In November 2013, the CFPB published a tool to help consumers find local HUD-approved housing counselors.
Last week, the CFPB filed an amicus brief, in conjunction with the FTC, in a case involving collection practices related to time-barred debt (debt for which the statute of limitations has expired).
The FCA has published Consultation Paper 14/5: Changes to regulatory reporting: advisor and consultancy charging, Authorised Professional Firms and Product Sales Data (CP14/5).
European Banking Authority Consults On Draft Regulatory Technical Standards On Data Waiver Permissions
The European Banking Authority (EBA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) specifying conditions according to which competent authorities may permit institutions to use relevant data covering shorter time periods (data waiver permissions).
Articles 180, 181 and 182 of the Capital Requirements Regulation (CRR) require the EBA to develop draft RTS specifying the conditions according to which competent authorities may grant permission to institutions to use relevant data covering a period of two years rather than five years. It would cover probability of default, own-loss given default and own-conversion factor estimates for certain types of exposures in circumstances when they implement the internal rating based (IRB) approach.
In the Consultation Paper, the EBA recognises the increased uncertainty of the estimation of risk parameters that result from the use of a shorter data history. Therefore, to limit the potential implications for the calculation of own funds requirements, the EBA proposes to introduce limiting conditions for the use of the data waiver principally by excluding low-default portfolios as well as restricting the application of the data waiver to a limited proportion of assets. To further mitigate the risks associated with using shorter data series, the EBA’s proposals also highlight the importance of applying an appropriate margin of conservatism to parameter estimates as well as ensuring that there is an enhanced data vetting process. The EBA has also concluded that after five years of internal ratings based approach implementation, sufficient data history should already be available. Therefore permission for data waiver should not be allowed after five years have elapsed from the initial permission granted to an institution.
The deadline for comments on the Consultation Paper is 7 June 2014. The EBA is required to submit the draft RTS to the European Commission by 31 December 2014.
View Consultation Paper – Draft Regulatory Technical Standards specifying conditions according to which competent authorities may permit institutions to use relevant data covering shorter time period (data waiver permission),7 March 2014
So let’s say you work for a hedge fund or some other financial institution that engages in proprietary trading , and you’re inclined to do some insider trading on your employer’s behalf. You make your trades, but you’re a company man and the profits go to the fund, not your own pocket.
Who is Protected by the Sarbanes-Oxley and Dodd-Frank Whistleblower Anti-Retaliation Provisions? the Supreme Court and SEC Weigh in.
The Sarbanes-Oxley Act (“Sarbanes-Oxley”) and Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) whistleblower anti-retaliation provisions have been the subject of great debate as to what categories of individuals and activities are protected.
The indictment last week of the top officials from the collapsed Dewey & LeBouef law firm is merely the latest development in the long-running sequence of events following the law firm’s demise.
The U.S. Commodity Futures Trading Commission (Commission) issued a Staff Advisory on best practices for financial institutions that must comply with Gramm-Leach-Bliley Act (GLBA) provisions on data security and customer privacy.
With the clock ticking on possible further indictments in the $1.4 billion Scott Rothstein Ponzi case, a major figure in the affair has been charged with conspiracy this morning.