Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

In This Issue:


. Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act

. Preemption

. Whistleblower Protection Under the Dodd-Frank Act

. Arbitration Agreements Under the Dodd-Frank Act

. Say on Pay Voting

. Dodd-Frank Act Amendments to RESPA


. CFPB Issues Final Rules Affecting Mortgage Servicers

. CFPB Expands HOEPA Coverage

. CFPB Expands Escrow Account Duration for High-Cost Mortgages

. CFPB Releases Final Ability-To-Repay Rule and “Qualified Mortgage” Standard

. Fannie Mae and Freddie Mac Delinquencies Drop

. Regulators Reach Settlement With Mortgage Providers

. GHOS Endorses Basel Committee’s LCR Amendments

. OCC Extends Lending-Limits Exception

. OCC Grants Banks More Time to Comply With DFA Swaps Provision

. FTC Issues Dodd-Frank Repor

. CFTC Delays Provisions on CrossBorder Swaps

. CFPB Proposes Changes to Rules on Remittance Transfers

. SEC Issues Credit-Rating Agencies Report

. CFPB Seeks Public Comment on CARD Act

. Federal Reserve Issues Proposed Foreign Banking Rule

. CFPB Shares Data on Consumer Complaints With State Agencies

. CFPB Releases Paper on Credit Reporting System

- Excerpt from Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act:

The U.S. District Court for the District of Columbia recently held that the Commodity Futures Trading Commision (“CFTC”) followed the proper procedures in approving rules that regulate registered investment companies (“RICs”) under the Dodd-Frank Act.

Plaintiffs Investment Company Institute and Chamber of Commerce of the United States of America filed suit against the Commodity Futures Trading Commission (“CFTC”) under the Administrative Procedure Act (“APA”) and Commodity Exchange Act (“CEA”). Specifically, Plaintiffs challenged amendments to 17 C.F.R. §§ 4.5 and 4.27, which extend the CFTC’s regulation to RICs pursuant to the Dodd-Frank Act. Plaintiffs and the CFTC filed cross-motions for summary judgment.

Please see full newsletter 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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