Connecticut Senator Richard Blumenthal has written to SEC Chair White urging that the SEC label so-called “fee-shifting” bylaws major risk factors and require companies to disclose them before any initial public offering.
Ahead of the 2014 G20 summit in Brisbane, Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board (the “FSB”), the watchdog entrusted with safeguarding against future financial crises, revealed that institutions falling within the unregulated scope of the “shadow banking” sector will face increased scrutiny from financial regulators over the coming year because of the risks they pose to financial stability.
In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.
On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or mortgage brokers on or after August 1, 2015.
DOJ Wields Financial Institutions Reform, Recovery, and Enforcement Act Against Financial Institutions
In 2012 and 2013, the Department of Justice brought a slew of actions against several financial institutions under a rarely used and little-known statute from the late 1980s for conduct related to the mortgage crisis. Outcomes in these cases in recent months show the statute’s potency and likely indicate that the government will continue to use this statute in the future.
The number of whistleblower reports to the SEC increased again in the latest fiscal year, according to the annual report of the SEC whistleblower office.
The CFPB has issued its financial report for its 2014 fiscal year, which ended on September 30, 2014. Perhaps most illustrative of the CFPB’s growth are the report’s statistics on the CFPB’s employees and funding.
The D&O Diary was in London this week to attend and participate in the Advisen European Insights Conference, which took place on Wednesday at the Willis Building, located conveniently across Lime Street from the Lloyd’s Building.