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 -

CFTC Proposes Interpretation of “Actual Delivery” for Virtual Currencies

by Latham & Watkins LLP on

The proposed interpretation would further clarify the CFTC’s jurisdiction over virtual currency platforms that facilitate retail commodity transactions. On December 15, 2017, the US Commodity Futures Trading Commission...more

Trump Administration: 2017 Recap and 2018 Outlook

On January 20, 2017, businessman Donald J. Trump was sworn in as the 45th President of the United States following a contentious and unconventional 2016 presidential election. Republicans also successfully maintained control...more

D.C. Circuit To Hear Appeal In Fight To Control CFPB

by Seyfarth Shaw LLP on

Seyfarth Synopsis: A federal judge on Wednesday denied a request to remove Mick Mulvaney as the CFPB’s acting director, finding that the President has authority to appoint the acting director despite former CFPB Director...more

SEC Whistleblower Awards to Insurance Department Employees?

by Carlton Fields on

Many federal, state, and local governmental employees may be eligible for awards pursuant to the SEC’s whistleblower program under the Dodd-Frank Act. If a report to the SEC leads to an enforcement action that results in...more

Seventh Circuit Affirms Grant of Summary Judgment on Terminated CEO’s SOX And DFA Claims

Last week, the Seventh Circuit Court of Appeals held that a terminated CEO’s complaints about his board of directors’ managerial decisions did not qualify as protected whistleblowing under the Sarbanes-Oxley Act of 2002...more

A rule by any other name: What is a ‘rule’ subject to disapproval under the Congressional Review Act?

by Thompson Coburn LLP on

In addition to formal regulations, informal federal regulatory guidance has become commonplace in the world of banking law. The terms “guidance,” “bulletin,” “interagency statement,” “advisory letter,” “financial...more

Financial Services Quarterly Report - Fourth Quarter 2017: Trump Administration Unveils its Position on Financial Regulation...

by Dechert LLP on

During the Trump Administration’s first year in office, it has implemented major new policy approaches and engaged in significant reversals of Obama Administration policies in many areas. In contrast, the Administration to...more

CFPB Leadership Dispute: Impacts and Next Steps – An Update

by White & Case LLP on

On January 10, 2018, a federal judge denied Consumer Financial Protection Bureau (CFPB or Bureau) Deputy Director Leandra English's motion for a preliminary injunction to prevent (1) Mick Mulvaney from serving as CFPB Acting...more

Third Circuit Rules that Employer-Friendly “But For” Causation Standard Applies to False Claims Act Retaliation Claims

In the case of DiFiore v. CSL Behring, LLC, the Third Circuit ruled for the first time that the more demanding “but for” causation standard applies to retaliation claims under the False Claims Act (“FCA”), rejecting the lower...more

CFPB issues final rule to adjust civil penalties for inflation

by Ballard Spahr LLP on

The CFPB has published a final rule in the Federal Register to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...more

The Dodd-Frank Reform Endgame

by K&L Gates LLP on

Early 2018 will likely see the most significant progress on reforming the Dodd-Frank Act (“DFA”) since its passage in 2010 thanks to four key efforts: the Financial CHOICE Act and activity in the House Financial Services...more

Description of the Small Business Investment Company Debenture Program

by Pepper Hamilton LLP on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

US House of Representatives Approves Bipartisan Bill to Modify Systemically Important Financial Institution Designation

by Shearman & Sterling LLP on

The US House of Representatives voted 288-130 in favor of the Systemic Risk Designation Improvement Act of 2017 (H.R. 3312). The bill, introduced on July 19, 2017 and sponsored by Representative Blaine Luetkemeyer, removes...more

Understanding the Standard of Care for Broker-Dealers and the Department of Labor’s Fiduciary Rule

Until recently, broker-dealers operating in the United States weren’t subject to a fiduciary standard when dealing with their retail clients. The passage of the Dodd-Frank Act in 2010 included a provision enabling the...more

Federal Reserve Board Repeals Regulation C and Proposes Revisions to Regulation M

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System announced publication of a final rule repealing Regulation C. This regulation had been promulgated to implement provisions under the Home Mortgage Disclosure Act....more

Court Denies English’s Preliminary Injunction Motion; Mulvaney Continues to Exercise Acting CFPB Director Authority

by Ballard Spahr LLP on

Wednesday, U.S. District Court Judge Timothy J. Kelly denied Leandra English’s motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump’s appointment of Mick Mulvaney to serve as...more

Federal Reserve Board Finalizes Revisions to Components of CCAR and DFAST

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System announced the finalization of revisions to certain aspects of its Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act Stress Test (DFAST) programs.. The...more

CFPB and State Consumer Financial Protection Year in Review

In 2017 we saw the first significant resistance to and change in what had been uniformly aggressive action by the Bureau of Consumer Financial Protection to enforce consumer financial protection laws, with resistance and...more

Financial Services Quarterly Report - Fourth Quarter 2017: New Singapore Regulatory Regime for Venture Capital Managers Takes...

by Dechert LLP on

The Monetary Authority of Singapore (MAS) on 20 October 2017 announced a lighter-touch regulatory regime for qualifying venture capital (VC) fund managers in Singapore. The new regime is aimed at promoting the fund management...more

Whistleblower Risks at the Supreme Court

by NAVEX Global on

Later this year, the Supreme Court will rule on whether whistleblower protections under the Dodd-Frank Act apply only to people who report misconduct to the Securities and Exchange Commission (SEC). That is, people who report...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

This is the first of two articles reviewing events that took place during the holidays. Specifically, this article reviews key events concerning securities enforcement litigation from December 23, 2017 through the last...more

CFPB Announces Intent to Reconsider Disclosure Rule

by McGuireWoods LLP on

On December 21, 2017, the Consumer Financial Protection Bureau (CFPB) issued a public statement regarding implementation of the Home Mortgage Disclosure Act (HMDA), noting that it plans to reconsider aspects of the mortgage...more

Treasury Review of FSOC’s Systemic Risk Oversight Recommends Activities-Based Approach

The U.S. Department of the Treasury (Treasury) recently released its long-awaited review of the determination and designation processes of the Financial Stability Oversight Council (FSOC), created under the Dodd-Frank Wall...more

Pay Ratio Disclosure Checklist

Calculating pay ratios for public companies can be a difficult and time-consuming project. While recent interpretative guidance from the Commission has provided additional flexibility in this process, public companies still...more

Section 162(q) Raises Questions about Deductibility of Employment Settlements

On December 22, President Trump signed a significant tax bill (originally named the Tax Cuts and Jobs Act but later renamed to comply with Senate rules) that includes a provision impacting settlement of employment-related...more

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