News & Analysis as of

Credit Ratings

Colombia criminalizes Tax Evasion

by Foodman CPAs & Advisors on

On 12/29/2016, Colombia’s Congress approved “Law 1819 of 2016”. The new legislation is a structural tax reform primarily aimed at increasing revenues for Colombia. Colombia suffered a loss of revenues when crude oil...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Former AIG chief Hank Greenberg and his co-defendant, AIG’s former CFO, reached an “unexpected” settlement last week with NY officials. The duo will fork over about $10 million in bonuses payments and admit that they...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

by Burr & Forman on

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

European Supervisory Authorities Publish Good Practices to Reduce Mechanistic Reliance on Credit Ratings

by Shearman & Sterling LLP on

The Joint Committee of the European Supervisory Authorities published a final Report containing Good Supervisory Practices for reducing sole and mechanistic reliance on credit ratings. The ESAs consist of the European Banking...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Loyal Starwood pointers have been waiting anxiously to hear what the hotel brand’s merger with Marriott will mean for their coveted reward system. They’ll have to wait a bit longer, but here are a lot of answers to other...more

Financial Regulatory Developments Focus - November 2016

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

CFPB to Compile List of Companies Providing Free Credit Scores

by Ballard Spahr LLP on

On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score.  The CFPB’s stated intent in...more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

by Ballard Spahr LLP on

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

The UK has voted to leave the EU: What now?

by Latham & Watkins LLP on

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

by Carlton Fields on

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

OFR Analyzes Changes in Regulatory Use of Credit Ratings Since Dodd-Frank

Treasury’s Office of Financial Research has released a brief entitled “Credit Ratings in Financial Regulation: What’s Changed Since the Dodd-Frank Act?” The introductory statement notes “The use of credit ratings in financial...more

Seventh Circuit Throws Out TransUnion’s Clickwrap Agreement and Incorporated Class Waiver

by BakerHostetler on

In recent years, and in particular since decisions like AT&T Mobility LLC v. Concepcion, 563 U.S. 333 (2011), a powerful defense to consumer class actions has been arbitration agreements that include class waivers. The...more

FDIC Dips Its Toes Into Marketplace Lending

Why it matters - In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of...more

ESMA updates CRA Q&A

by Dentons on

ESMA has updated its Q&A on the application of the Credit Rating Agencies (CRA) Regulation. The revised Q&A clarifies the definition of unsolicited credit ratings,...more

IOSCO reports on creditworthiness assessments

by Dentons on

IOSCO has published its report on sound practices at large intermediaries in assessing creditworthiness and the use of external credit ratings. It recommends 12 sound practices that regulators could consider as part of their...more

MoFo New York Tax Insights - Volume 6, Issue 12

by Morrison & Foerster LLP on

NYC Tribunal Rejects Claim That First Amendment Requires Use of Audience Factor for Sourcing Receipts from Credit Ratings - The New York City Tax Appeals Tribunal, reversing an Administrative Law Judge decision, has held...more

Your daily dose of financial news The Brief – 12.14.15

by Robins Kaplan LLP on

Expected highlights for the week ahead, courtesy of the Times, include two highly anticipated and long-awaited events with major economic ramifications: a Fed liftoff and the debut of Star Wars: The Force Awakens – NYTimes...more

Moody’s Identifies Cyber Risk As Key Factor in Credit Ratings

by Alston & Bird on

In a report released November 23, Moody’s Investors Service announced that the implications of cyber threats could start taking a higher priority in its credit analysis. Moody’s said it views cyber threats as similar to other...more

Financial Regulatory Developments Focus - November 2015 #4

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

ESAs define risk weights for credit ratings

by Dentons on

The ESAs have published the final two draft ITS on the mapping of credit assessments by external credit assessment institutions (ECAIs) under the Capital Requirements Regulation (CRR). The ESAs intend that only credit ratings...more

U.S. Supreme Court Denies S&P Investors’ Petition for Certiorari

On November 2, 2015, the United States Supreme Court denied investors’ petition for review of a Second Circuit decision affirming the dismissal of their class action against Standard & Poor’s Rating Services’ parent,...more

BOEM’s “Proposed Guidance” Shakes Up the Agency’s Supplemental Bonding Requirements

by BakerHostetler on

The Bureau of Ocean Energy Management (“BOEM”) has backed away from its proposed rulemaking regarding financial assurance requirements for the Outer Continental Shelf (“OCS”). On August 19, 2014, BOEM published an Advance...more

Rating Agency Developments

On September 23, DBRS published the methodologies it will use to rate and monitor U.S. Property Assessed Clean Energy securitization. On September 22, Moody’s published its updated rating methodology for consumer loan-backed...more

FCRA Class Action Suits on the Rise

by Baker Donelson on

It is a common practice for employers to check criminal backgrounds or credit ratings of potential, and sometimes current, employees. Background checks that provide this type of information are helpful to employers when...more

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