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Financial Services Report – Winter 2017

by MoFo Reenforcement on

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Representatives of the US’s biggest stock exchanges have questioned the SEC’s plan to change how markets work by altering the current “maker-taker” system and imposing new transparency and conflict-of-interest rules on...more

Funds Talk: October 2017 - SEC Issues Risk Alert Regarding Advertising Rule Compliance Based on Recent OCIE Examinations

On Sept. 14, 2017, the Securities and Exchange Commission (the “SEC”) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (“OCIE”) related to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lots of Fed news this morning, and all of it on the administrative side. First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer...more

What Happens When My Company Receives a National Security Letter? A Primer

by Orrick - Trust Anchor on

Even today, most companies—even technology companies—do not think they have information that the U.S. Government wants or needs, particularly as it might relate to a national security investigation. The reality is that as...more

CFSA FOIA request to CFPB yields positive comments from payday loan customers

by Ballard Spahr LLP on

The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Upper Tribunal Criticises FCA's Approach To Publicising Decision Notices

by Allen & Overy LLP on

We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more

CFPB Takes Action Against PayPal for Allegedly Signing Up Consumers for Unwanted Online Credit

The CFPB filed a complaint and proposed consent order in federal court against PayPal, Inc. The CFPB alleges PayPal illegally signed up consumers for its online credit product, PayPal Credit, formerly known as Bill Me...more

CFPB Continues Focus on Mortgage Lender Advertising

by McGuireWoods LLP on

Last week, the CFPB announced an enforcement action against RMK Financial Corporation d/b/a Majestic Home Loans (RMK) related to deceptive mortgage advertising practices....more

SEC Files Fraud Action Tied To Sale of Cellular Licensing

by Dorsey & Whitney LLP on

The sale of spectrum to operate cell phones can yield millions of dollars in profits. This notion was at the center of an action brought by the SEC against six individuals and eleven entities. Investors who purchased...more

UK Regulator Announces Its Approach to Financial Promotions in Social Media

On March 13, the UK regulator, the Financial Conduct Authority (FCA) published finalized guidance on its supervisory approach to financial promotions in social media (the “Guidance”). The range of social media within the...more

Restrictions Eased for Communications-Related Items Exported to Sudan

On February 18, 2015, in a coordinated action, the Commerce Department's Bureau of Industry and Security (BIS) and Treasury Department's Office of Foreign Assets Control (OFAC) announced and implemented changes to the...more

FCA issues guidance on how firms should use social media for financial promotions

by Reed Smith on

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

Commercializing Financial Products to Retail Clients in Belgium

by McGuireWoods LLP on

On 12 June 2014, the Royal Decree of 12 April 2014 regarding certain information requirements governing the commercialization of financial products to non-professional (retail) clients was published in the Belgian Official...more

FTC Takes First Action Against Car Title Lenders

Why it matters - In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more

SEC Denies No-Action Request for “Publisher Exclusion” for Recommendations of Crowdfunded Investments

The SEC denied a no-action request that was submitted by Jonathon Hendricks. The no-action request inquired about a Wyoming based business that would make available a list of securities from a loan crowdfunding site that...more

(Yet another) LCN consultation!

by DLA Piper on

Another chapter to the LCN saga in Italy. As you recall from our previous posts and videos, the LCN, the logical channel numbering for Digital Terrestrial Broadcasting, remains a very controversial topic in Italy. This...more

New Jersey Becomes the Twelfth State to Enact Social Media Password Protection Legislation; Recent Amendment to Illinois’ Law...

by Littler on

On August 29, 2013, New Jersey became the twelfth state to enact social media password protection legislation, continuing the nationwide trend towards imposing some form of restriction on employer access to the restricted,...more

Haunted by a Ghost: Snapchat, Wall Street, And the Evolving Focus of Financial Social Media Regulation

by WilmerHale on

A new service, Snapchat, has joined the constellation of social media services with potential business implications. Snapchat is a mobile application, originally aimed at teenagers, which allows users to send photos and text...more

FINRA Provides Guidance on Rules Governing Communications with the Public

The Securities and Exchange Commission approved a rule change by the Financial Industry Regulatory Authority pursuant to which National Association of Securities Dealers (NASD) Rules 2210 and 2211 and NASD Interpretive...more

Justice Department Settles ADA Claims against Debt Collector

by Ballard Spahr LLP on

A recent Department of Justice settlement with a debt collection law firm that was accused of violating the Americans with Disabilities Act exemplifies the mounting federal scrutiny of the debt collection industry....more

We’re Still Waiting: When Will the SEC Lift the Ban on General Solicitation and Advertisements for Rule 506 and 144A Offerings?

by Smith Anderson on

Title II of the “Jumpstart Our Business Startups” Act (“JOBS Act”), which became law on April 5, 2012, aims to provide more flexibility for private company fundraising by eliminating the prohibition on general solicitation or...more

2012 Payments Systems Year-in-Review

by BakerHostetler on

The interchange fee and the potential of mobile payments were the dominant payment system issues in 2012. From a landmark antitrust settlement to seemingly daily announcements of a new prepaid or mobile payment product, there...more

The Retail Point Of Sale Goes Mobile

by Perkins Coie on

Mobile point-of-sale payment terminals have experienced explosive growth over the past year. Unlike a traditional point-of-sale terminal, a mobile terminal communicates wirelessly when processing payment cards. There are...more

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