In This Issue:

- World Leaders to Crack Down on Shadow Banking Industry

- Obama Urges Lawmakers to Get Busy Finishing Dodd-Frank Rules

- CFPB, RICO Pressure Big Banks to Rein in Credit Card Debt

- States Taking on Legislation to Break up Giant Banks

- Courts, Congress Challenged by Increasing Use of Paycards

- Banks Pressured to Cut Ties to Shady Online Lenders

- Excerpt from World Leaders to Crack Down on Shadow Banking Industry:

World leaders are expected to take a softly-softly approach to regulating the so-called shadow banking sector when they meet in Russia next month to avoid damaging the flow of finance to the global economy. While governments have cracked down on risk-taking by traditional banks in the wake of the financial crisis, the shadow banking sector, an assortment of financial intermediaries that handle $60 trillion of transactions a year --roughly the same size as the world economy -- remains a source of systemic risk for taxpayers.

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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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