Stinson Leonard Street - Dodd-Frank and the Jobs Act

150 South Fifth Street Suite 2300
Minneapolis, MN 55402, United States

Contact: Steve Quinlivan

  • 612.335.7076
  • 612.335.1657

FINRA and Exchanges Submit Tick Size Pilot Plan

FINRA and the exchanges have complied with an SEC order to establish a national market system plan to implement a targeted 12-month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain…more
| Finance & Banking, Securities Law

Fed Proposes to Repeal Rule Regarding Unfair or Deceptive Acts or Practices

The Federal Reserve Board has requested comment on a proposal to repeal its Regulation AA regarding unfair or deceptive acts or practices. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the Board’s…more
| Antitrust & Trade Regulation, Finance & Banking, Consumer Protection

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly…more
| Civil Remedies, Finance & Banking, Consumer Protection

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the continuing…more
| Finance & Banking, Consumer Protection, Real Estate - Residential

SEC to Commence Examinations of Municipal Advisors

SEC rules that took effect on July 1, 2014 generally require municipal advisors to register with the SEC through the SEC’s EDGAR system under the final registration process during a four-month phase-in period by October 31,…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

Amnesty International Continues to Push for En Banc Rehearing in Conflict Minerals Case

Amnesty International has filed a supplemental brief which continues to advocate for a rehearing en banc in the conflict minerals case. The argument is this: American Meat Institute v. U.S. Department of Agriculture expressly…more
| Civil Procedure, Commercial Law & Contracts, Constitutional Law, International Law & Trade, Securities Law

SEC Reports on Use of Form PF Data

The SEC has issued its annual report on use of Form PF data. In its examination and enforcement programs regarding registered investment advisers that manage private funds, the staff generally reviews information contained in…more
| Commercial Law & Contracts, Finance & Banking, Securities Law

MSRB Seeks to Extend Pay-to-Play Rule to Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, is requesting comment on draft amendments to Rule G-37, the MSRB’s pay-to-play rule for municipal securities dealers, that would extend the rule to municipal advisors…more
| Commercial Law & Contracts, Elections & Politics, Finance & Banking, Securities Law

FinCEN Seeks to Turn Beneficial Ownership Disclosure of Private Entities on its Head

My colleagues over at our banking blog have highlighted proposed regulations by the Financial Crimes Enforcement Network, or FinCEN, under the Bank Secrecy Act which are meant to combat illicit financial activity, including…more
| Commercial Law & Contracts, Finance & Banking

FNMA Survey Indicates QM Rules Lead to Increased Lender Costs

FannieMae has released a survey that indicates the CFPB’s Ability-to-Repay (“ATR”) and Qualified Mortgage (“QM”) rules will lead to increased lender costs. Specifically, most firms (74%) reported that they expect their…more
| Finance & Banking, Consumer Protection, Real Estate - Residential

ISDA Says End User Transactions Dominate Interest Rate Derivative Markets

ISDA believes there is a misperception that only a small fraction of derivatives activity relates to hedging that benefits the “real economy.” ISDA has published an analysis that challenges this assumption…more
| Finance & Banking, Securities Law

Suspense and Intrigue Surround Closed SEC Meeting

The SEC Office of Inspector General has released a redacted version of an investigation regarding a leak of Commissioner Piwowar’s vote during an executive session of a closed Commission meeting regarding an enforcement matter. …more
| Securities Law

CFPB Cautions on Bitcoin and Begins Collecting Complaints on Virtual Currencies

The CFPB has issued a useful consumer advisory on virtual currencies. The advisory notes Bitcoin transactions may not be anonymous and “Information about each and every Bitcoin transaction is publicly shared and stored forever…more
| Finance & Banking, Consumer Protection, Science, Computers, & Technology

Loan Officers Say ATR/QM Rules Make Mortgage Approvals More Difficult

Around 34% of all loan officers responding to a Fed survey indicated the CFPB’s Ability-to-Repay and Qualified Mortgage Standards under the Truth in Lending Act (the ATR/QM rule) makes it more difficult to get conforming…more
| Finance & Banking, Consumer Protection, Real Estate - Residential

SEC Commissioner Objects to Retroactive Application of Dodd-Frank Bars

Commissioner Gallagher recently filed this opinion dissenting in part with respect to In the Matter of John W. Lawton. The matter arose out of the alleged misconduct of respondent John W. Lawton, who purportedly committed…more
| Administrative Law, Civil Procedure, Civil Remedies, Finance & Banking, Securities Law
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Areas of Practice
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