Financial Products

News & Analysis as of

OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of...more

Door-To-Door Selling Of Financial Instruments: Recent Clarifications By The Court Of Cassation

The interpretation of the scope of application of the investor’s right to withdraw from any contracts for the placement of financial products entered into door-to-door has again captured the attention of all players following...more

Senator Crapo raises concerns with Department of Education campus financial product rulemaking

Republican Senator Mike Crapo, Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter last week to Department of Education (ED) Secretary Arne Duncan to raise several concerns with the...more

FCA warns firms on use of social media to promote financial products

The UK financial services regulator, the Financial Conduct Authority (FCA), has launched a guidance consultation in order to clarify and confirm its approach to the supervision of financial promotions in social media,...more

Structured Thoughts: Volume 5, Issue 5 - June 25, 2014

In This Issue: - The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18 - Structured CDs – Goodbye Regulation DD, Hello Regulation DD - FCA Issues Fine in Relation to Structured Product...more

Supreme Court to Review Cases Involving Overtime Exemption for Mortgage Loan Officers

On Monday, the U.S. Supreme Court accepted review of two lower court decisions of significant importance to the banking and financial services industries. The cases involve the question of whether mortgage loan officers are...more

Department of Education proposal on campus financial products expected in July

We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the possible advent of new...more

Ban on distribution of certain financial products in Belgium

In our alert of 11 February this year, we unveiled the consultations which were launched by the Belgian Financial Services and Markets Authority (the “FSMA”). These consultations concerned, on the one hand, a draft royal...more

New Product Development – A Big Challenge and a Potentially Big Reward

After the Great Recession began, most financial institutions focused on survival and not on innovation. Now that the economy seems to be stabilizing, thoughts have begun to turn to new ways to increase the top line. New...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

CFPB to issue revised telephone survey of consumers for arbitration study

The CFPB will be publishing a notice in tomorrow’s Federal Register which states that the CFPB is seeking approval from the Office of Management and Budget of its plans to conduct a national telephone survey of 1,000 credit...more

What’s In Your Wallet, a Cafe?

Since 2000, Capital One Financial — the nation’s largest direct bank – has been promoting its credit card services by asking What’s in Your Wallet? Three years later it began promoting banking and other financial services...more

FDIC Panel Considers Mobile Financial Services For Underbanked

How can financial institutions better serve underbanked individuals? - An advisory panel convened by the Federal Deposit Insurance Corporation (FDIC) met recently to discuss possible answers to this question....more

Legal Briefs: A periodic summary of judicial decisions affecting accounting and financial services professionals – May 2014

Loss of Confidential Electronic Data: New Risks for Financial Professionals - Recent highly publicized incidents of "hacking" of sensitive customer information should cause accountants and other financial professionals...more

FinCEN Issues Five Rulings On Application Of BSA Regulations To Certain Activities

On April 29, FinCEN issued five rulings in response to companies who sought clarification regarding whether their company is a money service business under the BSA. In FIN-2014-R006, FinCEN determined that a company that...more

CFPB Continues Assault On Add-On Financial Products

The Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), and the Options Clearing Corporation (OCC) have again required multimillion dollar refunds and penalties related to marketing...more

CRE Securitization: Rehabilitation Still In Progress

During the past several years, CRE Securitizations were airbrushed off the financial products reviewing podium like a discredited Politburo member. Not here, never ever here; nope, never heard of it. This was a mistake rooted...more

Proposals May Signal Direction of Future Tax Reform

After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Services - Financial Crime - Excerpt from Derivatives: European Commission Consults on Definition...more

The British (Financial Regulatory Principles) Are Coming!

Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The...more

Senate Banking subcommittee holding hearing on alternative financial products

The Senate Banking Committee’s subcommittee on Financial Institutions and Consumer Protection is holding a hearing today titled: “Are Alternative Financial Products Serving Consumers?” Observers have noted that the hearing...more

FSMA launches consultations on information obligations applicable to distribution of financial products to nonprofessional clients...

At the European level, the legislative process on the regulation of package retail investment products (“PRIPs”) reached a new peak in November 2013 when the European Parliament published its proposed amendments to the...more

CFPB Director Discusses Enforcement Against Individuals

On January 8, in a Daily Show interview, CFPB Director Richard Cordray discussed with host Jon Stewart some of the Bureau’s efforts to date, including implementation of the CFPB’s mortgage rules and the Bureau’s credit card...more

FDIC and CFPB Settle with American Express Centurion Bank Charges of Unfair and Deceptive Practices

On December 24, the FDIC and CFPB announced a settlement with American Express Centurion Bank concerning charges of unfair and deceptive marketing practices related to credit card “add-on products” in violation of Section 5...more

House Democrats Encourage FTC Scrutiny Of Consumer Reporting Agencies’ Add-On Products Marketing

On December 18, a group of House Democrats sent a letter urging the FTC to focus on the online marketing of products and services by consumer reporting agencies (CRAs). The lawmakers assert that CRAs “often require consumers...more

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