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SEC Staff Grants a Closed-End Fund No-Action Relief Under Rule 486(b) Covering Securities Other Than Common Stock

by Dechert LLP on

The staff of the Division of Investment Management (Staff) of the U.S. Securities and Exchange Commission (SEC or Commission) on February 14, 2018 issued a no-action letter (Letter) that would specifically permit the...more

HUD Issues Notice of Regulatory Waiver Requests Granted for Third Quarter 2017

by Weiner Brodsky Kider PC on

On February 9, 2018, HUD published in the Federal Register a listing of Regulatory Waivers it granted from July 1, 2017 to September 30, 2017....more

DC Circuit Court Newsflash: “Transfer” means “Transfer”

by Dechert LLP on

In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

Comprehensive Environmental Response, Compensation and Liability Act/Hardrock Mining: February 21st Announcement of Declination to...

The United States Environmental Protection Agency (“EPA”) published a February 21st Federal Register Notice announcing its decision to not issue final regulations for Comprehensive Environmental Response, Compensation and...more

OCC Seeks Comments on SAFE Act’s MLO Information Collection Requirement

by Weiner Brodsky Kider PC on

The Office of the Comptroller of the Currency (OCC) recently published a notice and request for comment regarding the Secure and Fair Enforcement for Mortgage Licensing Act’s (SAFE Act) mortgage loan originator (MLO)...more

President Trump Releases Infrastructure Proposal

by Downey Brand LLP on

On Monday, February 12, President Trump formally unveiled his proposed infrastructure package entitled “Legislative Outline for Rebuilding Infrastructure in America.” The proposal outlined the following main goals...more

President Trump Sets Cybersecurity Funding Goals In Budget Proposal

by King & Spalding on

On February 12, 2018, President Trump released a budget proposal for fiscal year 2019 that includes requests for cybersecurity-related funding for the Department of Defense (“DOD”), Department of Homeland Security (“DHS”),...more

Rebuilding Infrastructure in America: The White House Legislative Outline

by King & Spalding on

On February 12, 2018, The White House released President Donald J. Trump’s legislative goals for rebuilding U.S. infrastructure. General Overview - The White House established six (6) principles: 1.STIMULATE...more

Court Agrees, Agencies Overstepped Their Authority. What’s Next for CLO Managers?

by White & Case LLP on

Recent Developments in the Application of US Risk Retention to CLOs - On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the "DC Circuit Court") issued an opinion addressing...more

CFPB Issues a Request for Information Regarding Administrative Adjudications

by Weiner Brodsky Kider PC on

The CFPB has issued a Request for Information, seeking comments from the public regarding how it might better improve its administrative adjudication processes, including the Rules of Practice for Adjudication Proceedings...more

CFPB Acting Director Mulvaney Relocates and Removes Supervisory and Enforcement Functions from the Fair Lending Office

by Weiner Brodsky Kider PC on

CFPB Acting Director Mick Mulvaney recently indicated in an e-mail to CFPB staff that the Office of Fair Lending and Equal Opportunity will be transferred from the Supervision, Enforcement, and Fair Lending Division to become...more

The Federal Reserve Imposes Limits on a National Bank’s Growth

by Weiner Brodsky Kider PC on

On February 2, 2018, the Federal Reserve (the “Fed”) announced a consent order with one of the country’s largest banks, that orders the bank to halt growth until it improves its corporate governance and risk management....more

Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

by Ropes & Gray LLP on

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) invalidated the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014)...more

White House Releases Fiscal Year 2019 Budget (Plus an Infrastructure Proposal)

Fiscal Year 2019 Budget - The White House has unveiled President Trump’s budget proposal for Fiscal Year 2019, entitled Efficient, Effective, Accountable: An American Budget. The Administration has worked for...more

Trump Infrastructure Plan Would Expand Use of Private Activity Bonds

On February 12, 2018 the Trump Administration released its long-awaited Infrastructure Plan. The Plan calls for $1.5 Trillion in new infrastructure investment over the next ten years – although only $200 Billion of that will...more

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

by Shearman & Sterling LLP on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Saved by the En Banc: CFPB Appears Here To Stay

by K&L Gates LLP on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

Federal Budget Deal Reaffirms Executive Legislative Branch Split in Legalized Medical Marijuana Policy

by Cozen O'Connor on

On February 9, 2018, funding was restored to the federal government through March 23, 2018. The spending legislation is significant for the cannabis industry for two reasons. First, the budget deal extends the...more

Massachusetts Attorney General Fines Servicer Millions over Servicing Practices

by Weiner Brodsky Kider PC on

On January 30, 2018, the office of the Massachusetts Attorney General (the “AG”) announced that the state reached a settlement with a national mortgage servicer (the “Company”) that requires the Company to settle claims that...more

Congressional Leaders Announce Two Year Budget Deal - Votes Still Needed This Week to Avert Government Shutdown

With just one day left before the expiration of the current continuing resolution (CR) that is currently funding federal agencies, House and Senate leaders have announced a two year budget agreement that breaks the spending...more

D.C. Circuit Issues Long-awaited Decision in PHH Corp. v. CFPB, Reinstating the Panel’s RESPA Holdings

by Goodwin on

On January 31, 2018, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit), sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act shielding the single...more

An En Banc Panel of the DC Circuit Court of Appeals Upholds the Constitutionality of the CFPB

On October 11, 2016, a panel of the U.S. Court of Appeals for the District of Columbia consisting of Judges Henderson and Kavanaugh and Senior Circuit Judge Randolph decided the case of PHH Corp. v. Consumer Financial...more

CFPB seeks comments on its administrative enforcement proceedings

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on how the CFPB can improve its administrative adjudication processes, including its “Rules of Practice for Adjudication Proceedings” codified at 12 CFR part...more

D.C. Circuit Rules CFPB’s View of RESPA Was Wrong But its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we’ve discussed at length. It held, 7 to 3, that the CFPB’s single-director-removable-only-for-cause structure is...more

PHH’s hidden gem

by Bricker & Eckler LLP on

The long-awaited en banc decision in PHH Corp., v. CFPB has finally been issued. The Court of Appeals for the D.C. Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and reversed a prior...more

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