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Read need-to-know updates, commentary, and analysis on Elections & Politics issues written by leading professionals.

CHOICE Act 2.0 Passes the House: What Is the ‘CHOICE’?

by Shearman & Sterling LLP on

On June 8, 2017, the House of Representatives passed an amended version of H.R. 10, the Financial CHOICE Act of 2017, or CHOICE Act 2.0, which scales back or eliminates many of the post-crisis financial reforms that were...more

Speculation heats up over Director Cordray’s departure plans

by Ballard Spahr LLP on

According to news reports yesterday, Ohio Supreme Court Justice Bill O’Neill has told media sources that he was informed by an unnamed mutual friend that Director Corday plans to enter the 2018 Democratic primary for Ohio...more

CFPB announces final Arbitration Agreements Rule: what it prohibits, what it requires, and what's next

by DLA Piper on

The Consumer Financial Protection Bureau has published its final Arbitration Agreements Rule (10 CFR § 1040, et seq.), prohibiting mandatory arbitration provisions and class action waivers in consumer financial services...more

Treasury’s Recommendations for the Volcker Rule

The U.S. Department of the Treasury previously issued its first in a series of reports to President Donald J. Trump examining the United States’ financial regulatory system. The report included detailed recommendations...more

Draft tax legislation for 2017 released

by Hogan Lovells on

Following the 2017 Budget presented before Parliament on 22 February 2017, the draft tax legislation for the specific tax proposals was released on 19 July 2017 for comment. Comments should be made by 18 August 2017. ...more

Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

Government of Ontario Proposes Amendments to Payday Loans Act

by Bennett Jones LLP on

Providers of payday loans in Ontario, take notice—the Government of Ontario is seeking input on the implementation of new regulations intended to strengthen consumer protection which will have wide-ranging impacts on the...more

The Financial Report, Volume 6, Number 13

by DLA Piper on

Discussion and Analysis - Two of our items today focus on remarks by new SEC Chairman Jay Clayton and, if they are any indication of the direction the new Chairman intends to take the Commission, they could go a long way...more

Claims management companies face stronger regulation

by DLA Piper on

Tighter regulation of Claims Management Companies (CMCs) is edging closer as the Financial Guidance and Claims Bill (Bill) makes its way through parliament. The Bill was announced in the Queen's Speech on 21 June. Amongst...more

Federal PAC Reports Due July 31, 2017

All federal PACs are required to submit a semi-annual report to the Federal Election Commission (FEC) on or before Monday, July 31, 2017. The semi-annual report must reflect all receipts and disbursements between January 1,...more

Nevada Enacts Multiple Laws Affecting Consumer Finance

by Ballard Spahr LLP on

Nevada is rolling out a slate of legislation affecting consumer finance, including a measure to protect consumers’ privacy online and programs aimed at mitigating their risk of foreclosure. Here is a list of measures recently...more

House Appropriations Committee approves bill making CFPB reforms

by Ballard Spahr LLP on

This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB,...more

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...more

President Trump’s Cuba Proposals Would Roll Back Current Policies

by Snell & Wilmer on

On June 16, 2017, President Trump proposed new Cuba policies that would roll back certain changes made by the Obama Administration. Chief among the President’s sought changes are: a complete ban on economic activities that...more

Second Circuit Reinforces Narrow Definition of 'Official Act' in Politician's Fraud Case

by Pepper Hamilton LLP on

On July 13, the U.S. Court of Appeals for the Second Circuit vacated the conviction of former New York State Assembly Speaker Sheldon Silver, who was convicted in 2015 on seven counts of honest services fraud, Hobbs Act...more

Corporate and Financial Weekly Digest - Volume XII, Issue 27

BROKER-DEALER - Proposed Rule Change Relating To Revisions To the Definition of Non-public Arbitrator - On July 11, the Financial Industry Regulatory Authority filed a proposed rule amendment to change the definition of...more

Fast-Track Foreclosure Process Coming to Maryland, is Pennsylvania Next?

by Barley Snyder on

Pennsylvania now has two neighbors that have passed fast-track foreclosure bills and the Keystone State is considering adding its own as a method to avoid a backlog of blighted properties. Maryland recently joined Ohio in...more

What Real Estate Settlement Service and Other Consumer Financial Services Providers Need to Know About the CFPB’s Final...

by Foley & Lardner LLP on

On July 10, 2017, in a surprise move, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long awaited final rule on arbitration (Final Arbitration Rule). This rule-making has been a lightning rod issue for...more

Treasury Identifies Significant Regulations Subject to Modification or Repeal

On July 7, 2017, Treasury identified eight significant regulations, including regulations under sections 385 (treatment of certain debt as equity), 752 (partnership liabilities), 367 (outbound transfers of property) and 987...more

U.S. House Considering Change to Enforcement of Trade Association PAC Rules

by Perkins Coie on

A bill currently being considered by the U.S. House Committee on Appropriations could significantly alter the way trade associations may solicit contributions for their political action committees (PACs) in fiscal year 2018....more

CFPB Moves to Eliminate Class Action Waivers in Arbitration Clauses, but Congress Looks to Keep the Rule Off the Books

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) unveiled a long-awaited and highly contentious final rule to severely curtail the scope of arbitration clauses in consumer financial contracts. While the rule...more

CFPB Finalizes Arbitration Rule, Paving the Way for More Class Action Litigation

by Goodwin on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) announced the release of its anticipated Arbitration Rule, opening the door for more consumer class actions against financial institutions concerning financial...more

White House nominee for next FDIC chair bows out

by Ballard Spahr LLP on

Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

by Holland & Knight LLP on

Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

Trump Administration Delays Implementation of “International Entrepreneur Rule”

This week, the Trump Administration stated it would postpone the implementation of the “International Entrepreneur Rule,” an Obama policy designed to facilitate immigrant entrepreneurs coming to the United States to help fund...more

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