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Goodwin

Adjustment Escrows in M&A: Why the 1% Rule Doesn’t Always Apply

Goodwin on

What is the typical size of an adjustment escrow? A common rule of thumb is 1% of overall deal value, but the size varies depending on deal value and the underlying characteristics of the business (including the net working...more

Orrick, Herrington & Sutcliffe LLP

DOJ, HUD resolve redlining claims with New Jersey-based bank

On September 17, the DOJ and HUD announced a settlement with a New Jersey-based bank to resolve “redlining” lending discrimination allegations. The DOJ’s complaint claimed that from 2018 through at least 2022, the bank failed...more

Orrick, Herrington & Sutcliffe LLP

CFPB to ban servicer from federal student loan servicing and pay $120M

On November 12, the CFPB filed a proposed stipulated final judgment and order against a student loan servicer (the defendant) for alleged violations of the CFPA, the FCRA and the FDCPA. As previously covered by InfoBytes, the...more

Katten Muchin Rosenman LLP

FCA Consults on Guidance for UK Trade Repositories’ UK EMIR Reporting Requirements

On 4 September, the Financial Conduct Authority (FCA) published a website seeking feedback (Consultation) on draft questions and answers (Q&As) intended to assist UK trade repositories (TRs) registered under Article 55 of the...more

A&O Shearman

Pensions: DC Trustee agenda update - October 2024

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Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Developments Could Facilitate Greater Bank and Broker-Dealer Involvement in Cryptoasset Services

On September 9, 2024, the Chief Accountant of the U.S. Securities and Exchange Commission (SEC), Paul Munter, delivered remarks describing circumstances in which, in the SEC staff’s view, entities may engage in cryptoasset...more

A&O Shearman

UK Financial Conduct Authority Publishes Update on Cash Savings Market

A&O Shearman on

Since publication of the review, the FCA has seen improvements in both the rates available to savers and the volume and timing of firms' communications to savings customers. However, despite these improvements, the review of...more

Orrick, Herrington & Sutcliffe LLP

CFPB warns against collecting on overdraft services without explicit consumer consent

On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged...more

Morgan Lewis

New CFTC Rule 4.7 Changes Have Private Funds Industry Breathing a Sigh of Relief

Morgan Lewis on

The US Commodity Futures Trading Commission on September 12 issued final changes to Rule 4.7 that were limited to an increase in the “Portfolio Requirement” threshold contained in the definition of “qualified eligible person”...more

A&O Shearman

CFIUS Update: 2023 Report to Congress and new enforcement website

A&O Shearman on

The Committee on Foreign Investment in the United States (CFIUS) continues to play an increasingly active role in reviewing and assessing inbound investment transactions for U.S. national security risks. In this alert, we...more

Orrick, Herrington & Sutcliffe LLP

FINRA accepts placement agent’s AWC

On September 16, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) from a member firm, settling alleged rule violations made during its participation as a placement agent in a contingency offering....more

Mayer Brown

FDIC Proposes New Recordkeeping Requirements for Custodial Accounts

Mayer Brown on

On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed extensive new recordkeeping requirements and other compliance obligations (the “Proposal” ) for certain types of deposit accounts frequently...more

Troutman Pepper

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

Troutman Pepper on

Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday September 24

Paul Hastings LLP on

Members of the Committee on Financial Services sent a letter to the Securities and Exchange Commission (“SEC”) Chair requesting the rescission of SEC Staff Accounting Bulletin No. 121 that imposes custodians of digital asset...more

Ballard Spahr LLP

CFPB’s Chopra: government must tackle spiraling refinance, homeowners’ insurance costs

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As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more

Jenner & Block

Client Alert: Key Takeaways from SEC Fraud Charges Against the CEO, CFO, and Audit Committee Chair of Kubient

Jenner & Block on

Earlier this month, the SEC brought accounting fraud charges in the U.S. District Court for the Southern District of New York against the CEO, CFO, and Audit Committee Chair of Kubient, a company that purported to use AI...more

Rothwell, Figg, Ernst & Manbeck, P.C.

The Corporate Transparency Act: What you Need to Know to Comply with the New Requirements

The Corporate Transparency Act (CTA) went into effect on January 1, 2024, and will impact millions of U.S. businesses by imposing requirements to file corporate transparency reports with beneficial ownership information...more

Ankura

Russian Sanctions Circumvention: Are You Asleep At The Wheel?

Ankura on

In the wake of Russia's invasion of Ukraine in February 2022, a broad and unprecedented range of sanctions were imposed on Russia by various countries and international bodies to target the Russian economy and prevent further...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - September 2024 #4

In this week’s edition, we discuss the investor expectations set out by the Finance Sector Deforestation Action for banks to address the financial risks of deforestation; the Voluntary Carbon Markets Integrity initiative’s...more

Winstead PC

Update to the Qualified Professional Asset Manager Exemption

Winstead PC on

The U.S. Department of Labor’s (the “DOL”) amendment to the qualified professional asset manager (“QPAM”) prohibited transaction class exemption 84-14 (the “Exemption”) went into effect on June 17, 2024. Current QPAMs must...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for August 2024

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s case against crypto firm Kraken is permitted to...more

McGlinchey Stafford

Lack of Actual Knowledge and Prior Express Consent Defeats FDCPA and TCPA Claims

McGlinchey Stafford on

The U.S. District Court for the District of Nevada granted a defendant’s motion for summary judgment in a case arising under the Fair Debt Collection Practices Act (FDCPA) and the Telephone Consumer Protection Act (TCPA). It...more

Goodwin

The Publication of the CSSF’s Annual Report 2023

Goodwin on

On September 19th, 2024, the CSSF published its 2023 annual report, highlighting key regulatory challenges, particularly in the realm of crypto-assets following the implementation of the Markets in Crypto-Assets Regulation...more

BakerHostetler

DOJ Withdraws 1995 Bank Merger Guidelines as FDIC, OCC Make Regulatory Changes

BakerHostetler on

On September 17, 2024, the Department of Justice Antitrust Division (DOJ) shut the vault doors on its 1995 Bank Merger Guidelines, leaving the 2023 Merger Guidelines as its sole authoritative statement on the topic of mergers...more

Foodman CPAs & Advisors

Pig Butchering Crypto Scams Rising

Pig Butchering Crypto Scams are scams which resemble the practice of fattening a hog before slaughter....more

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