CFTC Staff Issues Relief to Swap Dealers from CFTC’s Regulations On Margin Requirements for Uncleared Swaps

The Commodity Futures Trading Commission’s (“CFTC” or “Commission”) Division of Swap Dealer and Intermediary Oversight (“DSIO”) recently issued relief to CFTC-registered swap dealers (“SDs”) from compliance with certain CFTC uncleared swaps margin requirements under two No-Action letters (“NALs”). The relief under these two NALs extends only to those SDs that are obliged to comply with the CFTC’s regulations on margin for uncleared swaps. View Full Post
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U.S. Court of Appeals for D.C. Circuit Vacates Panel Decision in PHH V. CFPB, Grants Rehearing En Banc

On Feb. 16, 2017, the U.S. Court of Appeals for the D.C. Circuit granted the request for en banc review by the Consumer Financial Protection Bureau (CFPB) in the PHH v. CFPB matter.[1]  The order vacates the prior judgment by a three-judge panel that the CFPB’s structure was constitutionally infirm, and which remedied that infirmity by making the CFPB’s director removable at the discretion of the president.  View Full Post
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TCH Report On Redesign of the AML/CFT Regulatory Framework

By | Cov Financial Services | February 17, 2017
The Clearing House published this week a report that highlights potential anachronisms and inefficiencies in current U.S. anti-money laundering / counter-financing of terrorism regulation.  The report makes 8 core recommendations for reform, including the following: Centralizing Regulatory Responsibility:  “The Department of Treasury, through its Office of Terrorism and Financial Intelligence (TFI), should take a more prominent role in coordinating AML/CFT policy across the government [and] FinCEN should reclaim sole supervisory responsibility for large, multinational financial institutions that present complex supervisory issues.” Transparency in Beneficial Ownership:  “Congress should enact legislation, already pending in various forms, that requires the reporting of beneficial owner information at the time of incorporation, preventing the establishment of anonymous companies.” Innovation and Big Data:  “Treasury TFI should strongly encourage innovation, and FinCEN should propose a safe harbor rule allowing financial institutions to innovate in a[] [financial intelligence unit] ‘sandbox’ without fear of examiner sanction.”  In addition, “Policymakers should further facilitate the flow of raw data from financial institutions to law enforcement to assist with the modernization of the current AML/CFT technological paradigm.” View Full Post
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New Proposed Legislation: PABs for Social Infrastructure and a Ban On Stadium Bonds

New Proposed Legislation: PABs for Social Infrastructure and a Ban On Stadium Bonds The new Congressional session is heating up, and we’ll cover two new pieces of proposed legislation below. For the first time in several years, we can avoid giving the usual disclaimer that any new piece of legislation is “likely going nowhere.” Tax reform appears to be a real possibility for the first time in many years, and it will probably involve expansions of some areas of the tax-exempt bond world and contractions of others. View Full Post
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CFPB Seeking Information On Use of Alternative Data in Credit Process, Including by Small Business Lenders

Stefanie Jackman and Scott M. Pearson The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process.  On March 21, 2017 from 12:00 to 1:00 p.m. ET, Ballard Spahr attorneys will hold a webinar: The New Frontier of Alternative Credit Models: Opportunities, Risks and the CFPB’s Request for Information.  View Full Post
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No Trial Required: Summary Judgment Granted in Fraud Case

By | Canadian Fraud Law | February 17, 2017
In DBDC Spadina Ltd et al v Norma Walton et al, Justice Newbould of the Ontario Superior Court recently granted a motion for summary judgment on the basis that there was sufficient evidence to justify a finding of fraud. The decision reflects the guidance set out in the landmark Supreme Court Canada decision Hyrniak v. View Full Post
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EBA Consults On Guidelines for Complaints of Infringements of PSD2

EBA Consults On Guidelines for Complaints of Infringements of PSD2 The European Banking Authority (EBA) has published for consultation draft guidelines that govern the process for complaints submitted to competent authorities by payment service users and other interested parties, including consumer associations, about alleged infringements under the second Payment Services Directive (PSD2)  by payment service providers (PSPs). View Full Post
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