The CFPB issued a proposed rule amending Regulation C to expand data reporting requirements for mortgage industry participants. The proposed rule is 573 pages and our Mortgage Banking Group will analyze the proposal and work with clients on its impact. Comments are due on or before October 22, 2014.
On June 25, 2014, I co-presented with Attorney Jeffrey P. Crandall on the topic of executive compensation and related governance and litigation consideratons.
We at Crunched Credit have taken a bit of a pause of late. It is, of course, the dog days of summer. But it’s time to get back into the fray. Let’s start by noting the doldrums seem to have taken a pass. From where we sit, the markets seem to be in robust health. As we look over this complex web of transactions, deal structures, innovations, capital flows, business plans, business goals, failures and successes that is our market, things look pretty damn good.
In a recent speech to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, discussed the SEC’s increasing attention to the growth in “alternative mutual funds,” or open-end mutual funds that feature investment strategies more typically seen in private funds.
Last April, a trade association for bank directors, the American Association of Bank Directors reported the results of a survey designed to measure the impact of concerns about personal liability on the decision of bank board members to resign and by individuals to turn down board seats on banking organizations.
Every suretyship securing a company’s debts should specifically preserve the creditor’s rights to recover from the surety despite discharge of the principal debt in a business rescue plan. And every business rescue plan should, if possible, contain a provision preserving rights against sureties.
In Mack v. Equable Ascent Financial, L.L.C., the Fifth Circuit ruled the consumer’s suit was barred under the Fair Credit Reporting Act’s two-year statute of limitations. Rejecting the plaintiff’s claim that the statute does not begin to run when the consumer discovers the facts that constitute the legal violation, the Court of Appeals held that the limitations period begins to run when a claimant discovers facts that give rise to the claim.
On July 17, 2014, New York became the first state to propose guidelines to regulate virtual currencies such as Bitcoin.
The Securities and Exchange Commission (SEC) yesterday adopted a series of amendments to the rules that govern money market funds.
On July 18, 2014, a coalition of plaintiff-side lawyers and government watchdog groups proposed ways to strengthen the SEC whistleblower program in two petitions filed with the SEC.