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New York Industrial Board of Appeals Rescinds Payroll Debit Card and Direct Deposit Regulations

Seyfarth Synopsis: Regulations that would have restricted New York employers’ ability to pay employees via payroll debit cards have been struck down by an administrative review tribunal within the State Department of Labor....more

New York State Regulations Governing Payroll Debit Cards (Scheduled to Become Effective March 7) Held Invalid and Revoked

The NYSDOL issued final regulations in September 2016, significantly restricting the use of payroll debit cards and imposing disclosure and consent requirements for direct deposit. The regulations were to become effective on...more

New York Pay Card Regulations Revoked, March 7, 2017 Implementation Halted

New regulations governing the use of payroll debit cards (also known as “pay cards”) in New York will not go into effect as planned on March 7, 2017. Yesterday, the New York Industrial Board of Appeals granted the petition of...more

President Trump Directs DOL to Review the Fiduciary Rule and Consider Modifications or Revocation

On February 3, 2017, President Trump directed the Department of Labor (“DOL”) to review the fiduciary rule adopted in April 2016 (the “Fiduciary Duty Rule”) and consider whether the Fiduciary Duty Rule should be modified or...more

A Sharpening of the Pensions Regulator's Claws

The Pensions Regulator ("TPR") has wide-ranging statutory powers to intervene in the running of work-based pension schemes. The most prominent of these are the so-called "moral hazard powers". To date, TPR has used these...more

CFTC Proposes Amendments to Whistleblower Awards Process and Anti-Retaliation Authority

The amendments would make the CFTC’s whistleblower awards process more uniform with the SEC’s program and would enable the CFTC to bring enforcement actions against employers that retaliate against whistleblowers....more

Eighth Circuit Refuses to Open Golden Parachute for Bank Exec

A new decision from the Eighth Circuit Court of Appeals reaffirms the challenge presented by the Federal Deposit Insurance Corporation (FDIC) "golden parachute" prohibitions for boards of directors of banks in "troubled...more

Lawsuits Filed Challenging The USDOL’s Final Fiduciary Rules

On April 6, 2015, the U.S. Department of Labor released its Final Rule addressing when a person providing services to an employee benefit plan or individual retirement account (IRA) is considered to be providing investment...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

DOL Sued over Fiduciary Rule

One of the questions that I am repeatedly asked is whether the Department of Labor overreached their rulemaking capability by applying their new fiduciary rule to Individual Retirement Accounts (IRAs). I always tell people...more

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

UK Financial Regulatory Developments - April 2016 #17

ABI consults on language for retirement options - ABI is consulting on a draft guide to simplifying language on retirement choices to ensure customers understand their choices – and generally to improve use of terms...more

SOX Whistleblower Receives $250,000 Award Related to State Wage Act Complaints

The ARB recently concluded that a former program manager was entitled to recover more than $250,000 in back pay and benefits under Section 806 of SOX based on his discipline and constructive discharge. The ARB clarified that...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

ARB Rejects SOX Claim of Employee Who Threatened Co-Worker

On February 18, 2016, the ARB dismissed a former employee’s whistleblower retaliation claim under Section 806 of SOX, concluding that he failed to show that his protected activity contributed to the decision to terminate his...more

ERISA (5th Circuit): Are There Exceptions to the Exhaustion of Administrative Remedies Requirement

You already know that claimants with a denied claim must submit an appeal and exhaust administrative remedies before filing suit. But are phone calls sufficient to trigger the appeal process?...more

Treasury Department and IRS Publish Final Hybrid Plan Regulations and Announce Extension of Required Amendment Date for Certain...

The Treasury Department and the IRS recently issued final regulations (the “2015 Final Regulations”) relating to hybrid retirement plans, including cash balance pension plans. The 2015 Final Regulations provide...more

Seventh Circuit Rejects In-Network Providers’ Bid For ERISA Claims Procedures

Claims by providers seeking to assert the rights of ERISA plan participants have been percolating in courts throughout the country. The Seventh Circuit has now weighed in, rejecting the notion that providers who have payment...more

Pension Benefit Guaranty Corporation Issues Final Regulations on Reportable Events

Earlier this month, the Pension Benefit Guaranty Corporation (PBGC) issued final regulations on reportable events under ERISA in connection with defined benefit pension plans and their sponsors (the Final Regulations). The...more

Tom Brady Better Off as a Famous Quarterback than a Registered Representative

And this is true for any number of reasons! There’s the money, the supermodel wife, the buddy trips to the Kentucky Derby . . . . All pretty obvious. But there’s another reason, too. As an NFL quarterback, Brady works...more

SEC Approves Proposed Rules for Executive Compensation

On April 29, 2015, the Securities and Exchange Commission (SEC) narrowly approved proposed rules requiring certain reporting companies to disclose the relationship between pay to named executive officers and performance by...more

DOL Files Complaint Against Plan Fiduciaries for Using 401(k) Contributions and Loan Repayments to Fund Plan Sponsor’s General...

On April 10, 2015, the DOL filed a complaint against Enterworks, Inc., the Enterworks, Incorporated Shared Savings Plan, and two individual fiduciaries of the Savings Plan (the Defendants). In the complaint, the DOL alleges...more

Department of Labor proposes to expand the definition of fiduciary: top points

The US Department of Labor has issued proposed regulations that may have a significant effect on those who recommend or market investment products and services to employee benefit plans and individual retirement accounts. ...more

Alert: SEC Proposes New Rules on Pay Versus Performance When "Compensation Actually Paid" is Not Compensation Actually Paid and...

On April 29, 2015, the SEC voted to propose rules requiring public companies to disclose the relationship between compensation actually paid and company financial performance. The proposal comes almost five years after the...more

SEC Proposes Pay-Versus-Performance Disclosure Rules

The Securities and Exchange Commission (SEC) recently issued its long-awaited proposal for "pay-versus-performance" disclosure. The proposed rules would implement the requirements of Section 953(a) of the Dodd-Frank Wall...more

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