Banking & Financial Services E-Note - August 2014

In This Issue:

- Lawmakers Urge Fed to Clarify Emergency Lending Rules

- CFPB Pushing Colleges to Be More Transparent in Bank Deals

- Report Finds Reversal in Trend Toward Subprime Auto Loans

- CFPB Concerned Over Risks from Virtual Currencies

- Banks Pressured to Crack Down on Casino Money-Laundering

- Small Businesses Find Alternative Lending Comes with Catch

- Suit Over Cyber-Heist Raises Question of Banks' Responsibility

- Excerpt from Lawmakers Urge Fed to Clarify Emergency Lending Rules:

The Federal Reserve must clarify its emergency lending authority rules to foreclose the possibility of "backdoor bailouts" in a future financial crisis, a bipartisan group of lawmakers said in a letter. The central bank's proposed rules for emergency lending place "no meaningful restrictions" on its lending powers in a time of crisis, inviting the prospect of assistance similar to that provided five years ago, 15 Senate and House members wrote in the letter to Federal Reserve Chair Janet Yellen.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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