Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
News & Analysis as of

CFPB Takes Aim at Class Action Waivers in Arbitration

On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more

CFTC Issues Second Whistleblower Award To The Tune Of $290,000

On September 29, 2015, the U.S. Commodity Futures Trading Commission (CFTC) announced that it will make its second award as part of its whistleblower program, which was created by Dodd-Frank. The tipster will receive a...more

Financial Services Weekly News - October 2015

Regulatory Developments - FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities: On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more

Securities and Governance Update: October 2015 Update

This summer, the SEC proposed a new clawback rule (Proposed Rule 10D-1) to implement Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Section 954 of Dodd-Frank added a new...more

SEC Enforcement Continues to Pursue Hedge Fund Advisers

The SEC continues to pursue enforcement actions against hedge fund managers for alleged self-dealing, undisclosed conflicts of interest, and valuation issues. As we’ve previously reported (here and here), the SEC has stepped...more

CFPB Proposes Banning Use of Pre-Dispute Arbitration Agreements in Consumer Class Actions

The Consumer Financial Protection Bureau (CFPB or Bureau) announced today that it is considering rules prohibiting application of pre-dispute arbitration agreements to class litigation involving certain consumer financial...more

SEC Proposes Schedule for Disclosure Rules Regarding Payments by Resource Extraction Issuers – Final Rules by June 27, 2016

On September 2, a federal judge held that the SEC had “unlawfully withheld” agency action by failing to promulgate final rules requiring disclosure of government payments by resource extraction issuers and gave the SEC 30...more

D.C. Circuit Upholds Bank’s Standing to Challenge Constitutionality of CFPB

The D.C. Circuit Court of Appeals reversed a district court decision dismissing a bank’s challenge to the constitutionality of the CFPB based on lack of standing. The district court had previously concluded that compliance...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

CFPB Continues to Target Add-On Credit Products

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Blog: SEC To Issue Final Dodd-Frank Resource Extraction Disclosure Rule By June 2016 (Maybe)

As noted in this Law 360 article and in this blog , on Friday, the SEC filed a Notice of Proposed Rulemaking in the U.S. District Court for the District of Massachusetts in connection with Oxfam...more

CFTC Announces to Issue Award of Approximately $290,000 to Whistleblowers

On September 29, the U.S. Commodity Futures Trading Commission announced that it would issue an award of approximately $290,000 to whistleblowers for providing valuable information about violations of the Commodity Exchange...more

CFTC Requires Introducing Brokers, Commodity Pool Operators, and Most Commodity Trading Advisors That Use Swaps to Become Members...

On September 14, 2015, the Commodity Futures Trading Commission (CFTC) published a final rule requiring introducing brokers (IBs), commodity pool operators (CPOs), and most commodity trading advisors (CTAs) to become members...more

Weekly Update Newsletter - October 2015

GOVERNMENT CONTRACTS - Notice Establishing a Minimum Wage for Contractors - The Department of Labor, Office of the Secretary, published a new notice correcting its September 16, 2015 notice by publishing Appendix A...more

DC Circuit: No Jurisdiction For Suits Re SEC Forum Selection Choice

Suits challenging the SEC’s forum selection decisions continue to proliferate. As the trend has unfolded the Commission posted a memo on its website discussing the issue of forum selection and has proposed modifications to...more

A Review of Recent Whistleblower Developments

Second Circuit Splits from Fifth Circuit on Whistleblower SEC Reporting Obligations On September 10, 2015, the Second Circuit in Berman v. Neo@Ogilvy LLC, 2015 U.S. App. LEXIS 16071 (2d Cir. 2015), ruled that...more

The Chill is Gone: SEC Wants Unfettered Whistleblowers

The SEC continues its efforts to support whistleblowers. The whistleblower program promulgated by the Commission under the Dodd-Frank Act offers rewards to individuals who report securities law violations. As we have...more

Employment Law - October 2015

FTC Offers Employers Lesson in FCRA Compliance—And Limited Exceptions - Why it matters: A California employer recently received a lesson in Fair Credit Reporting Act (FCRA) compliance from the Federal Trade...more

Securities and Exchange Commission Sets Schedule for Rulemaking on Revenue Transparency

On October 2, the Securities and Exchange Commission (“SEC”) filed a schedule with the U.S. District Court for the District of Massachusetts providing details as to when the agency will seek to issue a final rule on revenue...more

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

Director Corday testifies before House Committee on Financial Services

On Wednesday, September 29, CFPB Director Richard Cordray appeared before the House Committee on Financial Services to answer questions regarding the Bureau’s activities since March. Director Cordray used his introductory...more

FinCEN's Recently Proposed AML Rule: A Road Map for SEC-Registered Investment Advisers

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (the Proposed Rule) on September 1, 2015 that would impose anti-money laundering (AML) requirements for investment...more

The New TILA-RESPA Integrated Disclosure Requirements

Farewell, HUD-1, we hardly knew ye. As of October 3rd, 2015, lenders will provide two integrated forms at specified intervals surrounding the closing date to comply with the provisions of both the Truth in Lending Act...more

"Evaluating the State of Financial Reform Five Years After Dodd-Frank"

July 21, 2015, marked the fifth anniversary of the signing of the landmark Dodd-Frank Act and provided a natural opportunity to evaluate the progress regulators have made in establishing the new regulatory regime as well as...more

Employee Benefits Developments - September 2015

IRS Issues New Draft Form 1095-C and Instructions. On August 6, 2015, the IRS published its most recent updates to Form 1095-C and the instructions for Forms 1094-C and 1095-C. Beginning in early 2016, applicable large...more

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