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Your daily dose of financial news - The Brief – 7.25.16

The bids are all in, and Verizon’s the big winner. Well, both “big” and “winner” are relative, especially with news of a brutal Q2 for Marissa Mayer and her crew, but nevertheless, Yahoo’s core business is now Verizon’s in...more

Learning from Venmo’s Compliance Issues: How to Avoid Inadequate Privacy Disclosures

PayPal, the company responsible for the popular mobile payments app, Venmo, recently agreed to voluntarily bolster its privacy and security disclosures—and pay a $175,000 penalty—in response to an enforcement action brought...more

Secondary Trading in Regulation A+ Securities; $4.4 Million Committed by Investors Under Regulation Crowdfunding

In connection with the SEC meeting of the Advisory Committee on Small and Emerging Companies, the SEC posted a presentation which deals in part on secondary trading of Regulation A+ securities. Among other things, it includes...more

Your daily dose of financial news - The Brief – 7.19.16

The Carlyle Group is staring down the barrel of a $1 billion civil lawsuit by the failed Carlyle Capital Corp.’s liquidators over the 2008 collapse of the mortgage-bond fund. The trial’s taking place in Guernsey, a British...more

Pennsylvania Enacts Tax Bill as Part of Budget Package

Pennsylvania has enacted tax law changes projected to generate $752M in new revenue. The changes include severe restrictions on the vendor sales tax discount for timely filing, imposition of sales tax on digital downloads and...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

Internet Service a Utility in Bankruptcy? It Might Be Now.

One of the many fascinating things about restructuring work is its willingness to evolve by borrowing from other areas of the law. Just as business practices change, new financing techniques evolve, and transactions become...more

Fix Crowdfunding Act and Venture Capital Bill Pass House

The Fix Crowdfunding Act (H.R. 4855) passed the House of Representatives by a vote of 394 to 4. It doesn’t look much like the original bill we reported on here. As passed by the House, the bill allows special purpose...more

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more

Court Rejects Regulation A+ Challenge

The States of Montana and Massachusetts had previously challenged Regulation A+’s preemption of state securities registration and qualification requirements in Tier-2 offerings. The United States Court of Appeals for the...more

Final MNvest Rules Adopted

On June 13, the final administrative rules implementing the MNvest intra-state crowdfunding exemption were adopted. The MNvest Rules were first proposed back in November of 2015. Yesterday's publication in the Minnesota...more

UK Financial Regulatory Developments - June 2016 #6

Up next from FCA - The latest edition of FCA’s Policy Development Update provides information and links to publications issued since the last edition, recent Handbook developments and an updated timetable for forthcoming...more

Regulation Crowdfunding: What You Need to Know

Regulation Crowdfunding, new rules promulgated by the SEC to assist small issuers in raising capital, became effective May 16, 2016. To assist issuers in their crowdfunding efforts, the SEC has issued the "Regulation...more

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more

Why Banks Should Pay Attention to the Payday Rule

Last week, the Consumer Financial Protection Bureau proposed regulations that, if implemented, will reshape the small-dollar lending environment. At the same time, bankers and purchase-money lenders exhaled a collective sigh...more

Your daily dose of financial news The Brief – 6.8.16

Despite Tribune Publishing’s (wait, wait, is that tronc now?) best efforts to play defense, Gannett is not backing down from its unsolicited offer to acquire the publisher...more

Compliance into the Weeds-Episode 8, big data, risk assessments, the compliance profession and implications from the Yates Memo [Video]

In this episode, Matt Kelly and myself take a deep dive into the use of big data in risk assessments and possible implications for the future of the compliance profession. We also review some of the implications of the Yates...more

Considering Regulation Crowdfunding’s Advertising Restrictions

Robb Mandelbaum has a nice piece up at Forbes that digs into the advertising limitations that are imposed by Regulation Crowdfunding. The whole piece is worth a read, and it sparked reactions in me in a couple of spots....more

FCPA Compliance and Ethics Report-Episode 256-Alison Taylor on stakeholder trust as an integrity risk measure  [Video]

In this episode, I visit with Alison Taylor about measuring stakeholder trust as an indicia of your integrity risk. ...more

Your daily dose of financial news The Brief – 5.26.16

The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might”...more

CFPB Consumer Advisory Board to meet on June 9

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto...more

Your daily dose of financial news The Brief – 5.18.16

Lending Club week continues here on the Brief, where the Deal Professor tries to take the good (disrupting the traditional banking system and opening up new paths of credit for consumers) with the bad (yet another...more

Crowdfunding Begins With 17 Issuers

Monday May 16, 2016 was the first day JOBS Act Title III crowdfunding could be used. Below are links to some portals and other information....more

Treasury Releases White Paper on Online Marketplace Lending

The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more

New C&DIs on Regulation Crowdfunding

On Friday the SEC released a new set of Compliance and Disclosure Interpretations on Regulation Crowdfunding ahead of the effective date of Regulation Crowdfunding on May 16. The C&DIs address issuer communications with the...more

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