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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Creditor Protection of Retirement Plan Assets

Assets in qualified retirement plans and individual accounts (IRAs) total more than $20 trillion and represent 34% of U.S. household assets.1 Clients and their advisers are rightfully concerned about insulating those assets...more

The State AG Report Weekly Update

by Cozen O'Connor on

Charities- California Attorney General Sues Veterans Charities for Alleged Misuse of Funds- California AG Xavier Becerra filed a lawsuit against charity organizations Warriors Support Group and Central Coast Equine...more

For the Second Time, Fiduciary Rule Applicability Date is Pushed Back

by Bass, Berry & Sims PLC on

In an unsurprising move, the Department of Labor (DOL) postponed the applicability date of the fiduciary rule on April 4 for an additional 60 days. The new applicability date for the rule is June 9, 2017, although the DOL...more

Chipping Away at Arbitration: California Supreme Court Further Limits Arbitration Waivers

by Hirschfeld Kraemer LLP on

On April 6, 2017, the California Supreme Court held that an arbitration agreement waiving the right to public injunctive relief is contrary to California public policy and is unenforceable under California law. In McGill...more

D.C. Circuit Grants En Banc Review on the Constitutionality of the CFPB Leadership Structure

by MoFo Reenforcement on

CFPB Director Richard Cordray has a little more job security this week than last week. On February 16, 2017, the U.S. Court of Appeals for the District of Columbia granted the CFPB’s request for an en banc review of its...more

Nothing Crafty About Michaels’ Disclosure Under Spokeo

by Carlton Fields on

A New Jersey District Court followed Spokeo’s Article III standing analysis and dismissed claims by three putative class representatives against Michaels Stores. Plaintiffs claimed that Michaels’ online employment application...more

Financial Services Weekly News - February 2017 #2

by Goodwin on

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

FCRA Disclosure Revisited

by Sherman & Howard L.L.C. on

In these unsettled days of a new administration, it is almost soothing to see the courts focus on statutory language alone. Almost. The Fair Credit Reporting Act (“FCRA”) requires that, before a prospective employer (or...more

Ninth Circuit is the First Appellate Court to Rule on “Extraneous Text” in a FCRA Background Check Disclosure

by Littler on

On January 20, 2017, the U.S. Court of Appeals for the Ninth Circuit became the first appellate court to rule on the lawfulness of a liability waiver in a Fair Credit Reporting Act (FCRA) disclosure. In Syed v. M-I, the...more

Ninth Circuit Confirms That Liability Waiver in FCRA Disclosure Triggers Liability

by Ballard Spahr LLP on

In a case presenting a question of first impression in the federal courts of appeals, the Ninth Circuit has held that a prospective employer violates the Fair Credit Reporting Act (FCRA) when it procures a job applicant's...more

Some FAQ News Under ERISA - The DOL Issues Two More Sets of "Investment Advice" Q&As

by Dechert LLP on

The U.S. Department of Labor (the “DOL”) released two additional sets of FAQs on January 13, 2017 regarding the new “investment advice” regulation and related exemptions (the “Rule”) under the fiduciary provisions of the...more

DOL Issues Additional Interpretative Guidance on New Fiduciary Rule

by Ropes & Gray LLP on

On January 13, 2017, the U.S. Department of Labor (the “DOL”) issued the second in a planned three-part set of FAQs on its new fiduciary rule. (For details on the fiduciary rule, see our prior Alert, and for details on the...more

Insight from CFPB Regarding Employee Incentives in the Wake of Wells Fargo Consent Order

This past November, in the wake of the Wells Fargo debacle, the CFPB issued a Compliance Bulletin which addressed employee incentives and the consumer risks associated with them. CFPB Compliance Bulletins are non-binding...more

CFPB Outlines Expectations on Incentive Compensation

The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more

Financial Services Weekly News - November 2016 #4

by Goodwin on

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

The 2016 Election and the Future of the Department of Labor Fiduciary Rule

by Morgan Lewis on

The election of Donald J. Trump to be the 45th president of the United States and Republican control of both congressional houses could have profound impacts on financial services regulation, including the fiduciary...more

Business Litigation Alert: "Lesson Learned from Wells Fargo - What Your Board of Directors Needs to Know"

by Porter Hedges LLP on

According to recent news reports, Wells Fargo management created an aggressive sales culture that encouraged employees to create thousands of fake accounts. News reports also suggest that the Board took no action regarding...more

Think Twice Before Making Payroll Advances to Employees

by Foley & Lardner LLP on

It can be difficult to turn down an employee who asks for an advance on their earnings. However, there are lots of reasons for companies to think twice before making payroll advances to employees....more

SEC Continues Crackdown on Severance Agreements

Why it matters - The Securities and Exchange Commission (SEC) continued its efforts against anti-whistleblowing provisions in severance agreements, fining one employer $265,000 for the use of an allegedly illegal clause....more

Financial Services Weekly News - August 2016 #3

by Goodwin on

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

GAO report shows continuing CFPB employee concerns related to fair treatment

by Ballard Spahr LLP on

A report last month issued by the Government Accountability Office (GAO) found that a survey of nonexecutive CFPB employees revealed “heightened concerns related to fair treatment, trust that employees can raise concerns...more

Class Action Roundup: Spring 2016

by Alston & Bird on

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

Reputation Matters: Don’t Lose Opportunities Due to Inaccurate Personal Data

Consumers may be injured by inaccurate data that they cannot review or correct. There’s a hole in the bucket, dear Congress. The children’s song, “There’s a Hole in the Bucket,” exemplifies the conundrum many consumers...more

What Employers Need to Know About the New State Garnishment Laws, Part I: Michigan and Georgia

The requirements and processes applicable to employers handling garnishments are primarily governed by state laws. Therefore, in addition to the federal Consumer Credit Protection Act (CCPA), multistate employers need to be...more

Financial Services Weekly News - June 2016 #3

by Goodwin on

Regulatory Developments - OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran - On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more

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