Finance & Banking

More on CFPB employee vote to unionize

by Mark J. Furletti | Ballard Spahr LLP on 5/20/2013

As we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against....more

Second Circuit Sides With CFPB In ILSFDA Case While Applying Auer Deference

by BuckleySandler LLP on 5/20/2013

On May 6, the U.S. Court of Appeals for the Second Circuit agreed with the CFPB in holding that a single-story unit in a multi-story condominium is a “lot,” as that term is used in the Interstate Land Sales Full Disclosure...more

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/20/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - The conflation of three scandals clearly tainted President Obama...more

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

House to hold hearing on CFPB ability to repay/QM rule

by Barbara S. Mishkin | Ballard Spahr LLP on 5/20/2013

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow, May 21, on “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule.”...more

Spotlight On The SCRA (Part 2 Of 3): Ensuring Compliance

by BuckleySandler LLP on 5/20/2013

Recent enforcement activity has demonstrated the agencies have taken to viewing the SCRA as a strict liability statute. This shift in interpretation makes financial institutions legally responsible for compliance with the...more

Hong Kong – Applying Securities Laws to Sales of Hotel Units

by Jeffrey Horwitz, Jeremy Leifer, Yuval Tal | Proskauer Rose LLP on 5/20/2013

In a move that represents a first in Hong Kong, one of the territory's largest listed property developers, Cheung Kong (Holdings) Limited and certain of its subsidiaries have entered into an agreement with the Securities and...more

Manhattan Bar Accepts Bitcoins as Payment

by Jenna Karadbil | Pillsbury Social Media, Entertainment &... on 5/20/2013

A new Manhattan bar has become one of the few brick and mortar operations to accept Bitcoins as a method of payment. For more information, see New York City bar Accepting Bitcoins as Payment....more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Report Indicates FDIC Suing Bank Directors And Officers At Record Pace

by BuckleySandler LLP on 5/20/2013

On May 8, an economic and financial analysis and consulting firm issued a report that indicates the FDIC is on pace to file more suits against bank directors and officers in 2013 than it has in any year since the start of the...more

CFPB employees unionize

by Barbara S. Mishkin | Ballard Spahr LLP on 5/20/2013

According to a report from Politico, CFPB employees voted last week to join the National Treasury Employees Union, a federal union that also represents employees at other financial regulators, including the FDIC, OCC and SEC....more

CFTC Approves SEF Rules And Swaps Block Rule

by Felix Shipkevich | Shipkevich PLLC on 5/20/2013

On Thursday the CFTC approved the Swaps Block Rule, the Made Available to Trade Rule, the SEF rules, and the Interpretive Guidance and Policy Statement on Disruptive Practices....more

Bitcoin Exchange Assets Seized

by James G. Gatto | Pillsbury Social Media, Entertainment &... on 5/20/2013

Federal authorities executed a seizure warrant against a bank account associated with one of the leading bitcoin exchanges. The warrant was not based on bitcoins themselves being illegal. Rather, the entity was not registered...more

April Housing Scorecard

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Treasury and HUD released the April 2013 housing scorecard,which provides information on the housing market and the Obama Administration’s foreclosure prevention programs....more

Whistleblower Law Firm Complains To SEC

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 5/20/2013

Two partners from a self-described law firm that specializes in the representation of whistleblowers have sent a letter to the SEC Commissioners complaining about the use of severance agreements to prevent employees from...more

Court Prohibits Bond Expenditure on Stadium Lighting Because Lighting Was Not Specifically Listed as Contemplated Project

by Meghan Covert Russell | Kronick, Moskovitz, Tiedemann & Girard on 5/20/2013

The California Court of Appeal, Fourth Appellate District, recently held that school district bond revenues could not be spent on stadium lighting where the bond proposition did not specifically list field lighting as part of...more