Financial Products

News & Analysis as of

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

Finding Love in All of the “Right” Places – Part 1: Deferred Compensation Opportunities within Captive Insurance Companies -...

Overview - In my last article, I produced an overview of closely held insurance companies aka captive insurance companies and their excellent tax benefits for businesses. Separate and apart from the risk management...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

CFPB Continues Add-On Products Crackdown

On December 23, the CFPB announced a coordinated enforcement action taken by federal regulators against a major credit card company and certain subsidiaries alleged to have violated multiple consumer protection laws with...more

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

Money Spent on Marketing Financial Products Beats Financial Education

The Consumer Financial Protection Bureau (“CFPB”) recently released a study of consumer financial services marketing, which found that it can be difficult for consumers to find objective information. The study focuses on the...more

Harmonised European Principles for Oversight of Financial Products Development

On November 28, 2013, the European Supervisory Authorities (“ESAs”) issued a joint paper (the “Joint Position”) setting out eight high level principles, intended to form a harmonised, cross-sector approach to the regulation...more

IRS Issues Clarification As To The Taxability Of Gift Card Sales

It has been estimated that annual gift card sales have reached approximately $110 billion as a result of an increase in gift card offerings from financial services firms (for example, American Express, Visa, MasterCard and...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 30, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - PAYMENTS - PRIVACY/DATA SECURITY -...more

CFPB to hold September 30 forum on financial products marketed to college students

On September 30, 2013, the CFPB will hold a forum in Washington, D.C. on financial products marketed to college students....more

U.S. Consumer Financial Protection Bureau Acts to Expand Its Authority Over Nonbank Consumer Financial Services Companies

The Consumer Financial Protection Bureau (“Bureau”), pursuant to its authority to extend its supervision to persons that offer or provide any consumer financial product or service that poses a risk to consumers, has adopted a...more

CFPB Plans Study Of Bundled Financial Products

Today, the CFPB published a notice indicating that it will review bundled financial products and services....more

CFPB proposes new information collections

The CFPB has proposed a new generic information collection clearance for its consumer complaint system and a new information collection related to its financial literacy initiatives....more

Financial Services Legislative and Regulatory Update -- July 22, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Yesterday marked the 3rd Anniversary...more

Actualidad Fiscal - Nº 6 - Julio 2013

EN ESTE NÚMERO: - 01 Presentación - 02 Actualidad Nacional - 10 Actualidad Internacional - 12 Renovación de los convenios de doble imposición firmados por España - Extracto del Presentacion:...more

"Money Smart for Older Adults" Provides Valuable Information for All Consumers

On June 12 the Federal Deposit Insurance Corporation (“FDIC”) and Consumer financial Protection Bureau (“CFPB”) jointly launched a new financial resource tool, “Money Smart for Older Adults”, with the goal of helping older...more

CFPB Unveils Regulatory Priorities: More Nonbank Supervision and Substantive Rulemakings Expected

On July 3, 2013, the Consumer Financial Protection Bureau (“CFPB”) unveiled its semi-annual update of its rulemaking agenda that highlights recent milestones reached and sets out its priorities and plans for the months...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 12, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

CFPB Finalizes Rule To Supervise Nonbanks That Pose Risks To Consumers

On June 26, the CFPB issued a final rule outlining new procedures for establishing supervisory authority over nonbanks that it has “reasonable cause” to believe pose “risks to consumers” with regard to consumer financial...more

What to Know about CFPB Supervision and Examination

The Consumer Financial Protection Bureau (“CFPB”) recently issued its final rule that establishes procedures to bring under its supervisory authority nonbanks whose activities it has reasonable cause to determine pose risks...more

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