Mandatory Arbitration of Securities Disclosure Disputes is a Bad Idea—for Defendants

By | D&O Discourse | July 24, 2017
SEC Commissioner Michael Piwowar recently said that the SEC is open to allowing companies that are going public to provide for mandatory shareholder arbitration in their corporate charters.  Piwowar’s remarks have prompted a firestorm of discussion of the issue of mandatory arbitration of securities class actions, including helpful analyses by Alison Frankel and Kevin LaCroix of issues that arbitration provisions would raise. View Full Post
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FDIC Adopts Revised Guidelines for Appeals of Material Supervisory Determinations

Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations.  The FDIC proposed the amendments last August and received only two comment letters, one from a trade association and the other from a financial holding company. View Full Post
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FTC Enforcement Under New Leadership to Focus On Consumer Harm, Fraud

Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to enforcement than the agency had taken under the Obama Administration.   View Full Post
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Pennsylvania AG Creates Consumer Financial Protection Unit

Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.” The announcement indicated that the new Unit “will focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.”  The new Unit will be led by Nicholas Smyth, a former CFPB enforcement attorney, who was named Assistant Director of the Office of Attorney General’s Bureau of Consumer Protection.   View Full Post
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CFPB Seeks Commentary On Proposed Changes to Prepaid Rule

The Consumer Financial Protection Bureau has issued a formal request for public commentary on proposed changes to the Prepaid Rule, which was issued in October 2016.  According to the Bureau, the proposed changes address those concerns raised by prepaid card issuers about potential problem areas for compliance.  View Full Post
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ESMA Updates Technical Reporting Instructions On Transaction Reporting Under MiFIR

The European Securities and Markets Authority (ESMA) has published an updated version of its technical reporting instructions relating to transaction reporting under MiFIR. The document describes the elements of the interface that shall be built between competent authorities (CA) and submitting entities in their member states that should be implemented in the same way by all CAs. View Full Post
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