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EU adopts sanctions against Venezuela

by White & Case LLP on

The EU has adopted a range of targeted sanctions against Venezuela, including an arms embargo and a ban on exports of equipment which could be used for internal repression and surveillance, as well as setting up a legal...more

President Trump to appoint Mick Mulvaney CFPB Acting Director

by Ballard Spahr LLP on

According to media reports, President Trump is expected to name Mick Mulvaney, the current Director of the Office of Management and Budget, to serve as CFPB Acting Director upon Director Cordray’s resignation.  The...more

Otting confirmed as Comptroller of the Currency

by Ballard Spahr LLP on

By a vote of 54-43, Joseph Otting has been confirmed by the Senate as Comptroller of the Currency. Mr. Otting is a former president and CEO of California-based OneWest Bank, where he worked with Steven Mnuchin, who now serves...more

Will CFPB Director Richard Cordray's Resignation Usher in a New Era of Financial Services Regulation?

by Clark Hill PLC on

On Wednesday, November 15, 2017, Richard Cordray, the confirmed Director of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as of July 16, 2013, revealed that he will leave that position by the end of the month....more

Cordray to Resign as CFPB Director

by BakerHostetler on

In an email to CFPB staff on Wednesday, Director Richard Cordray announced that he will resign by the end of November. Although it is rumored that Director Cordray will run for governor of Ohio, he did not specify his future...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Justin Nelson Launches Campaign for Texas Attorney General- Democrat Justin Nelson declared his candidacy for Texas AG seeking to unseat incumbent Republican AG Ken Paxton, who is running for...more

U.S. Congress Introduces Legislation to Change Foreign Direct Investment Review

by Jones Day on

Congress recently introduced two pieces of legislation that could significantly change foreign direct investment review in the United States. The Foreign Investment Risk Review Modernization Act of 2017 ("FIRRMA") seeks to...more

Tax Reform Could Indirectly Eliminate Direct Pay Subsidy For Outstanding Tax Credit Bonds

by Bracewell LLP on

An article released by The Bond Buyer on November 14, 2017, reports that, if Congress were to pass the proposed legislation released by the Committee on Ways and Means of the U.S. House of Representatives on November 2, 2017...more

House Bill and Senate Republicans' Bill: Impact on Hedge and Commodity Fund Investors and Managers

by Katten Muchin Rosenman LLP on

The "official" House tax reform bill was released by the House Ways and Means Committee on November 9. For the most part, the provisions summarized in Katten's advisory, "Tax Reform: Hedge Funds/Commodity Funds/Fund...more

Director Cordray announces resignation plans to CFPB staff

by Ballard Spahr LLP on

According to widespread media reports, Director Cordray informed CFPB staff members today that he expects to resign as CFPB Director by the end of this month. ...more

CFPB Director Richard Cordray to Resign By End of November

According to press reports, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has announced that he will step down from his position by the end of the month. Cordray’s resignation provides President Trump...more

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways &...

by Proskauer - Tax Talks on

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the...more

The Impact of the Tax Cuts and Jobs Act on Executive Compensation

by Bracewell LLP on

On November 9, 2017, the House Ways and Means Committee approved the House’s version of the tax reform bill (the “House Bill”) and voted to report it to the House floor for a full House vote. On the same day, the Senate...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

by Ballard Spahr LLP on

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

P3 Legislative Update

by Bilzin Sumberg on

Legislators at both the state and local level have been busy introducing and considering new legislation that could impact the government procurement process and public/private partnerships. These new provisions will...more

Texas Voters Relax Home Equity Lending Restrictions

Texas has long had some of the tightest consumer protections in the home equity lending space. After years of lobbying by the industry, a constitutional amendment was submitted to voters on November 7, 2017, aimed at relaxing...more

Federal Tax Reform: Senate Proposal Repeals Advance Refundings but Keeps Private Activity Bonds

by Ballard Spahr LLP on

The Senate Finance Committee unveiled a section-by-section description of its tax reform package on November 9, 2017, including municipal bond provisions that reject efforts by the House Ways and Means Committee to terminate...more

OFAC Increases Clarity Regarding Financial Transactions with Cuba

by Ballard Spahr LLP on

On November 9, 2017, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), with the stated intent of channeling economic...more

CFIUS: New Teeth, Bigger Bite?

The United States governmental committee charged with reviewing foreign mergers and acquisitions with U.S.-based companies or affiliates for potential national security concerns may soon be getting a new set of teeth. The...more

Leveraging SB1 Funding: Considerations for California Public Entities Entitled to Receive SB1 Revenues and their Financial...

In April 2017, the Road Repair and Accountability Act of 2017 was enacted in California (also known as California Senate Bill “SB1”). Key facts about SB1 are as follows...more

Senate Finance Committee Mark Eliminates Advance Refundings, Silent on Private Activity Bonds

by Bracewell LLP on

On November 9, 2017, the U.S. Senate Finance Committee released the Description of the Chairman’s Mark of the “Tax Cuts and Jobs Act” (the “Senate Finance Committee Mark”), which sets forth a summary of the proposed tax...more

No Deferral Cap, But Let’s Not Celebrate

by Ary Rosenbaum on

The Republicans in the House of Representatives unveiled their tax reform plan and there includes no substantial change to 401(k) plans. Everyone in the retirement plan industry and most individuals with common sense were...more

Proposed Bill Seeks to Expand Scope of CFIUS Reviews of Foreign Investments

• The House and Senate proposed companion bills that would expand the scope of CFIUS review by broadening the definition of covered transactions to include certain minority investments and joint ventures, among other...more

Public Finance Advisory: Senate Tax Plan Diverges From House Version

by Sherman & Howard L.L.C. on

On November 9, 2017, the U.S. Senate’s Joint Committee on Taxation released its Chairman’s mark of the “Tax Cut and Jobs Act,” a version of which was unveiled by the House of Representatives on November 2....more

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