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DOD Proposes Expanded Coverage Of Military Lending Act Protections

On September 29, a proposed amendment to the U.S. Department of Defense’s regulation that implements the Military Lending Act (MLA) was published in the Federal Register, with comments due by November 28. Most importantly,...more

CFPB Issues Consumer Advisory on the “Wild West” of the Virtual Currency Economy

The Consumer Financial Protection Bureau (“CFPB”) recently issued a consumer advisory summarizing the purported risks of virtual currencies, and announced that it would begin collecting complaints from the public regarding...more

CFPB to Assume a Larger Role in Virtual Currency Initiatives

On June 26, 2014, the U.S. Government Accountability Office (“GAO”) released a report, entitled “Virtual Currencies: Emerging Regulatory, Law Enforcement, and Consumer Protection Challenges.” The report, delivered earlier to...more

Corporate and Financial Weekly Digest - Volume IX, Issue 19

In this issue: - FINRA Proposes to Amend Rule 11892 - SEC Approves FINRA Rule Change to Limit Self-Trading - FATCA Transitional Relief and Extension of Time for the Implementation of New Account...more

CFPB sends complaint solicitation as IRS refund check stuffer

As it reportedly did last year, we understand the CFPB is again this year soliciting consumer complaints through the use of a stuffer sent with IRS refund checks mailed to consumers. The stuffer indicates that it is...more

Protection From Creditors for Retirement Plan Assets

• The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 clarified the rights of debtors and creditors to retirement assets in federal bankruptcy proceedings, but state attachment and garnishment of such assets...more

Financial Services Legislative and Regulatory Update -- December 9, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - While the Senate was on recess, the House was in, but staffs from...more

Banking & Financial Services E-Note - October 30, 2013

In This Issue: - Fed Proposes Rule Requiring Banks to Stay Liquid During Crisis - Simulation Tests Banks' Survival Against Cyber Attacks - Largest Banks Close to Meeting Mortgage Settlement Obligations -...more

How Is The Canadian Government Doing On Protecting Personal Information In Its Operations?

In the last two weeks, the out-going Privacy Commissioner of Canada, Jennifer Stoddart, has released three reports that provide insight on the current state of Canada’s federal government’s protection of personal information...more

California Expands Certain Servicemember Protections

On September 6, California enacted AB 526, which, among other things, expands certain financial protections for military reservists. Current state law allows U.S. Military Reserve and National Guard members who are called to...more

THE RICH GET RICHER THROUGH THE RECOVERY: THE TOP 10 PERCENT OF EARNERS TOOK MORE THAN HALF OF THE COUNTRY’S TOTAL INCOME IN 2012

The top 10 percent of earners took more than half of the country’s total income in 2012, the highest level recorded since the government began collecting the relevant data a century ago, according to an updated study by the...more

Financial Services Legislative and Regulatory Update -- May 13‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - What had been a relatively quiet week, where until Friday it seemed...more

CFPB Finalizes Revisions to Remittances Rule, Sets October 28 Effective Date

The Consumer Financial Protection Bureau has finalized revisions to its remittance transfers rule and set October 28, 2013, as the rule’s new effective date. While not entirely eliminating the requirement for remittance...more

CFPB Modifies Foreign Remittance Rules And Sets New Effective Date

The Consumer Financial Protection Bureau (“CFPB”) has revised its previously issued rules on foreign remittance transfers to ease some of the disclosure concerns raised by financial institutions. The revised rules, which are...more

Virtual Currency: Recent Federal Regulatory Considerations

Bitcoin is a virtual currency – it has no physical form in paper or metal and is not connected with any central bank or governmental authority. It is freely tradable via the internet or other electronic means. Transactions in...more

Attorney General Prevails In Lawsuit Against Income Tax Preparation Company

The Attorney General brought a lawsuit against an income tax preparation business alleging violations of state and federal lending, consumer protection, unfair competition, and false advertising laws. The court of appeal...more

Orrick's Financial Industry Week in Review - January 28, 2013

In This Issue: *Financial Industry Developments - CFPB Rule on Originator Compensation - Treasury and IRS FATCA Regulations - Rating Agency Developments *Recent Orrick Alerts - Derivatives Reform in...more

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more

CFPB Proposed Amendment to Rule on Remittance Transfers

On December 21, 2012, the CFPB issue a proposed amendment to subpart B of Regulation E under the Electronic Fund Transfer Act regarding remittance transfers....more

Bureau Proposes Further Revisions to Remittance Transfer Rules

On December 31, 2012, the Consumer Financial Protection Bureau (“Bureau”) published in the Federal Register revisions (“Proposal”) to rules on international remittance transfers that the agency published in February 2012 and...more

CFPB proposes changes to remittance transfer rule and delay in effective date

The CFPB has issued a proposal to make revisions to the remittance transfer rule and delay the rule’s effective date. The CFPB had announced its plans to make the proposal in a bulletin it issued in November....more

IRS, Taxes – Mortgage Forgiveness Debt Relief Act Expiring! Key Facts 6 – 10

IRS, taxes - Mortgage Forgiveness Debt Relief Act expiring! Key facts 6 to 10 regarding mortgage loan modification principal balance reduction & tax implications....more

Bill on Bankruptcy: Solyndra, Lehman, MF Global, ATP Oil, LSP Energy, Want Ads [Video]

Oct. 24 (Bloomberg Law) -- The controversial approval of the Chapter 11 plan for solar-panel maker Solyndra LLC is the first topic on this week's Bloomberg bankruptcy video. For the second item, Bloomberg Law's Lee...more

Pennsylvania Supreme Court Rejects Class Certification in Consumer Financial Services Case

The Pennsylvania Supreme Court has unanimously reaffirmed the principle that consumer claims requiring fact-intensive, individualized inquiries are not amenable to class certification. In Basile v. H&R Block, Inc., decided on...more

Regulatory Watch List for 2012: The Shifting Landscape for Hedge Funds and Other Private Funds

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), which was adopted in July 2010 with the goals of reducing risk, increasing transparency and promoting market integrity within the...more

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