Our Financial Institutions Legal Snapshot blog offers a convenient resource for those keeping track of the evolving financial services regulatory environment in Africa and South Africa specifically.
The CFPB issued a proposed rulemaking last week to amend various provisions of the mortgage servicing rules under Regulation X and Regulation Z. Comments are due 90 days from the date of publication in the Federal Register. Ballard Spahr’s Mortgage Banking Group will continue to analyze the proposal and work with our clients and industry groups on its impact.
How to stop frivolous plaintiff lawsuits? Since 2010, when Vice Chancellor Laster of the Delaware Court of Chancery noted that “if boards of directors and stockholders believe that a particular forum would prove an efficient and value promoting locus for dispute resolution, then corporations are free to respond with charter provisions selecting an exclusive forum for intra-entity disputes,” many public companies have adopted bylaws provisions restricting frivolous derivative lawsuits.
Cyber Security Indeed: Derivative Action Dismissed Where Board Proactively Addressed Cyber Risks and Exposures
In the first of what is certain to become a cottage industry of derivative lawsuits involving alleged inadequate cybersecurity and deficient public disclosures, on October 20, 2014, a New Jersey federal court granted a motion to dismiss filed by Wyndham Worldwide Corporation’s directors and officers based on its finding that Wyndham’s Board has duly considered and dismissed the plaintiff’s demand that the company sue its directors and officers.
Closely related to the crowdfunding phenomenon has been the evolution of the peer-to-peer (P2P) lending model.
State attorneys general from California, Connecticut, Delaware, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington sent a letter to Consumer Financial Protection Bureau Director Richard Cordray urging the agency to issue rules imposing “prohibitions, conditions, or limitations on the use of pre-dispute arbitration clauses” in consumer agreements for financial products or services.
Last month, the CFPB released the fifth edition of its Supervisory Highlights report describing findings from recent examinations of consumer financial products and services providers.
With over 10,000 whistleblower tips since 2011, the Securities and Exchange Commission (“SEC”) recently unveiled its most detailed portrait yet of the whistleblowers who have received awards under the SEC incentive program created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year.
The CFPB’s first publicly announced criminal referral has resulted in a nine-year sentence for the principal of a debt settlement company, who pled guilty to several of the charges.