a federal law enacted in 1930 with the goal of protecting suppliers and sellers of agricultural goods from...more

CFPB's Latest Action is Against the Co-Founders of a Lead Aggregator

On April 21 the Consumer Financial Protection Bureau (CFPB) brought its latest enforcement action by filing a civil suit in the United States District Court for the Central District of California (CDCA) against Dmitry...more

This Week in FCPA-Episode 1 [Video]

In this initial This Week in FCPA, Episode 1, Jay Rosen and I review this week's happenings in the world of FCPA. Today we discuss the 4th anniversary of the New York Times story about Wal-Mart in Mexico, the Harder guilty...more

How to Avoid or Respond to Wire Transfer Fraud

Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker...more

Borrower Out of Business? Using the Internet to Identify Successor Liability

You open the paper to discover that a “new business”- NewCo has opened at the same location as a current borrower (OldCo). Upon further investigation, you drive by the former business location of OldCo and there is different...more

Stakeholders Weigh-in on the NIST Cybersecurity Framework

In February 2014, the National Institute of Standards and Technology (NIST) published the Cybersecurity Framework, a voluntary framework designed to provide a “cost-effective means for critical infrastructure to identify,...more

Your daily dose of financial news The Brief – 4.15.16

With regulators’ rejection of big-bank living wills still very fresh in mind, the Upshot suggests that keeping powerful banks “on their toes . . . may end up playing a surprisingly important role in keeping the financial...more

India Relaxes Rules on Foreign Direct Investment in E-Commerce

In Press Note No. 3 released on 29 March 2016 the Government of India (Ministry of Commerce & Industry, Department of Industrial Policy and Promotion) announced that foreign direct investment (“FDI”) of up to 100% would be...more

Financial Services Weekly News - April 2016 #2

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

FinCEN Proposes Imposing BSA Requirements on Crowdfunding Portals

On April 4, FinCEN issued a proposed rule to amend the definitions of “broker or dealer in securities” and “broker-dealer” under the regulations implementing the BSA. Specifically, FinCEN proposed that the definitions be...more

Seventh Circuit Finds No Enforceable Arbitration Agreement Case Involving Chicago-Based Credit Reporting Company

Recently, the U.S. Court of Appeals for the Seventh Circuit issued an opinion affirming a district court’s denial of a credit reporting company’s motion to compel arbitration in a putative class action. The Seventh Circuit...more

7th Circuit Decision Offers Valuable Lessons on Enforceability of Arbitration Clauses in E-Commerce

On March 25, the Seventh Circuit Court of Appeals issued a decision in Sgouros v. TransUnion Corp. in which the appeals court rejected TransUnion's effort to compel arbitration of a putative class action. The appeals court...more

FinCEN Proposes Amendments to Bank Secrecy Act to Cover Crowdfunding Portals

FinCEN, a bureau of the Department of the Treasury, has proposed amendments to the definitions of “broker or dealer in securities” and “broker-dealer” under the regulations implementing the Bank Secrecy Act. This rulemaking...more

Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards

On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of...more

Fix Crowdfunding Act Improves JOBS Act

The Fix Crowdfunding Act has been introduced by Representative Patrick McHenry, who was one of the architects of the FAST Act provisions simplifying securities laws. The Fix Crowdfunding Act increases the $1,000,000...more

UK Financial Regulatory Developments - March 2016 #17

FOS publishes latest Ombudsman News - The latest edition of Ombudsman News focuses on cases relating to cars and debt management. (Source: FOS publishes latest Ombudsman News)... FOS responds to feedback on...more

China Imposes New Restrictions on Internet Content

Rules imposing new restrictions on the publication of online content in China came into effect on March 10, 2016. The new rules, the Online Publishing Service Administrative Rules, were jointly released by the State...more

FDIC Developing Guidance on Risks For Banks Lending Through Third Parties

New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace lending, private label credit...more

Your daily dose of financial news The Brief – 3.18.16

The Fed’s patience on rate hikes coupled with surging commodities prices (including oil over $40/barrel for the first time since December) helped push the Dow into positive territory for the year – WSJ... So apparently...more

Crowdfunding, Online Payments, and Charitable Fundraising

Nonprofits engaged in fundraising from the general public have been “crowdfunding” for centuries! Now, however, there is a profusion of online crowdfunding platforms of different types, each with its own benefits and...more

Your daily dose of financial news The Brief – 3.9.16

United Continental shareholders (two hedge funds in particular) are not pleased, and they’re looking to former Continental CEO Gordon Bethune to do something about it. Bethune is one of a slate of 6 director candidates put...more

Corporate E-Note - February 2016

With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to...more

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