Consumer Protection, International Law & Trade, Finance & Banking

Client Alert: SEC Publishes Cross-Border Release and Reopens Comment Period for Dodd-Frank Rules

by Mara Giorgio, Micah Green, Matthew Kulkin | Patton Boggs LLP on 5/20/2013

On May 1, 2013, the Securities and Exchange Commission (SEC or Commission) held an open meeting to consider: - Whether to propose new rules and interpretive guidance for cross-border security-based swap (SBS)...more

Consumer Financial Protection Bureau Releases Final Rule on International Remittance Transfers

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/16/2013

On April 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule amending subpart B of Regulation E, which implements the Electronic Fund Transfer Act, and the official interpretation to the regulation. This...more

CFPB Issues Revised Remittance Transfer Rule

by BuckleySandler LLP on 5/13/2013

On April 30, the CFPB issued a revised final rule to amend regulations applicable to consumer remittance transfers of over fifteen dollars originating in the United States and sent internationally. ...more

CFPB Finalizes Revisions to Remittances Rule, Sets October 28 Effective Date

by Alan S. Kaplinsky, Jeremy T. Rosenblum, Mercedes Kelley Tunstall | Ballard Spahr LLP on 5/8/2013

The Consumer Financial Protection Bureau has finalized revisions to its remittance transfers rule and set October 28, 2013, as the rule’s new effective date. While not entirely eliminating the requirement for remittance...more

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

by Joseph D. Simon | Cullen and Dykman LLP on 5/6/2013

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

Consumer Financial Protection Bureau Begins Accepting Consumers’ Money Transfer Complaints

by Heather Coldwell | Davis Wright Tremaine LLP on 5/3/2013

Noting that “[i]t’s pretty incredible that you can quickly send money to almost anywhere in the country or abroad,” the Consumer Financial Protection Bureau (“CFPB”) recently announced it has begun accepting consumer...more

Financial Services Legislative and Regulatory Update -- April 29‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/1/2013

In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Excerpt from Leading the Past Week - The past week could be best described by one word. Chaos. In the House, a scheduled...more

CFPB Revises Rule Protecting Consumers Sending Money Internationally

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 5/1/2013

The CFPB has revised its rule that creates certain protections for consumers who transfer money internationally. The revisions are intended to preserve the new consumer protections provided under the rule while facilitating...more

Orrick's Financial Industry Week in Review - April 29, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/29/2013

In This Issue: Financial Industry Developments: CFPB Proposed Clarifications on Qualified Mortgage Rules; SEC Credit Ratings Roundtable; FDIC Proposed Guidance on Deposit Advance Products; Rating Agency Developments; RMBS...more

RBS to Face FCA Investigation into IT Failures

by Orrick - Structured Finance Group on 4/18/2013

The FCA announced that it will conduct a formal investigation into the IT malfunction at RBS last summer, which left 17 million of its customers unable to access their accounts for up to three weeks. The investigation could...more

Government Announces New Complaints Regulations for Bank Customers, Oversight by Federal Consumer Agency of Canada

by Kashif Zaman | Osler, Hoskin & Harcourt LLP on 4/15/2013

On April 10, 2013, the Canadian federal government announced the final publication of new regulations that will govern the system for resolving complaints regarding products or services provided by banks and authorized...more

Buchheit: Cyprus Could Need a Second Bailout [Video]

by Bloomberg Law on 3/28/2013

Mar. 28 (Bloomberg Law) -- The sovereign debt crisis in Cyprus marks the fifth European nation to need a bailout in recent memory, but this crisis is unique because European Union regulators are taking the unprecedented step...more

Orrick's Financial Industry Week in Review - March 25, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/25/2013

In This Issue: *Financial Industry Developments - Agencies Issue Updated Leveraged Lending Guidance - CFTC No-Action Relief from Required Clearing for Some Partial Swap Novations and Terminations - FHFA...more

FinCEN Issues Virtual Currency Guidance

by Keith R. Fisher, Alan S. Kaplinsky, Beth Moskow-Schnoll, Mercedes Kelley Tunstall | Ballard Spahr LLP on 3/25/2013

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

FSA Fines UBS £9.45 Million for Failings in AIG Fund Sales

by Orrick - Structured Finance Group on 2/21/2013

On February 12, the FSA published a final notice issued to UBS AG, setting out a fine of £9.45 million in respect of failings identified in its sale of the AIG Enhanced Variable Rate Fund (the Fund). Having reviewed sales of...more

UK's FSA consults on future use of temporary product intervention rules - Baker & McKenzie

by Sam Appleton, Bill Fuggle, Astrid Raetze | Baker & McKenzie Australia on 2/19/2013

The UK's Financial Services Authority (FSA) is consulting on when and how its successor body, the Financial Conduct Authority (FCA), may make temporary product intervention rules, as part of its new approach to regulating...more

Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks

by King & Spalding on 2/15/2013

The Federal Reserve Board last month proposed new rules intended to strengthen the oversight of U.S. operations of foreign banks. The proposal implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Orrick's Financial Industry Week in Review - January 28, 2013

by Orrick, Herrington & Sutcliffe LLP on 1/30/2013

In This Issue: *Financial Industry Developments - CFPB Rule on Originator Compensation - Treasury and IRS FATCA Regulations - Rating Agency Developments *Recent Orrick Alerts - Derivatives Reform in...more

CFPB delays remittance transfer rule effective date

by Barbara S. Mishkin | Ballard Spahr LLP on 1/24/2013

The CFPB has issued a final rule delaying the effective date of the remittance transfer rule pending finalization of its December 2012 proposal to make changes in three areas....more

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

by Thomas I. Elkind | Foley & Lardner LLP on 1/18/2013

The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more

CFPB Proposed Amendment to Rule on Remittance Transfers

by Orrick - Structured Finance Group on 1/10/2013

On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers....more

CFPB Proposes Revisions to Remittance Rule

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 1/10/2013

The Consumer Financial Protection Bureau (CFPB or Bureau) on December 21 issued proposed revisions to a rule that creates certain protections for consumers who transfer money internationally. The proposed revisions, according...more

CFPB Proposes Revised Remittance Transfer Rule

by BuckleySandler LLP on 1/8/2013

On December 21, the CFPB proposed revisions to the remittance transfer rule it finalized earlier this year and already once modified. The proposed revisions follow a November 2012 bulletin from the CFPB in which it stated its...more

Bureau Proposes Further Revisions to Remittance Transfer Rules

by Andrew Owens | Davis Wright Tremaine LLP on 1/4/2013

On December 31, 2012, the Consumer Financial Protection Bureau (“Bureau”) published in the Federal Register revisions (“Proposal”) to rules on international remittance transfers that the agency published in February 2012 and...more

Congress Acts On Several Banking Bills, Two Set For President’s Signature

by BuckleySandler LLP on 12/18/2012

On December 11, the U.S. Senate passed by voice vote two bills impacting bank supervision and compliance. The first, H.R.4014, amends the Federal Deposit Insurance Act to protect information submitted to the CFPB as part of...more

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Consumer Protection › International Law & Trade › Finance & Banking

Client Alert: SEC Publishes Cross-Border Release and Reopens Comment Period for Dodd-Frank Rules

Consumer Financial Protection Bureau Releases Final Rule on International Remittance Transfers

CFPB Issues Revised Remittance Transfer Rule

CFPB Finalizes Revisions to Remittances Rule, Sets October 28 Effective Date

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

Consumer Financial Protection Bureau Begins Accepting Consumers’ Money Transfer Complaints

Financial Services Legislative and Regulatory Update -- April 29‚ 2013

CFPB Revises Rule Protecting Consumers Sending Money Internationally

Orrick's Financial Industry Week in Review - April 29, 2013

RBS to Face FCA Investigation into IT Failures

Government Announces New Complaints Regulations for Bank Customers, Oversight by Federal Consumer Agency of Canada

Buchheit: Cyprus Could Need a Second Bailout [Video]

Orrick's Financial Industry Week in Review - March 25, 2013

FinCEN Issues Virtual Currency Guidance

FSA Fines UBS £9.45 Million for Failings in AIG Fund Sales

UK's FSA consults on future use of temporary product intervention rules - Baker & McKenzie

Federal Reserve Board Releases Proposed Rules to Strengthen the Oversight of U.S. Operations of Foreign Banks

Orrick's Financial Industry Week in Review - January 28, 2013

CFPB delays remittance transfer rule effective date

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

CFPB Proposed Amendment to Rule on Remittance Transfers

CFPB Proposes Revisions to Remittance Rule

CFPB Proposes Revised Remittance Transfer Rule

Bureau Proposes Further Revisions to Remittance Transfer Rules

Congress Acts On Several Banking Bills, Two Set For President’s Signature

Buchheit: Cyprus Could Need a Second Bailout [Video]

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