Finance & Banking Updates

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Blog: Investigate Piwowar?

Not everyone is pleased by the actions taken by Acting SEC Chair Michael Piwowar directing the SEC staff to review the conflict minerals and pay-ratio disclosure rules. In fact, today, four Senate Democrats on the Senate...more

CFPB Focuses on Incentive-Based Compensation Programs

Incentive-based compensation programs have long been a focus of banking regulators, but recent actions suggest that the issue is back at the top of the regulatory watch list. Specifically, action by the Consumer Financial...more

RMBS Trustee Defeats Motion to Certify Class

On March 21, 2017, Judge Alison Nathan of the United States District Court for the Southern District of New York denied plaintiff’s Motion to Certify Class without prejudice in Royal Park Investments SA/NV v. Deutsche Bank...more

TechConnect - Your Law Firm Link to Industry News - March 2017

Happy spring! This issue includes two articles that challenge conventional thinking. The first, called “Software is Still Patent Eligible,” makes the case that software patents can still be obtained. IP generally accretes in...more

There will be a morning after

I was pleased to attend the NAPA 401(k) Summit helping my friends at Alliance Benefits Group at their booth. One vibe that I got from the event was a common one. The fear of the fiduciary rule and the fear of tax reform...more

Will Attorney General Sessions continue to pursue redlining cases?

On Monday, we blogged about the highlights of the panel I moderated, “The CFPB Speaks,” that was part of the Practicing Law Institute’s 22nd annual Consumer Financial Services Institute in Manhattan. The next panel, “Federal...more

A Bankruptcy Discharge Makes a Face-to-Face Meeting an Act in Futility

Just last fall, we wrote about the Eleventh Circuit’s decision in In re Failla, Case No., in our article, “The Eleventh Circuit has spoken: Debtors who surrender property must get out of the creditor’s way.” Now, it appears...more

Consumer advocates are split on whether Director Cordray should finalize arbitration rule

On Monday, during “The CFPB Speaks” panel I moderated that was part of the Practicing Law Institute’s 22nd Annual Consumer Financial Services Institute in Manhattan, Diane Thompson, Deputy Assistant Director of the CFPB’s...more

Real Property & Title Insurance Update: Week Ending March 24, 2017

REAL PROPERTY UPDATE - Foreclosure/Condition Precedent: servicer did not meet its burden of proving it satisfied condition precedent of giving notice of acceleration by failing to provide evidence that notice letter had...more

Bigger Investments Proposed for EB-5 Projects; Investors Scramble to Beat Deadline

As we have previously reported, many members of Congress have proposed and considered several reforms to the U.S. Immigrant Investor Program known as "EB-5" over the past several years. The reforms included making the...more

President Trump Makes Key Treasury Nominations

President Trump made several nominations for key posts in the US Department of Treasury...more

President Trump Nominates J. Christopher Giancarlo as Chairman of the US Commodity Futures Trading Commission

President Donald J. Trump nominated J. Christopher Giancarlo to serve as Chairman of the US Commodity Futures Trading Commission...more

Department Of Business Oversight Proposes Changes To Proposed Finders Rule

Last July, the California Department of Business Oversight proposed regulations to implement the provisions of AB 667 (Wagner). The bill, which was enacted in 2015 and took effect last year, created a new exemption from the...more

US Commodity Futures Trading Commission Extends Comment Period on Proposed Capital Requirements for Swap Dealers and Major Swap...

The CFTC announced that it was extending the comment period for the proposed rule on capital requirements applicable to swap dealers and major swap participants...more

Rights of Third Parties Put on Notice of Freezing Orders – A Clarification from the Court

In a decision this week, the English High Court has clarified the extent of a third party secured creditor’s duties, when put on notice of a freezing order, and suggested a more limited duty than that previously articulated...more

Comptroller of the Currency Discusses Value of International Collaboration and Professional Bank Supervision

Comptroller of the Currency Thomas J. Curry gave a speech at the Institute of International Bankers’ Annual Washington Conference, discussing the value of international collaboration and bank supervision...more

New York’s Department of Financial Services Issues Updated Cybersecurity FAQs

New York’s Department of Financial Services issued FAQs on its new cybersecurity requirements...more

Administrative Exhaustion As a Defense to Statutory ERISA Claims?  Not So Much

Seyfarth Synopsis: The Sixth Circuit becomes the seventh circuit court to not require administrative exhaustion for statutory ERISA claims (as opposed to denial of benefit claims), while two circuit courts still do. In...more

IRS Synchs Excise Tax to DOL's Enforcement Policy on Fiduciary Rule

The IRS released guidance this week announcing that it will not apply IRC § 4975 excise taxes (15% on prohibited transactions) and related reporting requirements “with respect to any transaction or agreement to which the...more

Your Daily Dose of Financial News

Greenlight Capital’s David Einhorn is pushing GM to split its common stock into two classes—one for dividends and the other for all additional earnings—in an effort to boost the carmaker’s market cap. GM’s not on board....more

SDNY Finds Three of Commerzbank AG’s RMBS Claims Against The Bank of New York Mellon Timely Under German Three-Year Statute of...

On March 21, 2017, Judge George Daniels of the United States District Court for the Southern District of New York partially granted and partially denied defendant’s motion to dismiss in Commerzbank AG v. The Bank of New York...more

What to Expect from New York’s New Cybersecurity Regulations

The New York State Department of Financial Services’ (NYDFS) cybersecurity regulations went into effect March 1, 2017. Touted by the NYDFS as the “first in the nation” comprehensive cybersecurity regulation, the new rules...more

SEC Denies Listing of another Bitcoin Fund; Petition for Review Filed for Winklevoss Bitcoin Trust

The SEC has denied a proposed rule change by NYSE Arca to permit the listing and trading of shares of the SolidX Bitcoin Trust. The reasons were substantially similar to the reasons the SEC denied a proposed rule change...more

Competition Law Threat to Active Fund Managers

SCM Direct ("SCM"), an investment manager based in the UK, has recently called for the Competition and Markets Authority ("CMA") and Financial Conduct Authority ("FCA") to investigate actively managed funds sector for alleged...more

SDNY Grants Trustees’ Motion to Dismiss Triaxx CDOs’ RMBS Claims for Lack of Standing

On March 21, 2017, Judge Naomi Reice Buchwald of the United States District Court for the Southern District of New York issued a Memorandum and Order granting defendants’ motion to dismiss plaintiffs’ First Amended Complaint...more

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