Stinson Leonard Street - Dodd-Frank and the Jobs Act

House of Representatives Issues Report Blasting CFPB on the Heels of House Vote to Repeal CFPB’s Auto Lending Guidance

On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer…more
| Consumer Protection, Elections & Politics, Finance & Banking

Delaware Addresses Exclusive Representations, Integration and Exclusive Remedies Provisions

In Prairie Capital III, L.P. v. Double E Holding Corp. the Delaware Court of Chancery examined exclusive representations and integration clauses, omissions and exclusive remedies provisions. The opinion notes..…more
| Commercial Law & Contracts

SEC Warns on Outsourced Chief Compliance Officers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, recently issued a risk alert titled “Examinations of Advisers and Funds That Outsource Their Chief Compliance Officers.” According to the alert, OCIE staff…more
| Commercial Law & Contracts, Securities Law

Agencies Update Volcker Rule FAQs (November 2015)

Two new Volcker Rule FAQs has been issued. The first addresses an issue where a banking entity terminates a market-making business that it conducted as a Volcker Rule permitted activity, and how the bank can exit residual…more
| Finance & Banking

Crowdfunders and Crowdfunding Service Providers Beware

If you are planning to move into the crowdfunding consulting or platform area make sure you are familiar with the SEC broker-dealer rules, which require registration before performing broker-dealer services. If you plan on…more
| Commercial Law & Contracts, Communications & Media Law, Finance & Banking, Securities Law

SEC Nabs Private Equity Sponsor for Conflicting Investments

JH Partners, LLC, a private equity sponsor, recently agreed to settle SEC charges. According to the SEC the proceedings arose from negligent breaches of fiduciary duty by JHP, an investment adviser to several private equity…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

CFPB Releases Monthly Consumer Complaint Report for October 2015

On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly Report…more
| Consumer Protection, Finance & Banking

ISS Updates Equity Plan Scorecard and Governance QuickScore

ISS has issued a series of 26 FAQs on its Equity Plan Scorecard, or EPSC. The basic EPSC policy has not changed, but effective for meetings as of Feb. 1, 2016, the FAQs state the following adjustments will apply to EPSC…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Preparing to Move Forward on Accredited Investor Definition

SEC Chair Mary Jo White gave testimony before the House of Representatives Committee on Financial Services. Ms. White stated the staff is “engaged in a comprehensive review of the “accredited investor” definition. That review…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

SEC Publishes 2015 Whistleblower Report

The SEC published its 2015 Annual Report on the Dodd-Frank Whistleblower Program. The report indicates the SEC received 3,923 tips in fiscal year 2015, compared to 3,620 tips in fiscal year 2014. From fiscal year 2012, the…more
| Civil Rights, Commercial Law & Contracts, Labor & Employment Law, Securities Law

CFPB Takes Action Against Online Lender Integrity Advance, LLC

On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers about…more
| Communications & Media Law, Consumer Protection, Finance & Banking

SEC Qualifies Largest Crowdfunding Offering Ever; Offered On StartEngine

The SEC has qualified the Regulation A+ offering of Elio Motors which plans to make small cars costing about $7,000. Elio plans a maximum offering size of $25 million. The offering is being made through the facilities of…more
| Commercial Law & Contracts, Communications & Media Law, Finance & Banking, Securities Law

“Recidivist” Custody Rule Violators Settle SEC Charges

The SEC announced that an investment advisory firm, two owners, and a former chief compliance officer have agreed to settle charges that the firm again violated the custody rule after being reprimanded for violations only a few…more
| Commercial Law & Contracts, Securities Law

ISS Issues 2016 Policy Updates

ISS has issued the following policy updates for 2016. Overboarding - Current ISS policy considers a director “overboarded” if he or she sits on more than six public company boards – or if he or she is also a CEO, more…more
| Commercial Law & Contracts, Securities Law

CFTC Report Indicates CFTC Botched Swap Dealer De Minimis Exemption

CFTC staff issued a preliminary report regarding the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required…more
| Commercial Law & Contracts, Finance & Banking, Securities Law
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150 South Fifth Street Suite 2300
Minneapolis, MN 55402, United States

Contact: Steve Quinlivan

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  • 612.335.1657

Areas of Practice
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