Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
June 24, 2024 - U.S. Secretary of the Treasury Janet L. Yellen gave remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing....more
The SEC released the final Securities Act Rule 192 relating to conflicts of interest in asset-backed securities transactions on November 27, 2023. In this OnPoint, we summarize the provisions of the final Rule 192 and...more
November 28, 2023- The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing entitled, "Fostering Financial Innovation: How Agencies Can Leverage...more
November 7, 2023- The Consumer Financial Protection Bureau is proposing to use its larger participant authority to supervise nonbank companies that offer services like digital wallets and payment apps....more
October 16, 2023- The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates announced the finalization of a bilateral Memorandum of Understanding on Cybersecurity Cooperation during a...more
October 10, 2023- Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Monetary Policy Analysis and the Development of Federal Reserve Policymaking," that was presented at "The Legacy of Bennett...more
December 15, 2022- The New York State Department of Financial Services released Guidance to banking organizations regulated by the NYDFS that wish to engage in virtual currency-related activities....more
On October 28, 2022, Vice Chancellor Morgan T. Zurn of the Delaware Court of Chancery ruled that the declaratory action brought by Buzzfeed Inc. against 91 current and former employees is not bound by arbitration provisions...more
August 10, 2022- The Consumer Financial Protection Bureau issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law....more
Major Developments- DFS Announces New Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins- New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS...more
Congress- U.S. House of Representatives- Committee on Financial Services- Hearing: Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency-...more
In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more
In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more
In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more
In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more
Federal Reserve Revises Framework for Determining Control of a Banking Organization The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more
Paul Singer’s Elliott Management hedge fund revealed a $3.2 billion stake in AT&T and, along with it, a healthy-skepticism of the company’s 2018 purchase of Time Warner and general calls to divest as part of a 24-page letter...more
The SEC will vote today on what it’s calling Regulation Best Interest, “which says brokers can’t put their own paychecks ahead of a customer’s needs”—the more-industry-acceptable revision of an Obama-era fiduciary duty rule...more
As world economic leaders (sans the U.S. government) gather in Davos this week, China’s economic cooling (coming just “when the world needs its spark”) is both a hot topic of conversation and a cause for concern....more
A lot of the furor over Elon Musk’s recent “going private” tweets has centered on whether he actually had the financial backing needed to pull it off. The Times sets aside that initial inquiry to explore the why and how,...more
U.S. Financial Industry Developments - Credit Agreements Will Require Important Updates If a Proposed New Delaware Law Is Passed - The Delaware legislature is currently contemplating an amendment to the Delaware Limited...more
U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more
On October 16, the SEC Division of Investment Management granted no-action relief in response to a request by Orrick on behalf of Redwood Trust. The Redwood request and the SEC staff response impact the way in which...more
FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - On July 26, 2017, the Federal Housing Finance Agency released an update on the credit risk transfer programs of Freddie Mac and Fannie Mae...more