News & Analysis as of

Financial CHOICE Act

Financial Services 2017 Year-End Report

by BakerHostetler on

Welcome to the 2017 Year-End Report from our financial services industry team. We are pleased to share our analysis of some of the key developments in the financial services industry in 2017 and our expectations for...more

US Senate Passes Financial Regulatory Reform Bill

by Shearman & Sterling LLP on

The U.S. Senate passed a significant financial services reform bill 67-31 on a bipartisan basis that would eliminate certain requirements of the Dodd-Frank Act, including, most notably, increasing, from $50 billion to $250...more

US House of Representatives Passes Regulatory Reform Bills and Senate Continues Debate on Regulatory Reform Bill

by Shearman & Sterling LLP on

The U.S. House of Representatives passed four bills from the U.S. House Financial Services Committee, all by voice vote, which are primarily designed to reduce the regulatory burden on financial institutions...more

Senate Passes Financial Regulatory Reform Bill

by MoFo Reenforcement on

On March 14, 2018, the U.S. Senate passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” If enacted into law, S. 2155 would provide modest regulatory relief to regional and community banks,...more

US House of Representatives Votes to Pass Bill on Operational Risk Capital Requirements for Financial Institutions

by Shearman & Sterling LLP on

The U.S. House of Representatives voted 245-169 in favor of passing H.R. 4296. The bill prohibits federal financial regulators from establishing operational risk capital requirements for financial institutions unless the...more

House Again Passes Legislation to Review Points and Fees

by Ballard Spahr LLP on

On February 8, 2018 the United States House of Representatives passed The Mortgage Choice Act, H.R. 1153, to revise the definition of “points and fees” for purposes of the Regulation Z ability to repay/qualified mortgage...more

Priorities Begin to Emerge for Trump’s SEC

The actions that Securities and Exchange Commission (SEC) Chairman Jay Clayton has taken since the start of his tenure in May 2017 provide an indication of SEC priorities, including encouraging initial public offerings (IPOs)...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

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

Corporate Communicator - 2018 Annual Meeting Season

by Snell & Wilmer on

Dear clients and friends, We present our traditional year-end issue of Snell & Wilmer’s Corporate Communicator to help you prepare for the upcoming annual report and proxy season. This issue highlights SEC reporting and...more

Will the New Year Bring a New CFPB? Planning in the Wake of Uncertainty

by Stinson Leonard Street on

The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more

Securities and Corporate Governance Update – November 2017

by Bryan Cave on

Planning for the 2018 Proxy Season - There are number of important considerations that public companies should be aware of as they begin preparing for the 2018 proxy season, including potential changes in law, pay ratio...more

Dodd-Frank Reform Efforts Intensify

by K&L Gates LLP on

On November 16, Senate Banking Committee (“SBC”) Chairman Mike Crapo (R-ID) introduced S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act,” long-awaited Senate legislation designed to foster economic...more

A Review of Recent Whistleblower Developments

by Foley & Lardner LLP on

...On July 25, 2017, the U.S. Securities and Exchange Commission (SEC) announced it was awarding nearly $2.5 million to a government employee who tipped off the SEC to a company’s wrongdoing. Although the SEC does not...more

Life Sciences Quarterly: A View From Washington: What to Expect From the SEC

by Ropes & Gray LLP on

What should we expect from the U.S. Securities and Exchange Commission regarding the status of new and existing initiatives by Congress and SEC policy, and how will it affect disclosure, governance and capital formation? In...more

Treasury Issues Report on Capital Markets

by Ropes & Gray LLP on

On Friday, October 6, the Treasury Department issued a report to the President on streamlining and reforming U.S. capital market regulation. The report covers recommendations on nine topics across the U.S. financial...more

Treasury Report, Part II: Regulation of the Capital Markets

by Morrison & Foerster LLP on

The U.S. Department of the Treasury (“Treasury Department” or “Treasury”) issued its second report (of four reports), titled “A Financial System that Creates Economic Opportunities, Capital Markets” (the “Report”). The...more

Recent Developments on DOL Fiduciary Rule

by Womble Bond Dickinson on

There have been several attempts to kill the Fiduciary Rule in recent months. On June 8, The Financial Choice Act (H.R. 10), which overhauls the Dodd-Frank Act and in the process repeals the Fiduciary Rule, passed by a vote...more

The OCC Takes Initiative on Seeking Public Comment for Changes to the Volcker Rule

by Shearman & Sterling LLP on

The Office of the Comptroller of the Currency (OCC), which regulates national banks and, as such, is responsible for administering the Volcker Rule with respect to the largest banking entities in the United States, has...more

Brace for 2018: The SEC’s Pay Ratio Rule

The SEC’s Pay Ratio Disclosure Rule is unlikely to be repealed — public companies should plan to comply. Takeaways - •The Financial CHOICE Act, which aims to repeal the CEO pay ratio disclosure rule, is unlikely to...more

SEC Issues Award To Whistleblower Despite Culpability And Delay

On July 27, 2017, the SEC announced that it was paying a $1.7 million bounty award to a whistleblower, even though the whistleblower: (1) had some culpability in the fraud; (2) unreasonably delayed reporting the fraud; and...more

Securities Offerings and Communications: Is the Integration Bogeyman Dead

by Morrison & Foerster LLP on

In our Practising Law Institute treatise Exempt and Hybrid Securities Offerings, we refer to the concept of “integration” under the securities law as a bogeyman of sorts for practitioners. In this day and age of tweets and...more

Choice 2.0 and Its Impact on Business Development Companies

In April 2017, the full text of an updated version of the CHOICE Act (CHOICE 2.0) was released followed by a hearing on its contents. On June 8, 2017, the House Financial Services Committee released the draft of CHOICE 2.0, a...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. ...more

Controversial Rule by CFPB Limits Class Action Waivers in Arbitration Agreements

by Jones Day on

The Consumer Financial Protection Bureau ("CFPB") has issued a final rule that limits the use of pre-dispute arbitration agreements for many consumer financial products and services ("Rule"). Although the controversial Rule...more

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