Finance & Banking, Alternative Dispute Resolution (ADR), Administrative Law

FINRA: The FAA Requires Enforcement of Judicial Class Action Waiver in Pre-Dispute Arbitration Agreement But Does Not Preempt...

by Lloyd B. Chinn, Patrick Lamparello, Adam Lupion | Proskauer Rose LLP on 3/7/2013

On February 21, 2013, the Financial Industry Regulatory Authority (FINRA) issued a written decision finding that the Federal Arbitration Act (FAA) bars FINRA from enforcing FINRA Rules intended to preserve judicial class...more

CFPB semiannual regulatory agenda: missing items and other mysteries

by Alan S. Kaplinsky | Ballard Spahr LLP on 1/14/2013

The CFPB has issued its semiannual regulatory agenda which identifies seven regulatory matters that the CFPB “reasonably anticipates” having under consideration during the period from October 1, 2012 to October 1, 2013....more

Welcome to the Party? FINRA Invites Investment Advisers to Utilize its Arbitration Procedures

by Michael B. Koffler, S. Lawrence Polk, Brian L. Rubin | Sutherland Asbill & Brennan LLP on 12/8/2012

Originally published in the Investment Adviser Association Newsletter on December 3, 2012. The Financial Industry Regulatory Authority (FINRA) recently issued guidance (Guidance) stating that it will now accept requests...more

FINRA Rule Amended: Whistleblower Claims Not Subject To Mandatory Arbitration

by Lloyd B. Chinn, Harris M. Mufson, Steven J. Pearlman | Proskauer - Whistleblowing & Retaliation on 11/26/2012

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd Frank) amended the whistleblower provision in Section 806 of the Sarbanes-Oxley Act of 2002 (SOX) to state that pre-dispute arbitration agreements that...more

Financial Services Report -- Fall 2012

by Morrison & Foerster LLP on 10/5/2012

In This Issue: Beltway Report; Bureau Report; Operations Report; Arbitration Report; Mortgage Report; Privacy Report; Plastics Report; and Preemption Report. Excerpt from Beltway Report MOU on Supervisory...more

CFPB releases comments on arbitration study

by Ballard Spahr LLP on 6/28/2012

Earlier this week, we shared the comment letter that was filed jointly by the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable in response to the CFPB’s Request for...more

Trade groups comment on CFPB arbitration study

by Ballard Spahr LLP on 6/25/2012

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable have filed a joint comment letter responding to the CFPB’s Request for Information Regarding Scope, Methods, and Data...more

ICSID Arbitration Ruling Decides Initial Jurisdictional Issues

by Cadwalader, Wickersham & Taft LLP on 6/8/2012

Pacific Rim v El Salvador (ICSID Case No. ARB/09/12) is a recent decision by the International Centre for Settlement of Investment Disputes (ICSID). The arbitration is brought under the Dominican Republic — Central America —...more

Amendments to the HKSFC Code of Conduct

by Dechert LLP on 5/25/2012

Following the conclusion of a two-month public consultation period, the Hong Kong Securities and Futures Commission (SFC) announced on 21 May 2012 amendments to the Code of Conduct for Persons Licensed by, or Registered with,...more

CFPB Seeks Input on Study of Mandatory Arbitration Clauses

by Loeb & Loeb LLP on 5/18/2012

The Consumer Financial Protection Bureau (CFPB) has launched the preliminary stage of its study into the use of mandatory arbitration clauses by issuing a Request for Information to the public asking for suggestions about how...more

Some views from the other side

by Ballard Spahr LLP on 5/10/2012

We think two posts by Deepak Gupta that recently appeared on the Consumer Law & Policy Blog make for interesting reading. Last July, on our blog, we wrote about how the hiring of Mr. Gupta by the CFPB’s Office of General...more

State Law Update: Recent Changes in Maryland, Minnesota, and Mississippi

by BuckleySandler LLP on 5/7/2012

Maryland Adds Foreclosure Registration Requirement, Authorizes Pre-file Mediation, Amends Mortgage Licensing. On May 2, Maryland Governor O’Malley signed House Bill 1373, which establishes a state foreclosed property...more

FINRA Arbitration Award Vacated Due to Faulty Service of Statement of Claim

by Sedgwick LLP on 5/4/2012

One of the few grounds on which an arbitration award may be challenged in Superior Court is that the arbitrator exceeded his authority by denying a litigant a fair hearing. In a recent unpublished decision, Hansalik v. Wells...more

CFPB Begins Study of Arbitration Clauses, Extends Comment Period for Overdraft Inquiry

by BuckleySandler LLP on 5/1/2012

On April 24, the CFPB released a request for information to inform its study of the use and impact of arbitration clauses in consumer financial services agreements. Through June 23, 2012, the CFPB is seeking information from...more

SEC Approves Amendments to FINRA Arbitration Rule

by Orrick, Herrington & Sutcliffe LLP on 4/24/2012

On April 20, pursuant to the Dodd-Frank Act, the SEC approved amendments to FINRA Rule 13201 of the Code of Arbitration Procedure for Industry Disputes (Industry Code). The amendments provide that a dispute arising under a...more

Dispute Resolution in Islamic Finance

by K&L Gates LLP on 4/23/2012

This article was first published in the "Global Islamic Finance Report 2012" in April 2012. The number of Sharia compliant products that are available has grown enormously over the past few years. Many Islamic finance...more

Summary of Selected Programs from SIFMA Compliance & Legal Society’s 2012 Annual Seminar

by Sutherland Asbill & Brennan LLP on 4/11/2012

On March 18 - 20, 2012, the Securities Industry and Financial Markets Association (SIFMA) Compliance & Legal Society hosted its annual seminar. Drawing some 1,300 securities industry participants and observers, the seminar...more

Foreclosure Mediation Program Encouraging Judicial Review of Mediations

by Snell & Wilmer L.L.P. on 3/23/2012

Nevada’s Foreclosure Mediation Program recently began sending a form letter (the Letter) to homeowners shortly after participation in the Foreclosure Mediation Program. A copy of the Letter is included on the next page. The...more

Enforcing "all monies" farm mortgages: Waller v Hargraves Secured Investments Ltd

by Baker & McKenzie Australia on 3/16/2012

The High Court has recently held that where multiple farm debts are secured by a farm mortgage, a certificate issued by the NSW Rural Assistance Authority (Authority) under s 11 of the Farm Debt Mediation Act 1994 (NSW) (NSW...more

Mediation—Coming to a Financial Services Dispute Near You: Legislation, Regulation, and Economics Will Drive the Trend to...

by JAMS, The Resolution Experts on 2/6/2012

In 2012, we no doubt will see the continuation of a significant trend towards the use of mediation to resolve financial services disputes. A perfect storm of economic, legislative, and regulatory conditions has been...more