A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more
5/7/2024
/ Appeals ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Due Diligence ,
Petition for Writ of Certiorari ,
SCOTUS ,
Securitization ,
Unfair or Deceptive Trade Practices
Just over a year has passed since the enactment of the New York Foreclosure Abuse Prevention Act (“FAPA”). FAPA was enacted as a response to the New York Court of Appeals’ 2021 holding in Freedom Mortg. Corp. v. Engel, 37...more
On December 30, 2022, Governor Hochul signed the New York Foreclosure Abuse Prevention Act (“FAPA”) into law, with immediate effect. FAPA not only applies to mortgage foreclosures sought in 2023 and beyond, it also applies...more
DOJ concluded that the company’s proposed payment would not trigger an enforcement action under the FCPA’s anti-bribery provisions because the proposed payment: (1) was not made with corrupt intent and (2) was not made to...more
Key Takeaways - The recently published Decree amending Mexico’s Electricity Industry Law is poised to significantly affect foreign companies investing in Mexico’s energy sector....more
All forms of movement are under serious threat in the current global climate: with an estimated 1/4 of the world’s population in lock down, this unprecedented government intervention has slashed passenger demand and halted...more
3/30/2020
/ Automotive Industry ,
Aviation Industry ,
Best Practices ,
Coronavirus/COVID-19 ,
Cruise Ships ,
Economic Stimulus ,
EU ,
Federal Loans ,
Financial Assistance Policies ,
Government Assistance ,
Government Lockdown ,
Relief Measures ,
Risk Management ,
Shipping ,
Supply Chain ,
Transportation Industry ,
UK
On March 20 and 21, 2020, New York Governor Andrew M. Cuomo signed Executive Orders 202.8 and 202.9 as part of a series of executive orders attempting to stem the damage brought about by the coronavirus health crisis....more
3/24/2020
/ Banks ,
Credit Cards ,
Eviction ,
Executive Orders ,
Financial Distress ,
Forbearance Agreements ,
Governor Cuomo ,
Late Fees ,
Loans ,
Moratorium ,
Mortgages ,
Non-Essential Businesses ,
Overdraft Fees ,
Remote Working ,
Shareholder Meetings ,
Suspensions ,
Tolling
Brazilian authorities are investigating foreign and local banks for failure to prevent money-laundering transactions that would have led to bribery of officials of Petrobras, Brazil’s state-owned oil company. According to the...more
Corruption and bribery have run rampant throughout Mexico for years. However, recent developments and policy changes of the new administration indicate that the days of doing business through bribery and graft are over....more
6/20/2019
/ Arrest ,
Arrest Warrants ,
Bribery ,
Compliance ,
Construction Contracts ,
Corporate Counsel ,
Corruption ,
Criminal Investigations ,
Criminal Prosecution ,
Energy Sector ,
Government Officials ,
Investors ,
Mexico ,
President Obrador ,
Presidential Elections
When a public company resolves a Foreign Corrupt Practices Act (FCPA) investigation by either the U.S. Department of Justice (DOJ) or Securities and Exchange Commission (SEC), private litigation by investors under the...more
4/17/2018
/ Bribery ,
Class Action ,
Criminal Penalties ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Disgorgement ,
Dismissal With Prejudice ,
Foreign Corrupt Practices Act (FCPA) ,
Material Disclosures ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Litigation ,
Shareholder Litigation ,
Subsequent Litigation
A self-driving car operated by Uber Technologies Inc. (Uber) struck and killed a pedestrian in Tempe, Arizona last month. The incident has led policymakers to revisit concerns over autonomous vehicle (AV) regulations where...more
A U.S. federal district court, on February 20, 2018, declined to dismiss class plaintiffs’ civil RICO claim against GM and a major automotive supplier, where plaintiffs alleged that GM and the supplier conspired to defraud...more
3/7/2018
/ Automotive Industry ,
Carbon Emissions ,
Civil Conspiracy ,
Civil Liability ,
Class Action ,
Diesel Fuel ,
Environmental Violations ,
Failure To State A Claim ,
False Advertising ,
Fraud ,
General Motors ,
Mail Fraud ,
Manufacturers ,
Misrepresentation ,
Motion to Dismiss ,
National Emissions Standards ,
Omissions ,
Racketeering ,
RICO ,
Standing ,
Suppliers ,
Wire Fraud
The Financial Crimes Enforcement Network (FinCEN) released an advisory on September 20, 2017, to alert financial institutions of widespread public corruption in Venezuela and the methods Venezuelan senior political figures...more
9/28/2017
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Corruption ,
Due Diligence ,
Federal Contractors ,
Financial Institutions ,
FinCEN ,
Foreign Official ,
Government Officials ,
Patriot Act ,
Public Officials ,
Suspicious Activity Reports (SARs) ,
Venezuela
The U.S. Department of Transportation released new federal guidance for Automated Driving Systems (ADSs) on September 12, 2017. The new Voluntary Guidance—titled “Automated Driving Systems 2.0: A Vision for Safety”—replaces...more
9/19/2017
/ Automotive Industry ,
Data Recording ,
Department of Transportation (DOT) ,
Driverless Cars ,
Federal Automated Vehicles Policy ,
New Guidance ,
NHTSA ,
Proposed Legislation ,
Regulatory Burden ,
Regulatory Oversight ,
Safety Standards ,
Self-Evaluations ,
Technology ,
Voluntary Compliance
Germany’s Federal Ministry of Transport and Digital Infrastructure formally presented last week ethical guidelines that affirm that governments are focusing on similar themes in designing their regulatory approach to the...more
9/9/2017
/ Automotive Industry ,
Car Accident ,
Civil Liability ,
Connected Cars ,
Cybersecurity ,
Data Privacy ,
Driverless Cars ,
Ethical Standards ,
Germany ,
New Guidance ,
Product Defects ,
Public Disclosure ,
Public Safety ,
Regulatory Agenda
The U.S. House Energy and Commerce Committee, on July 27, unanimously approved a bill that would regulate self-driving vehicles. The bill, named the “Safely Ensuring Lives Future Deployment and Research In Vehicle Evolution...more
The Goodyear Tire & Rubber Company (“Goodyear”), one of the world’s largest tire companies, reached a significant settlement with the U.S. Securities & Exchange Commission (“SEC”) in connection with charges that two of its...more