In this issue:
2 Beltway Report
5 Operations Report
5 Plastic (a/k/a Card Report)
6 Mortgage Report
7 Privacy Report
10 Arbitration Report
10 Preemption Report
Tis the season to be thankful, and we are. Take Call of Duty: Black Ops, for one. There is something deeply gratifying about reliving awkward moments of American history and getting a do-over. Nothing wreaks havoc quite like a crossbow with exploding bolts. Or the TSA, for another, which proved this quarter that no matter how good your organization’s knack for drawing bad PR, the TSA’s “airport scanner fiasco” marks a new reading on the depth gauge. And finally, there’s November’s election, which was like watching airbags inflate in slow motion. Procrastinators who delayed committing to memory the 2,319 pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act can rejoice. The rest of us can look forward to figuring it out all over again, after the new Congress gets its own do-over, with exploding bolts. Connoisseurs of transition will recognize the opportunity of that last sentence to segue into this issue’s themes. The transformation of the financial industry continues, from comb-overs to makeovers, pompadours to buzz cuts. All of that gets reported in these pages, with a dash or two of sarcasm; it’s on the house. For our Dodd-Frank Act overview, various User Guides, and our shorter Client Alerts, visit our regulatory reform website at: http://www.mofo.com/resources/ regulatory-reform/. Until next time, watch your deficits, dog-ear your earmarks, and have a wonderful holiday and a Happy New Year.
William Stern, Editor-in-chief
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