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SEC Announces First Charges Against Underwriters under MCDC Initiative

On June 18, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against 36 municipal bond underwriters, the first enforcement actions against underwriters brought by the SEC under the...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

See You In Court – May 2015

Seymour Dollars, the irascible Chairperson of the Nutmeg Board of Finance, gave the Board of Education a very hard time throughout the entire budget process this year. He questioned the Board down to the minutest detail of...more

California Legislators Seek to Mandate More Transparency and Accountability in Government

In the wake of various investigative reports and public scandals, three California lawmakers have proposed reform legislation aimed at providing greater transparency and accountability in government. Three separate bills, now...more

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

SEC 2015 Budget Impacts Investment Management Industry

This past December, President Obama signed an appropriations bill that provides an $11.8 million budget increase for the SEC’s Division of Economic and Risk Analysis (DERA) intended to bolster the agency’s cost-benefit...more

OFAC Announces Settlement with Money Services Business for Violations of Sanctions Programs

On March 23, Department of the Treasury’s OFAC announced a settlement agreement with a large money services business (MSB) for failing to implement an effective compliance program “to identify, interdict, and prevent...more

Washington Healthcare Update

This Week: Senate HELP Committee Hosts Hearing on Medical Innovation... HHS Announces Next Generation Accountable Care Organization (ACO) Model... CBO Releases New Long-range Cost Estimates for ACA....more

Congressman Introduces Legislation to Reform CFPB

On March 4, U.S. House Representative Randy Neugebauer introduced H.R. 1266, a bill to reform the CFPB’s leadership structure to replace its single director with a five-member commission appointed by the President....more

DHS Funded for One More Week; Shutdown Temporarily Averted

Republican leaders and both branches of Congress failed Friday to come to a long-term agreement to provide fiscal year funding for the Department of Homeland Security (“DHS”) and provide confidence that a DHS shutdown will be...more

Financial Services Weekly News Roundup - February 2015 #3

The Impact of Regulation on Community Banks: Harvard Study and Senate Banking Committee Hearing Highlight Differing Views. FDIC Director of Risk Management Supervision Doreen Eberley testified last week before the Senate...more

State/Local Bond Proposals in Administration's 2016 Budget

Several proposals affecting tax-exempt bonds were included in the Obama Administration's Budget for FY 2016. As usual, the overall budget proposal has immediately been declared DOA by political pundits. Nonetheless, taking...more

Atlantic County Freeholders Vote to Repeal Pay-to-Play Ordinance

Earlier this week, the Atlantic County Freeholders approved a measure that rolls back the County’s pay-to-play ordinance. New Jersey is home to an overlapping series of pay-to-play laws. Although there is a statewide law in...more

Delaware Enacts Unclaimed Property Legislation That Addresses Some (But Not All) Holder Concerns

The Delaware Legislature appears to have heard some of the complaints of the unclaimed property community. Delaware Governor Jack Markell signed Senate Bill 11, which is based on the recommendations of the Delaware Task Force...more

USCIS to Run Out of Funds February 27th

On February 4, 2015 the Senate held a vote to fund the Department of Homeland Security (DHS) but the vote failed. This was the second vote on DHS funding, which will run out on February 27, 2015....more

DOJ Obtains $30,000 Lobbying Disclosure Act Settlement

The U.S. Attorney's Office for the District of Columbia recently entered into a settlement with a lobbyist that includes a $30,000 fine for missing Lobbying Disclosure Act (LDA) reports. The lobbyist had been facing the...more

House Passes Bill to Ease Volcker Rule and other Regulatory Requirements

The U.S. House of Representatives on January 14, 2015, voted (271-154) to pass H.R. 37, the “Promoting Job Creation and Reducing Small Business Burdens Act.” If enacted, the bill, among other things, would extend the Volcker...more

Congress Confirms NIST’s Role in Cybersecurity – and the Continuation of the Cybersecurity Framework

The Cybersecurity Enhancement Act of 2014 (CEA) was passed by the House and the Senate on December 11th, and signed by the President on the 18th. The bill formalizes the role of the National Institute for Standards and...more

OMB Releases Fall 2014 Regulatory Agenda

The White House Office of Management and Budget’s Office of Information and Regulatory Affairs has released its semi-annual Unified Regulatory Agenda and Regulatory Plan for Fall 2014, covering more than 60 Federal...more

Senate holds nomination hearing for HUD Assistant Secretary

Last Thursday afternoon, the Senate Committee on Banking, Housing, and Urban Affairs conducted a nomination hearing to interview San Antonio Housing Authority CEO Lourdes Castro Ramírez for the position of HUD Assistant...more

CFIUS Review of Foreign Investment in U.S. Businesses Involving U.S. National Security Considerations

The United States has a long history of welcoming foreign investment. As the United States works its way out of the current recession, U.S. companies are increasingly looking for that investment. As a general rule, U.S. laws...more

Luxembourg draft budget for 2015 submitted to Parliament

On 15 October 2014, the Luxembourg Minister of Finance submitted the draft budget for 2015 (the Budget Bill) to the Parliament. The Budget Bill does not overhaul the Luxembourg corporate tax environment, however, it proposes...more

Court Rejects GOP Challenge to Adviser Pay-to-Play Regulations

On September 30, the D.C. District Court rejected two GOP state committees’ challenge to the SEC’s regulation prohibiting pay-to-play among investment advisors. Bowing to “curious” precedent in which words don’t mean what...more

Supreme Court to Decide Paralyzed Veterans Doctrine

When the White House goes from a Democratic president to a Republican president, or vice versa, there are often changes in various federal agencies’ directives to reflect the priorities of the current administration. These...more

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