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Dodd-Frank Wall Street Reform and Consumer Protection Act Enforcement Actions

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 -
Ballard Spahr LLP

Are Whistleblower Protection Violations the New SEC Sweep?

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The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages...more

Ballard Spahr LLP

Unlawful funding argument raised in challenge to final CFPB rule

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We have previously blogged about how targets of CFPB enforcement actions have asserted that the actions must be dismissed because the investigations were conducted and the lawsuits were brought and are being prosecuted with...more

Kohn, Kohn & Colapinto LLP

False Narratives Around False Whistleblower Reporting: Finding the 0.0027%

Critics of whistleblower award laws commonly claim that whistleblower awards will lead to frivolous and speculative complaints aimed at damaging the reputation of individuals or companies. However, a close look at the data...more

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

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The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

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We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

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We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

Orrick, Herrington & Sutcliffe LLP

SEC awards whistleblower more than $37M

On July 17, the SEC announced an award totaling more than $37 million to a whistleblower whose information and assistance significantly contributed to a successful SEC enforcement action. ...more

Kohrman Jackson & Krantz LLP

Supreme Court Rules SEC Use of In-House Tribunals Unconstitutional: A Detailed Examination of the Ruling

On June 27, 2024, the United States Supreme Court issued a landmark decision in SEC v. Jarkesy, ruling that the Securities and Exchange Commission’s (SEC) use of in-house tribunals for civil penalties in securities fraud...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Goodwin

U.S. Supreme Court Significantly Curtails SEC Enforcement Forum Discretion

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On June 27, 2024, the United States Supreme Court issued a much-anticipated decision in Securities and Exchange Commission v. Jarkesy, holding that parties subject to an enforcement action brought by the U.S. Securities and...more

BakerHostetler

Supreme Court Limits SEC Administrative Actions, Upholds Defendants’ Right to a Jury

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On Thursday, June 27, the Supreme Court, in a 6-3 decision, held that the Seventh Amendment entitles a defendant to a jury trial in instances where the SEC seeks civil penalties against that defendant for alleged securities...more

BCLP

CFTC’s Consent Order with Trafigura Trading: When Inaction Becomes Action

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On June 17, 2024, the CFTC filed a consent order against Trafigura Trading LLC, requiring the company to pay a $55 million civil monetary penalty and implement remedial measures. The CFTC’s order details three violations of...more

Dechert LLP

Supreme Court Curtails SEC In-House Judges on Litigated Civil Penalties

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In SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud. The decision limits the SEC’s authority to seek civil...more

Ballard Spahr LLP

U.S. Supreme Court Deals Blow to SEC’s In-House Enforcement Powers

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In a 6-3 decision, the U.S. Supreme Court ruled that the administrative adjudication by the Securities and Exchange Commission (SEC) of securities fraud cases seeking civil penalties violates the Seventh Amendment right to a...more

Foley & Lardner LLP

U.S. Supreme Court Rules SEC Must Try Securities Fraud Cases in Federal Jury Trials Rather than In-House Courts

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On June 27, 2024, the U.S. Supreme Court ruled that when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial. In a 6–3 decision, Chief Justice...more

Latham & Watkins LLP

CFPB Creates Corporate Nonbank Enforcement Registry

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The centralized repository would assist the CFPB and law enforcement in detecting patterns of misbehavior and recidivism adversely affecting consumers. On June 3, 2024, the Consumer Financial Protection Bureau (CFPB)...more

Ballard Spahr LLP

CFPB Issues Final Rule Creating Nonbank Enforcement Action Registry

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The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more

Troutman Pepper

CFPB Issues Final Rule on Nonbank Registration of Enforcement Orders

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On June 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule requiring covered nonbanks to register enforcement orders, and it is a doozy. Not only will covered nonbanks be required to register...more

Sheppard Mullin Richter & Hampton LLP

CFPB Wins at the Supreme Court

On May 16, the United States Supreme Court, in a 7-2 ruling, held that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. As we previously discussed in greater detail, under the...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Compensation Committee Handbook

Overview of Committee Member Responsibilities - Compensation committee (Committee) members’ duties and responsibilities generally are outlined in the Committee’s organizational charter approved by the board of directors...more

Kohn, Kohn & Colapinto LLP

OECD Recommendations and U.S. Anti-Corruption Strategy Show U.S. Should Award Whistleblowers who Report to Media

Both the Organisation for Economic Co-operation and Development (OECD) and the U.S. Strategy on Countering Corruption recognize that the news media plays a vital role in the detection of bribery and other acts of corruption...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

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At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

DarrowEverett LLP

Actions vs. J.P. Morgan, Monolith Serve as SEC Compliance Check Reminders

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The Securities and Exchange Commission (SEC) recently settled charges against J.P. Morgan Securities LLC (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law...more

Goodwin

Taking Stock of the Private Funds Rules Litigation After Oral Arguments at the Fifth Circuit

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On February 5, 2024, a three-judge panel of the US Court of Appeals for the Fifth Circuit heard oral arguments on the challenge to the “Private Funds Rules” issued by the Securities and Exchange Commission (the “SEC”). The...more

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