Financial Services Report, Fall 2015


Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No. 15-1511, 2015 U.S. App. LEXIS 14844 (7th Cir. Aug. 24, 2015). The ruling is significant because district courts in Georgia and New York recently decided to freeze similar administrative proceedings on the grounds that the appointment of certain SEC judges was “likely unconstitutional.” Although this ruling shields the SEC’s administrative process from attack in the Seventh Circuit, it does not impact a defendant’s ability to file proceedings for review of an administrative law judge’s ruling on the merits.

Where’s the Beef? -

The GAO has called on federal financial regulators to conduct an in-depth study on the effects that new mortgage rules, such as the CFPB qualified mortgage standard, are having on the mortgage market. Noting that federal agency officials took the position that the qualified mortgage regulations would not have broad-reaching effects on the mortgage market, the GAO has essentially asked the agencies to prove it, calling on them to conduct a retrospective review of the mortgage regulations that were put in place in response to the financial crisis. The GAO also made recommendations with respect to the availability of data in the mortgage market.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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