News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -

Proposed TRID Title Insurance Clarification: Senator Warren Cries Wolf

by Reed Smith on

Recently, I came across an article written by Senator Elizabeth Warren entitled “Don’t Make Bad Bill on Bank Deregulation Worse.” In this article, the Senator warned against efforts by the House to add additional...more

Embracing the Quasi-Clawback

by Shearman & Sterling LLP on

In 2015, the SEC proposed rules implementing Dodd-Frank’s requirement that all listed companies adopt and administer a compensation clawback policy. Under the statute, these policies must require, in the event of an...more

US Consumer Financial Protection Bureau Releases Semi-Annual Report

by Shearman & Sterling LLP on

The U.S. Consumer Financial Protection Bureau published its semi-annual report. The report, which is mandated by the Dodd-Frank Act, highlights and summarizes various topics the CFPB is working on, including a list of rules,...more

Fifth Circuit Opinion Vacates DOL Fiduciary Rule

by Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit on March 15, 2018 issued an opinion (Opinion) vacating the Department of Labor (DOL) fiduciary rule and related applicable exemptions. The DOL had promulgated the rule and...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments include: Only...more

Mulvaney Issues Report Outlining Proposals to Reform CFPB

by BakerHostetler on

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform...more

D.C. Circuit Questions English’s Standing To Challenge CFPB Control

by Seyfarth Shaw LLP on

The battle for control of the Consumer Financial Protection Bureau (“CFPB”) raged on last Thursday during oral argument before the United States Court of Appeals for the District of Columbia Circuit in English v. Trump....more

Bridging the Weeks - April 2018 #3

Last week, a broker-dealer was fined US $1.575 million by the Financial Industry Regulatory Authority and other self-regulatory organizations for not complying with market access requirements for gatekeepers, while the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The SEC has opened a probe into Guggenheim Partners’ asset-management arm over an $85-million real-estate transaction and a series of other deals involving ABS Capital—including a loan to BCBG Max Azria just months before the...more

Investment Services Regulatory Update - April 2018

by Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts - PROPOSED RULES - SEC Proposes Changes to Fund Liquidity Disclosure Requirements - On March 14, 2018, the SEC issued proposed amendments to the disclosure requirements...more

Senate Banking Committee Probes Mulvaney’s Leadership at the CFPB

by Ballard Spahr LLP on

On April 12, 2018, Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (Bureau) testified before the Senate Committee on Banking, Housing, and Urban Affairs regarding the Bureau’s Semi-Annual Report...more

The Day I (Almost) Met Mark Zuckerberg

by Dechert LLP on

It’s day 2 of Mark Zuckerberg’s Congressional debut and I still have yet to catch a glimpse of him or his entourage. But – I have had the opportunity, with some fellow industry players, CREFC staff and members of the...more

D.C. Circuit panel questions Mulvaney’s dual CFPB/OMB roles in English appeal oral argument

by Ballard Spahr LLP on

On April 12, 2018, the United States Court of Appeals for the District of Columbia Circuit held oral argument on the appeal brought by Leandra English, CFPB Deputy Director, of the district court’s denial of her application...more

SEC Pays Out More Than $83 Million in Largest Ever Whistleblower Awards

In what should serve as a cautionary tale for public companies, on March 19, the Securities and Exchange Commission (“SEC”) announced its largest ever Dodd-Frank whistleblower awards – totaling more than $83 million in...more

New Jersey AG Attempts to Fill Perceived Void Left By CFPB Retrenchment

by Reed Smith on

On March 27, 2018, the New Jersey Attorney General, Gurbir S. Grewal, announced the appointment of Paul R. Rodriguez to be the new Director of the New Jersey Division of Consumer Affairs. Mr. Rodriguez, a New Jersey native,...more

Has Mulvaney Gone Too Far? A Look at the CFPB’s Semi Annual Report to Congress

The CFPB has issued its semi-annual report to Congress, leaving little doubt as to the agenda of Acting Director, Mick Mulvaney. While the information contained in the actual report is largely inconsequential, it is...more

CFPB Publishes Semiannual Report to Congress: Dorsey Partner Quoted in American Banker Article, “It ‘Would Stab a Knife’ into...

by Dorsey & Whitney LLP on

American Banker quoted Dorsey & Whitney partner Jenny Lee in an article reporting on the legal community’s response to the Consumer Financial Protection Bureau’s latest semiannual report to Congress. In the report, CFPB...more

Bank Regulatory News and Trends

by DLA Piper on

SF Fed’s Williams seen as likely next NY Fed president: Amid reports that John Williams, current president and CEO of the Federal Reserve Bank of San Francisco, is the frontrunner to replace William Dudley as chief of the New...more

New FTC Act Enforcement by FDIC and FTC

Although the CFPB may be retreating from exercising its authority to enforce UDAAP violations under the Dodd-Frank Act, Section 5 of the FTC Act continues to be a potent weapon used by regulators, including the FDIC....more

Nutter Bank Report, March 2018

Headlines: ...Lawsuits Challenging Overdraft Fees Continue Against Depository Institutions ...Broad Regulatory Relief Bill Passes Senate and Is Sent to House for Consideration ..FFIEC Issues Revised Guidance...more

DC Circuit Upholds SEC’s Denial of Dodd-Frank Bounty Award

On March 20, 2018, the DC Circuit upheld the SEC’s denial of a Claimant’s application for a Dodd-Frank whistleblower bounty award because the SEC did not rely on the information provided by the Claimant in pursuing an...more

More industry groups petition Department of Defense to withdraw MLA interpretation on GAP insurance financing—is a response...

by Ballard Spahr LLP on

We previously reported that several trade groups had sent letters petitioning the Department of Defense (DoD) to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending...more

CFPB Requests Information on Adopted and Inherited Regulations

by Weiner Brodsky Kider PC on

The CFPB has released two additional Requests for Information (RFI), seeking public comment regarding any changes that should be made to the regulations it has previously adopted, including whether new regulations should be...more

Regulatory Relief Moves Forward—How Far Will It Go?

Congress is considering some significant regulatory relief for financial institutions, including a rollback of certain provisions of the Dodd-Frank Act. Just how much will depend on a number of factors....more

Hensarling Pressures Senate to Negotiate Dodd-Frank Reform

On March 14, 2018, the Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act which has been billed as Dodd-Frank reform. Some refer to it as the “Crapo bill”, which is a reference to its sponsor,...more

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