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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Legal Alert: SEC Rule Proposes to Preclude Certain Collective Action Claims under FINRA Arbitration Rules

The Securities and Exchange Commission (SEC) has published a proposed rule applicable to arbitrations conducted by the Financial Industry Regulatory Authority, Inc. (FINRA). See 77 Fed. Reg. 1773. The rule would preclude...more

Financial Services Report -- Winter 2012

In This Issue: Beltway Report; Bureau Report; Operations Report; Privacy Report; Arbitration Report; Mortgage Report; and Preemption Report Excerpt from "Beltway Report" The Volcker Rule Proposal Ever...more

Financial Services Report - Fall 2011

In this issue: Arbitration Report; Beltway Report; Mortgage Report; Operations Report; Plastic Report; Preemption Report; Privacy Report; and MoFo Metrics. Call us “Hobbits” if you will, Senator McCain, but expect more...more

Energy Newsletter - September 2011

In This Issue REGULATORY FERC - Transmission Planning and Cost Allocation Under FERC Order No. 1000 Amended regulations ensuring efficient and cost-effective investment decisions are necessary because...more

Foreclosure Fairness Act - Recent legislation adds a new mediation step to the foreclosure process.

As of July 22, Washington state’s new foreclosure mediation program, established by the Foreclosure Fairness Act (FFA), provides a mechanism for borrowers facing foreclosure to pursue modified loan agreements with the help of...more

FINRA Launches New Disciplinary Actions Database

This week, FINRA announced that it had launched the FINRA Disciplinary Actions Online database. According to FINRA’s news release, this is a web-based searchable system that makes its disciplinary actions accessible via its...more

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