On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more
10/14/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
Since the Second Circuit Court of Appeals’ December 2014 decision in United States v. Newman, the government’s ability to aggressively pursue insider trading cases involving tipping has been in doubt. But, on October 5, the...more
10/10/2016
/ Confidential Information ,
Dirks v SEC ,
Illegal Tipping ,
Insider Trading ,
Non-Public Information ,
Personal Benefit ,
SCOTUS ,
Securities Violations ,
Tippees ,
Tippers ,
US v Newman ,
US v Salman
Amendments to the Rules of Practice Do Little to Address Criticism that the Deck is Stacked -
Facing pressure from industry practitioners and in the wake of constitutional challenges in multiple jurisdictions, the...more
8/8/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Consumer Protection Act ,
Dodd-Frank ,
Due Process ,
Enforcement Actions ,
Federal Rules of Civil Procedure ,
Federal Rules of Evidence ,
Hearsay ,
Rules of Practice ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Seventh Amendment ,
White Collar Crimes
When President Obama signed into law the Cybersecurity Act of 2015, which was designed to facilitate information sharing on cybersecurity threats between the public and private sectors, proponents hailed it as “our best...more
Citing the ongoing risk of terrorist and cyber-attacks, the 2008 financial crisis, and Hurricanes Katrina and Sandy, the Securities and Exchange Commission (“SEC”) has issued proposed rules under the Investment Advisers Act...more
7/1/2016
/ Business Continuity Plans ,
CFTC ,
Disclosure Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
National Futures Association ,
Policies and Procedures ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more
6/9/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Title Loans
On May 19, 2016, the United States Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (“SEC”) announced insider trading charges against Las Vegas sports bettor William (“Billy”)...more
Last week, decisions by the United States Supreme Court and the Northern District of Georgia provided further guidance regarding the narrow path required for a class action plaintiff to successfully establish Article III...more
5/24/2016
/ Article III ,
Class Action ,
Cybersecurity ,
Data Breach ,
Fair Credit Reporting Act (FCRA) ,
Home Depot ,
Injury-in-Fact ,
Malware ,
Popular ,
SCOTUS ,
Spokeo v Robins ,
Standing ,
Statutory Damages
On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification...more
5/19/2016
/ Beneficial Owner ,
Business Entities ,
Employer Identification Number (EIN) ,
FinCEN ,
Foreign Ownership ,
IRS ,
Money Laundering ,
Mossack Fonseca ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Evasion ,
Tax Haven
On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. The final rules impose a new requirement on...more
5/16/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Due Diligence ,
Financial Institutions ,
FinCEN ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Tax Evasion ,
Tax Haven ,
White Collar Crimes
On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to prohibit providers of certain consumer financial products and services from using arbitration clauses to block consumers from filing...more
5/11/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Dodd-Frank ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Service Contracts
On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more
On December 31, 2015, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued regulations implementing Executive Order 13694 of April 1, 2015, which authorized the imposition of economic sanctions on...more
On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more
10/16/2015
/ Anti-Retaliation Provisions ,
Banking Sector ,
Banks ,
Credit Unions ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Insurance Industry ,
Investment Firms ,
Popular ,
Prudential Regulation Authority (PRA) ,
Regulatory Standards ,
Reinsurance ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblower Protection Policies ,
Whistleblowers