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Fifth Circuit decision doesn’t bury Fiduciary Rule

by Ary Rosenbaum on

The Fifth Circuit Court of Appeals vacated the Labor Department’s fiduciary rule, overturning a Dallas district court decision that originally upheld it. By a 2-1 vote, the Circuit Court held that the Department of Labor...more

Fifth Circuit Vacates Department of Labor’s Fiduciary Rule

On March 15, 2018, in a 2-1 decision, the U.S. Court of Appeals for the Fifth Circuit vacated entirely the conflict of interest regulation of the Department of Labor (DOL) and its related prohibited transaction exemptions...more

Fiduciary Rule cancelled, subject to further appeal by DOL

by McAfee & Taft on

For several years now, many in the retirement plan industry have been talking about the U.S. Department of Labor’s (DOL) new regulations and rules collectively referred to as the “Fiduciary Rule,” which significantly expanded...more

D.C. Circuit Issues Long-Awaited Decision in ACA Challenge to FCC TCPA Rulemaking

by Goodwin on

On March 16, 2018, the U.S. Court of Appeals for the D.C. Circuit issued its long-awaited decision in ACA International v. FCC, invalidating several key pieces of the FCC’s 2015 Telephone Consumer Protection Act (TCPA)...more

Ninth Circuit Court of Appeals Rejects Constitutional Challenge to AML Compliance Program Regulation

by Ballard Spahr LLP on

The Ninth Circuit Court of Appeals recently upheld the decision of the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) to issue a cease and desist order against California Pacific Bank (the “Bank”)...more

Federal Reserve Proposes Changes to Material Supervisory Determination Appeals Process

by Weiner Brodsky Kider PC on

The Federal Reserve Board (the Board) recently proposed revisions to its guidelines for appeals of material supervisory determinations. The revisions are aimed at improving and expediting the appeals process, particularly...more

Trade & Manufacturing - March 2018

by King & Spalding on

U.S. Department Of Commerce Releases Reports And Recommendations In Steel, Aluminum National Security Investigation - On February 16, the U.S. Department of Commerce (Commerce) released its reports and recommendations to...more

Trade & Manufacturing - News of Note - March 2018

by King & Spalding on

White House Issues National Infrastructure Initiative - On February 12, 2018, President Trump announced the American Infrastructure Initiative. This is a legislative agenda with six core principles...more

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

PA Releases Mortgage Servicing Regulations with Servicer License Applications Due by June 30, 2018

by Weiner Brodsky Kider PC on

On February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations, effectively incorporating many of the CFPB’s mortgage servicing regulations (including, in particular, most provisions of 12...more

Highlights From SEC Speaks 2018: Litigation and Enforcement Trends

by Vedder Price on

The U.S. Securities and Exchange Commission (“SEC” or the “Commission”) held its annual SEC Speaks conference in Washington, DC on February 23 and 24, 2018 and provided remarks from the Chairman and commissioners, discussions...more

Governor Malloy Announces Municipalities Can Begin Applying for Consideration as Opportunity Zones

by Murtha Cullina on

Governor Dannel Malloy recently announced the State of Connecticut will begin accepting applications from municipalities to participate in the federal Qualified Opportunity Zone program. As detailed in the February 21, 2018...more

Podcast - Credit Funds: A Framework for Addressing and Mitigating Conflicts of Interest

by Ropes & Gray LLP on

Today’s asset managers are increasingly multi-platform, regularly managing private equity funds, hedge funds and credit funds all under the same roof. Invariably, it might make business sense for some of these funds to engage...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

It’s a bit more overtly political than business-oriented, but given China’s economic might, we felt it worth noting that China’s Communist Party has cleared the way for President Xi Jinping to “stay in power indefinitely” by...more

The President’s Budget and Shifting Policy on Prescription Drugs

On February 12, the Trump administration released the President’s Budget (or “the Budget”), outlining spending priorities for FY 2019. The Budget—though an important annual milestone and barometer of the administration’s...more

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

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