Editor's Note -
D.C. Circuit Strikes Down Key Pieces of FCC’s TCPA Interpretive Order. On March 16, the U.S. Court of Appeals for the D.C. Circuit issued its long-awaited decision in ACA International v. FCC, invalidating...more
Editor's Note -
Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more
3/15/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
EDGAR ,
FDIC ,
Financial Services Industry ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Liquidity ,
NYSE ,
Request For Information ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Token Sales
Editor's Note -
Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more
3/1/2018
/ Bankruptcy Code ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt-Relief Industry ,
Dodd-Frank ,
FASB ,
Financial Institutions ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Tax Reform ,
TCPA ,
Whistleblower Protection Policies
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more
Editor's Note -
“Humility and Prudence” at the CFPB. In a memo to employees of the Consumer Financial Protection Bureau (CFPB) later turned into a Wall Street Journal op-ed, Acting CFPB Director Mick Mulvaney articulated his...more
1/25/2018
/ CFTC ,
Closed-End Funds ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Currency ,
Federal Bank Regulatory Agencies ,
Financial Services Industry ,
Initial Coin Offering (ICOs) ,
Mutual Funds ,
No-Action Letters ,
NYSE ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
PCAOB ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more
1/18/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FASB ,
FinTech ,
Liquidity ,
NYSE ,
Payday Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tax Cuts and Jobs Act ,
Tax Reform
Editor's Note -
A Busy Holiday Season. We hope that all of you had a happy holiday season and wish everyone a happy, healthy and prosperous new year. While the Roundup has been on hiatus during the holidays, the federal...more
1/11/2018
/ Antitrust Litigation ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Debt Relief ,
Department of Justice (DOJ) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Initial Coin Offering (ICOs) ,
Marijuana Related Businesses ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
Banks Look Like Winners in Tax Reform Bill. On December 20, the House of Representatives, by a vote of 224-201, and the Senate, by a vote of 51-48, passed the Tax Cuts and Jobs Act, the nation’s first...more
Editor's Note -
Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more
12/14/2017
/ Basel III ,
Cybersecurity ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Form N-PORT ,
Libor ,
NYSE ,
OCC ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
Stress Tests
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more
Editor's Note -
In This Issue. The U.S. House of Representatives approved the Senate’s 2018 budget resolution, potentially paving the way for tax reform; the U.S. Securities and Exchange Commission (SEC) issued three...more
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more
Editor's Note -
Cybersecurity Returns to Center Stage. The Equifax breach and recent news that the Securities and Exchange Commission’s (SEC) EDGAR test filing system was hacked in 2016 have brought cybersecurity back to...more
9/28/2017
/ Auto Lease ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Deceptively Misdescriptive ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
False Advertising ,
Federal Reserve ,
No-Action Letters ,
NYSE ,
Pay Ratio ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Third-Party Service Provider
Editor's Note -
In This Issue. Federal banking agencies are seeking public comment on their proposed revisions to the Community Reinvestment Act (CRA), the Consumer Financial Protection Bureau (CFPB) released a small...more
Editor's Note -
The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more
9/14/2017
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Dividends ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Fund Managers ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Loans ,
Mutual Funds ,
NYSE ,
OCC ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Student Loans ,
TCPA
Editor's Note -
DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more
8/24/2017
/ Arbitration ,
Basel III ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
FHFA ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
HARP ,
NYSE ,
OCC ,
Pay-To-Play ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it was seeking public comments on revising the Volcker Rule; the Securities and Exchange Commission (SEC) offered a window...more
8/4/2017
/ Data Collection ,
Data Protection ,
EU ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Hyperlink ,
Initial Coin Offering (ICOs) ,
OCC ,
Public Comment ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Volcker Rule
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
Happy Independence Day. “The United States is the only country with a known birthday. All the rest began, they know not when, and grew into power, they know not how... There is no “Republican,” no...more
Editor's Note -
Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more
6/19/2017
/ Article III ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Employee Retirement Income Security Act (ERISA) ,
FACTA ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Services Industry ,
Investment Funds ,
OCC ,
Regulatory Reform ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more
5/25/2017
/ Banks ,
Cyber Attacks ,
Debt Collectors ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Fiduciary Rule ,
Financial Services Industry ,
FIRREA ,
Interest Rates ,
OCC ,
Ransomware ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC)