In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating unauthorized payday loans.
Tennessee Appoints New Attorney General
Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes.
Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal represents a notable milestone for the GSE, and a new, more cost-effective financing solution for participants in the affordable housing sector.
In the first major public comment about white collar crime in more than a year, the Department of Justice (DOJ) called for an increase in compensation for whistleblowers under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
As P3 Bulletin, the New York Times and Richard Cavallaro, the new CEO of international construction company Skanska’s US operations, have recently stated, the increase in private investment and Public Private Partnerships (PPPs or P3s) bodes well for the plans to develop and implement much needed infrastructure and transportation upgrades around the United States.
Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory pre-dispute arbitration agreements in connection with consumer financial products and services.
The SEC is now enforcing insider reporting obligations. Twenty-Eight insiders (directors, officers and major shareholders) as well as six public companies have recently been sanctioned for failing to timely file beneficial ownership reports under Section 16(a) and Schedules 13D and 13G.
In a program held on September 15, 2014 sponsored by the Securities and Exchange Commission Historical Society on Current Issues in Broker-Dealer Enforcement, Andrew Ceresney, the Director of the SEC’s Division of Enforcement responded to questions concerning whether the Division was implementing a ‘broken window’ philosophy of enforcement.
We have been asked in recent months to look at an uncommonly large number of expert witnesses, both for clients thinking of hiring experts and by people checking out the other side’s experts.