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European Supervisory Authorities Finalize Guidelines for the Prudential Assessment of Acquisitions and Qualifying Holdings

The Joint Committee of the European Supervisory Authorities published a report outlining final joint Guidelines for the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector. The...more

FTC Secures $19.4 Million in Judgments Over Mortgage Relief Scheme

On January 11, 2017, the Federal Trade Commission (FTC) announced that it had agreed to two stipulated orders with individuals who participated in an alleged fraudulent mortgage relief scheme. According to the FTC, the...more

FTC Files Lawsuit Against Seller of Fake Payday Loans

On January 9, 2017, the Federal Trade Commission (FTC) announced that it had filed a lawsuit in the U.S. District Court for the District of Kansas against one individual and affiliated companies, alleging that they sold...more

CFPB’s national debt collection consumer survey findings lays groundwork for future enforcement and rulemaking priorities

Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more

ManattJones Global Strategies - January 2017

CEO’s Executive Summary: This longer-than-normal update covers an eventful few weeks in the Trump transition and in Mexico. The President-elect has nominated or appointed a team responsible for key aspects of U.S.-Mexico...more

Trump transition team releases names of additional CFPB landing team members

The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team.  “Landing teams” are members of the incoming president’s transition team tasked with gathering...more

Financial Conduct Authority probes competition in the mortgage sector

On 12th December 2016 the Financial Conduct Authority (the “FCA”) launched a market study into the residential mortgage market to ascertain whether competition in that market is working as well as it could and to identify...more

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

Bank Must Pay Federal Reserve Almost $1M

A Pennsylvania bank reached a deal with the Board of Governors of the Federal Reserve System over Board-alleged violations of Section 5 of the Federal Trade Commission Act, agreeing to pay an almost $1 million civil penalty....more

Key Challenges for Chinese Investors in Europe and How to Tackle Them

What are some of the key hurdles and obstacles for Chinese investors in Europe? Tips on how to manage them. Chinese outbound foreign direct investment ("ODI") has grown rapidly in Europe. 2016 was no exception, and...more

SoFi Settlement Provides Lessons for Lenders Marketing “Soft Pull” Preapprovals

Originally published in the FinTech Law Report, Volume 19 - September/October 2016. A class action was filed in November 2014 against Social Finance, Inc. (SoFi) for alleged violations of law stemming from its marketing...more

UK Payment Systems Regulator Consults Further Remedies for Competition Issues Relating to Bank Ownership of Payment...

The Payment Systems Regulator published proposals for remedying the lack of competition in the provision of UK payments central infrastructure for Bacs, FPS and LINK which means that the incumbent provider, VocaLink, faces...more

Prepaid Card Company Deceived Consumers, FTC Alleges in New Suit

A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more

Your Daily Dose of Financial News

Rupert Murdoch and 21st Century Fox have fulfilled a mission derailed five years ago by a UK phone hacking scandal and have taken full control of British satellite TV giant Sky. Fox paid just shy of $15 billion to acquire the...more

Transforming bank prudential regulation – Issue 1 of 3

On 23 November 2016 the European Commission published proposed amendments to the Capital Requirements Regulation and Directive, the Bank Recovery and Resolution Directive, and the Single Resolution Mechanism...more

Financial Services Weekly News - December 2016

Editor's Note - OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more

Regulatory and business challenges to fintech M&A

Fintech's wealth of opportunities is attracting interest—yet the uncertainty of its future direction means the financial services industry needs to tread carefully. As exciting as the growth of fintech has been over...more

Federal Trade Commission Hosts Crowdfunding & Peer-to-Peer Payments Forum

On October 26, 2016, the Financial Trade Commission hosted a forum on Crowdfunding and Peer-to-Peer Payments, in Washington, D.C., the latest in the Commission’s FinTech Forums Series. The forum included two panels: (1)...more

National security reviews: A global perspective — Australia

Australia requires a wide variety of transactions involving foreign businesses to be reviewed and approved before completion. The decision to approve or deny a foreign investment application is ultimately made by the...more

Consumer Data Privacy in Bankruptcy

Bankruptcy law and privacy law may appear to be wholly separate areas of the law, but they overlap more than one might anticipate. Balancing individual rights and interests to achieve a social good is at the heart of both...more

National security reviews: A global perspective — China

China is attempting to implement a more structured and comprehensive system to keep a closer eye on economic deals that might have security implications - A ministerial review panel established by China's Ministry of...more

Financial Services Weekly News - November 2016 #3

Editor's Note - A Possible Blueprint for Financial Regulatory Reform in the Trump Administration. During his campaign, President-elect Trump consistently emphasized that financial regulatory reform is a critical...more

FTC seeks information on class action claims rates

The FTC has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on their procedures for...more

FTC Seeks Information on Class Action Claims Rates

The Federal Trade Commission (FTC) has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on...more

FTC continues vigorous use of enforcement authority

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

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