The CFPB showed its strong support for the Consumer Federation of America (CFA) during the first day of the CFA’s 2013 Financial Services Conference entitled, “The Consumer in the Financial Services Revolution.”
Financial institutions and other types of businesses that are covered by federal affirmative action obligations have some major changes for which to prepare.
On December 3, the CFPB’s Ombudsman Office issued its second annual report covering the Office’s activities during fiscal year 2013 (October 1, 2012 through September 30, 2013).
“Robocop” On the Beat:What the SEC’s New Financial Reporting and Accounting Quality Model Initiative May Mean for Public Companies
Since her confirmation as Chair of the U.S. Securities and Exchange Commission (“the SEC”), Mary Jo White has made clear that her administration will focus on identifying and investigating accounting abuses at publicly traded companies, a focus that has been echoed by Chairperson White’s co-Directors of Enforcement, George Canellos and Andrew Ceresney.
The CFPB’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014. With most of the rulemaking mandated by the Dodd-Frank Act now completed, the agenda reflects the CFPB’s plans to focus on consumer products and services other than mortgages.
FINRA recently announced a disciplinary proceeding that underscores its continuing concerns about unsuitable retail sales of structured products. In a recently settled formal disciplinary proceeding, FINRA censured a registered broker-dealer and ordered it to pay restitution to customers and others who lost money trading in, among other things, non-traditional exchange-traded funds (ETFs).
Loose lending standards for home mortgage loans worked so well for the economy in 2007 and 2008, why not do it all again? That seems to be what Pres. Obama is thinking by nominating Mel Watt to head the Federal Housing Finance Agency (FHFA) the principal regulator of Fannie Mae and Freddie Mac.
According to the FDIC’s latest Quarterly Banking Profile (here), as of September 30, 2013, there were 6,891 federally insured banking institutions, down from 6,940 at the end of the second quarter and down from 7,141 as of September 30, 2012. There were 8,680 banking institutions as recently as December 31, 2006, meaning that there are 1,789 (or about 20%) fewer banks in the U.S. than there were a little less than seven years ago.
The SEC’s Division of Investment Management provided advisers to venture capital funds with guidance on fund structures that do not jeopardize an adviser’s ability to rely on the exemption from registration provided by Section 203(l) of the Investment Advisers Act (the “venture capital exemption”).