Your Daily Dose of Financial News

Robins Kaplan LLP

Europe’s much-ballyhooed (and feared) General Data Protection Regulation (“GDPR”) officially goes into effect today.  Here’s a look at the mad dash across all sectors (and outside of the EU) to comply – WSJ and Law360 and NYTimes and Marketplace

Apple is for now eschewing plans to build its own electric self-driving car and instead partnering with VW (after being rebuffed by BMW and Mercedes) to turn some of the automaker’s vans into Apple’s self-driving shuttles for employees – NYTimes

Helpfully, it now has an extra half billion to contribute to the effort, courtesy of Samsung (appeals notwithstanding) – NYTimes and WSJ

Canada’s taken a page from its southern neighbor by announcing that it will block a $1 billion takeover of construction company Aecon Group by a state-controlled Chinese company due to national security concerns – NYTimes

With the recently passed financial deregulation bill now signed into law, Bloomberg helps us track the various changes to 2010’s Dodd-Frank Act and other financial regulation that the US has seen over the past 15 months – Bloomberg

Still, the recent deregulatory trend won’t be keeping the Fed from taking a very keen interest in Amazon’s (and other tech giants’) financial services ambitions – Bloomberg

The battle between CBS and National Amusements over a proposed CBS/Viacom merger pits Les Moonves against Shari Redstone. And both are digging in for the long haul – NYTimes and Law360

New head of the OCC Joseph Otting offered a different tack for regulating payday lenders: encouraging big banks to compete with them by “allowing banks to make small loans—typically in the range of $300 to $5,000—outside of their standard underwriting processes” – NYTimes and Law360

Meanwhile, Jelena McWilliams is officially the new head of the FDIC – WSJ and Law360

To be clear, we’re not talking pre-2008-era subprime lending, but this Businessweek feature on nonbank lenders backed by the FHA and other federally backed affordable financing programs should cause anyone who lived through the financial crisis to at least raise an eyebrow – Bloomberg

Drug giant Pfizer has agreed to pay nearly $24 million to settle allegations that it “violated federal law by using a charity to pay Medicare patients’ out-of-pocket costs for the company’s prescription drugs.” Such charities routinely received donations from pharmaceutical companies – WSJ and Law360

Why head anywhere for the long weekend when you’ve got the National Geographic stamp of approval right here at home? – NatGeoTravel

Speaking of, enjoy the Memorial Day break.  We’ll see you back here bright and early on Tuesday.

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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