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Recent Dodd-Frank Diversity and Inclusion Standards Developments

Regulated entities should be aware of two recent developments concerning the final diversity and inclusion standards issued this summer under Dodd-Frank Section 342 by the CFPB, OCC, Fed, FDIC, NCUA and SEC. Given that the...more

Your daily dose of financial news The Brief – 11.17.15

Dealbook’s Andrew Ross Sorkin offers more perspective on the economic cost of terrorism, suggesting—based on a disturbingly high data set of recent examples—that market volatility in the days following a major event isn’t the...more

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Are Disparate Impact Claims Legally Cognizable Under ECOA?

In Texas Dep’t of Housing and Community Affairs v. The Inclusive Communities Project, 135 S. Ct. 2507 (2015), the Supreme Court held that disparate impact claims are legally cognizable under the Fair Housing Act (“FHA”). As a...more

Regulators make whistleblowing rules

FCA and PRA have published their feedback, rules and policy documents on whistleblowing. The rules complement the senior manager regime (SMR) and reforms of remuneration rules. The new rules affect...more

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

CFTC Announces to Issue Award of Approximately $290,000 to Whistleblowers

On September 29, the U.S. Commodity Futures Trading Commission announced that it would issue an award of approximately $290,000 to whistleblowers for providing valuable information about violations of the Commodity Exchange...more

CFTC Makes Second Whistleblower Award

The U.S. Commodity Futures Trading Commission, or CFTC, announced that it will make an award of approximately $290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act....more

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

Beware Of The One-Two Punch Expected In The Fair Housing Law Arena

The combination of a recent unfavorable Supreme Court decision along with dramatically increased federal funding for fair housing enforcement could spell bad news. Businesses that operate in the housing industry and those...more

U.S. Supreme Court to Hear Banking Case on October 5

On July 29, 2015, the United States Supreme Court announced that it will hear argument in Hawkins. v. Community Bank of Raymore on October 5, 2015. Lathrop & Gage LLP client Community Bank of Raymore (CBR) is represented by...more

SEC Guidance Supports its Position That Internal Whistleblowers are Protected Under Dodd-Frank

On August 4, 2015 the Securities and Exchange Commission issued interpretive guidance elaborating its view that the anti-retaliation provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act apply equally to...more

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

European Commission Seeks Termination Of Five EU Member States’ Intra-EU Bilateral Investment Treaties

On 18 June 2015, the European Commission (the Commission) initiated infringement proceedings against five European Member States seeking termination of their bilateral investment treaties (BITs) with other European Union (EU)...more

CFPB Continues Crackdown on Fair Lending: Marketing Materials Targeted

In a recent guidance bulletin, the Consumer Financial Protection Bureau reminded mortgage lenders to heed their Equal Credit Opportunity Act (ECOA) obligations when considering applicants receiving public assistance income....more

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

CFPB issues compliance bulletin on unlawful discrimination based on receipt of mortgage assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

CFTC Whistleblower Awards On The Horizon

In a recent interview with Law360 (subscription required), Chris Ehrman, the Director of the U.S. Commodity Futures Trading Commission’s Whistleblower Office, predicted that the number and size of the CFTC’s whistleblower...more

Das Gesetz zur Quote tritt in Kraft

Nach der auch öffentlich lebhaft geführten Debatte um die Quote und der Vielzahl an Änderungen und Modifikationen im Rahmen des Gesetzgebungsverfahrens ist der finale Gesetzestext nunmehr in Kraft getreten. Viele Unternehmen...more

NY Proposes New Title Insurance Regulations To Help Reduce Closing Costs

On April 29, New York Governor Andrew Cuomo unveiled new title insurance regulations aimed at reducing title insurance closing costs of up to 20 percent for new homebuyers by eliminating kickbacks and other improper...more

Closely Watched Weist SOX Whistleblower Case Dismissed

The Eastern District of Pennsylvania recently ruled that an employee’s SOX whistleblower retaliation claim failed as a matter of law because no causal connection existed between his complaints and termination and the employer...more

New York City Council Passes Ground-Breaking Legislation Limiting the Use of Credit Checks in Employment

On April 16, 2015, the New York City Council, by a vote of 47-3, approved legislation that would prohibit the use of credit checks in employment decisions except in limited circumstances. The bill, which is expected to be...more

Relaxed Cuban Sanctions Change the Landscape of the Financial Services Industry

The Office of Foreign Assets Control (OFAC) published new federal regulations permitting certain types of previously prohibited transactions. Financial services organizations hoping to gain a foothold into the Cuban financial...more

Should You Sharpen Your Diversity Policies & Practices under Dodd-Frank Mandates?

The much-publicized Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 became effective on August 12, 2011. Section 342 of the Dodd-Frank Act, requiring the implementation of diversity practices for both...more

Employment Law Commentary - Volume 27, Issue 3 - March 2015: Does The Government Think Your Confidentiality Agreements Chill...

INTRODUCTION - Employers routinely incorporate confidentiality provisions into a variety of agreements, including employment, proprietary information, separation and settlement agreements. In an era when many...more

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