The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”).  The full legislative text of the FCA is expected to be released by the end of June.  

Notably, the FCA would not repeal Dodd-Frank.  Instead, it addresses specific provisions of Dodd-Frank that are widely viewed as controversial, many of which have bipartisan support for reform.  Among the significant provisions of Dodd-Frank that were left untouched by the FCA are: over-the-counter derivatives, private fund adviser registration, credit rating agencies, securitization requirements, interchange fees, executive compensation and corporate governance, and conflict minerals. The FCA also covers additional areas that were not addressed in Dodd-Frank (See Additional Elements of the FCA section, below).

The FCA proposes to restructure the Consumer Financial Protection Bureau (“CFPB”) and to eliminate the ability of the Financial Stability Oversight Council (“FSOC”) to designate nonbanks for macroprudential regulation by the Board of Governors of the Federal Reserve (“Federal Reserve”).  The FCA would also impose additional capital requirements on certain financial institutions as a condition for relief from some of Dodd-Frank’s most restrictive provisions, and it adds new penalties for financial industry malfeasance.  In sum, despite the long-standing rhetoric about “repealing” Dodd-Frank, the FCA is more appropriately characterized as “reforming” Dodd-Frank. 

Repealing FSOC’s SIFI Designation Authority

The FCA would repeal, on a retroactive basis, the authority of the FSOC to designate nonbank financial institutions as systemically important financial institutions (“SIFIs”).  By way of background, the FSOC was created under Dodd-Frank to monitor the nation’s financial stability and manage systemic risks.  When determining if an institution is a SIFI, the FSOC must consider the company’s leverage; the extent and nature of its off-balance-sheet exposures; the nature, scope, size, and scale of the company; and the concentration, interconnectedness, and mix of the company’s activities. 

It comes as no surprise that a Dodd-Frank reform effort addresses the FSOC’s authority, given recurring criticism about the extent to which the SIFI designation process is opaque.  In his speech unveiling the FCA, Chairman Hensarling alluded to this issue by saying, “Much criticism has centered on FSOC's lack of transparency.”  Republicans and many Democrats have also questioned the FSOC’s review of asset managers as potentially systemically important.  There have also been legal challenges to the SIFI designation process, most notably the U.S. District Court for the District of Columbia’s recent overturning of MetLife, Inc.’s SIFI designation.

Reforming the CFPB

The FCA would replace the single-director CFPB structure with a bipartisan, five-member commission and subject the CFPB to congressional oversight and to the annual appropriations process.  The CFPB’s name would also be changed to the “Consumer Financial Opportunity Commission” and would be given the dual mandate of consumer protection and creation of competitive markets.  The CFPB would be required to include a cost-benefit analysis performed by the Office of Economic Analysis as part of the rulemaking process.  Importantly, the FCA would repeal the CFPB’s recent rulemaking on arbitration clauses in consumer financial services contracts and repeal the agency’s indirect auto lending guidance.  Finally, the FCA would establish an independent inspector general at the CFPB. 

Creating an Off-Ramp for Basel III Requirements

The FCA would create an “off-ramp” from capital and liquidity requirements under Dodd-Frank and Basel III for financial institutions that maintain a high level of capital.  However, the FCA executive summary does not define “high level of capital.”

The “off-ramp” would require a financial institution to maintain a specific non-risk weighted leverage ratio or risk losing its regulatory relief.  Bank regulators would be allowed to conduct stress tests on the well-capitalized institutions.  The FCA would also require, however, that conditions of the stress test evaluation be made public and subject to notice and comment procedures.  Qualifying financial institutions would be exempt from any federal law, rule, or regulation that places limits on mergers, consolidations, or acquisitions.  Lastly, qualifying institutions would be exempt from federal laws, rules, or regulations that permit a banking regulator to consider the systemic risk posed by that institution, as added to various banking laws by Section 604 of Dodd-Frank, when reviewing bank applications. 

Dodd-Frank established minimum leverage and risk-based capital requirements that are determined on a consolidated basis for insured depository institutions, depository institution holding companies (including U.S. holding companies owned by foreign companies), and nonbank financial companies supervised by the Federal Reserve.  Thus, bank holding companies and large nonbank financial companies supervised by the Federal Reserve must now maintain the capital and risk requirements that apply to banks. 

Regulatory Relief to Community Banks

Under Dodd-Frank, depository institutions and their holding companies received new supervisory regulators, new activities restrictions and increased capital requirements, and numerous other fundamental changes in how they are regulated.

The FCA incorporates provisions from the following House Financial Services Committee or House-passed measures designed to try to provide regulatory relief to small and community financial institutions:

  • H.R. 1941, the “Financial Institutions Examination Fairness and Reform Act,” which would revise certain examination standards for financial institutions.  H.R. 1941 has been reported favorably out of the House Financial Services Committee and enjoys bipartisan support. 
  • H.R. 2896, the “Taking Account of Institutions with Low Operational Risk Act,” which would require the federal financial regulatory agencies to consider risk profiles and business models of institutions when taking regulatory actions.  H.R. 2896 was reported favorably out of the House Financial Services Committee on a party-line vote.  
  • H.R. 766, the “Financial Institution Consumer Protection Act,” which would prohibit federal banking agencies from requesting or ordering a depository institution to terminate a specific customer account unless there is a material reason to do so that is not based solely on reputation risk.  H. R. 766 passed the House on February 4, 2016 by a vote of 250-169.

Broker-Dealer Fiduciary Duty

The FCA includes provisions from H.R. 1090, the “Retail Investor Protection Act,” a measure that would prohibit the Department of Labor (“DOL”) from prescribing rules under the Employee Retirement Income Security Act (“ERISA”) of 1974 defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (“SEC”) issues a final fiduciary rule governing standards of conduct for brokers and dealers.

Importantly, this section of the FCA would block the final rule issued by the DOL on the definition of a fiduciary under ERISA.

Repealing Volcker Rule

The FCA would repeal Dodd-Frank’s Volcker Rule restrictions on proprietary trading.  The Volcker Rule generally prohibits banks from engaging in proprietary trading or sponsoring or owning an equity interest in a hedge fund or private equity fund.  The Volcker Rule applies to insured depository institutions, their holding companies, companies treated as bank holding companies, and any subsidiary of these companies.  It does not apply to qualifying nondepository trust companies.  Despite the broad, general prohibition, the Volcker Rule lists numerous activities that, subject to certain conditions, are nonetheless permitted.

Reforming Investor Protection Rules

Dodd-Frank provided the SEC a number of additional enforcement powers, including the ability to issue rules restricting or prohibiting mandatory pre-dispute arbitration clauses in agreements with customers.  The FCA would promote greater transparency and accountability regarding the civil enforcement process and would impose additional penalties for financial fraud and self-dealing.  In addition, it would allow the SEC to triple the monetary fines sought in administrative and civil actions in cases where the parties are linked to a defendant’s unlawful profits.  The FCA would provide the SEC greater authority to impose sanctions equal to investor losses involving “fraud, deceit, manipulation, or deliberate or reckless disregard of a regulatory requirement” in cases where there is a significant loss or risk of loss.  Moreover, it would increase the maximum criminal fines for individuals and firms that engage in insider trading and other unlawful conduct. 

Mortgage Reform and Anti-Predatory Lending

The FCA includes provisions from H.R. 1210, the “Portfolio Lending and Mortgage Access Act,” a measure that would amend the Truth in Lending Act provisions related to mortgage lending known as the “Qualified Mortgage” (“QM”) rule to create a safe harbor from lawsuits for depository institution lenders and the banking regulators, which are required to treat such a loan as a qualified mortgage if the depository institution lender has held it on its balance sheet since origination.  Known as the “QM for portfolio loans” this provision permits depository institutions of any size to make mortgage loans that have product features, such as balloon payments, or underwriting characteristics, such as higher debt-to-income ratios, that are otherwise not permitted under Dodd-Frank’s “Ability to Repay” requirements enacted through CFPB regulations.

Dodd-Frank established minimum national standards to require lenders to ensure that a borrower is able to repay a home loan at the time the loan is made.  A lender may presume that a borrower will be able to repay a loan if the loan has certain low-risk characteristics that meet the definition of a “qualified mortgage” in accordance with the applicable rules.

Replacing Orderly Liquidation Authority with Bankruptcy Provisions

The FCA would replace the Orderly Liquidation Authority (“OLA”) with a new chapter of the Bankruptcy Code to accommodate large, complex financial institutions.  The OLA and its “living wills” requirement have been criticized as an additional regulatory burden for banks.  Many have also questioned the OLA’s ability to effectively execute the wind down of a large, complex financial institution.

Dodd-Frank established an OLA for winding down “covered financial companies.”  Under these provisions, the Secretary of the Treasury, upon a written recommendation approved by a two-thirds vote of the boards of both the Federal Reserve and the Federal Deposit Insurance Corporation (“FDIC”), may decide to appoint the FDIC as a receiver for a financial company that is in danger of a default that would have a systemically significant impact.  

Repealing FSOC’s Payment Clearing and Settlement Supervision Authorities

The FCA would repeal the FSOC’s authority to designate financial market utilities (“FMUs”) as systemically important and would repeal all FMU SIFI designations retroactively.

Dodd-Frank authorized the Federal Reserve, in consultation with the FSOC and the “Supervisory Agencies,” to prescribe standards regulating (1) the risk management of systemically important FMUs and (2) systemically important payment, clearing, and settlement activities conducted by financial institutions.  Supervisory Agency refers to the federal agency that has primary jurisdiction over the FMU, including the Federal Reserve, the SEC, or the Commodity Futures Trading Commission. 

Additional Elements of the FCA

Job Creation and Capital Formation

The FCA includes provisions from two dozen Committee or House-passed capital formation bills, including the following:

  • H.R. 4168, the “Small Business Capital Formation Enhancement Act,” which would require the SEC to annually review the government-business forum on capital formation.  H.R. 4168 passed the House 390-1. 
  • H.R. 4498, the “Helping Angels Lead our Startups Act,” which would require the SEC to amend Regulation D to allow general solicitation and general advertising presentations to angel investor groups, among other groups.  H.R. 4498 passed the House 325-89. 
  • H.R. 5019, the “Fair Access to Investor Research Act of 2016,” which would direct the SEC to provide a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.  H.R. 5019 passed the House 411-6. 

Executive Agency Accountability

The FCA would subject all federal financial services regulatory agencies to the provisions of H.R. 427, the “Regulations From the Executive in Need of Scrutiny Act” (REINS Act), a House-passed bill that would give Congress additional oversight regarding agency regulations and spending.  The FCA would make all financial services regulatory agencies subject to bipartisan commissions and to the congressional appropriations process.

The FCA would also require that all financial services regulatory agencies conduct detailed cost-benefit analyses of all proposed rules.  It also proposes to reauthorize the SEC for five years with certain funding, structural, and enforcement changes.  The FCA also includes a number of administrative due process reforms. 

The FCA would repeal the Chevron deference doctrine of administrative law that generally requires courts to defer to agency interpretations of statutes.  In addition, the FCA includes provisions of the House-passed H.R. 3189, the “Fed Oversight Reform and Modernization Act” (FORM Act), to increase transparency and accountability regarding Federal Reserve monetary policymaking and regulatory activity.  Finally, the FCA would abolish the Office of Financial Research. 

Conclusion

In Dodd-Frank, Congress revisited every major federal financial services law, from the National Bank Act of 1864 through the Sarbanes-Oxley Act of 2002.  This Herculean effort was accomplished over a very short 14-month period, largely as proposed by the U.S. Treasury, and necessarily entrusting the regulators with unprecedented discretion.  Many of the most controversial provisions were added during the House-Senate Conference Committee without any hearing, mark-up, or other legislative history.  Consequently, even the primary authors of Dodd-Frank, then-Senate Banking Committee Chairman Chris Dodd (D-CT) and then-House Financial Services Committee Chairman Barney Frank (D-MA) have publicly stated that revisions of the law will be needed.

Given Dodd-Frank’s broad reach, the law will undoubtedly be subject to ongoing revision over many years.  Chairman Henslarling’s FCA represents a significant effort to reform Dodd-Frank.  Although the proposal is not expected to advance as stand-alone legislation this year, we anticipate that it is likely to inform Dodd-Frank Act reform efforts going forward.

 

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.

© K&L Gates LLP | Attorney Advertising

Written by:

K&L Gates LLP
Contact
more
less

K&L Gates LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.