We have been following two federal court cases that involve challenges to Director Cordray’s appointment. The California case, CFPB v. Chance Edward Gordon, was filed in summer 2012 by the CFPB against an attorney and his law firm alleging that the defendants duped consumers by falsely promising loan modifications in exchange for advance fees and, in reality, did little or nothing to help consumers.
In light of the sweeping overhaul of the OTC derivatives market under The Dodd–Frank Wall Street Reform and Consumer Protection Act, we anticipate numerous documentary changes to make their way into swap documentation as well as into guaranties, security instruments, master lien documents and the like.
The world is changing for venture funds and similar funds in Washington State, and not necessarily for the better. It used to be the case that managers of venture or other private funds did not need to file anything with the SEC or state securities regulators (other than Forms D incident to their fundraisings).
Writing yesterday in National Review on-line, Prof. Tanya Marsh, at Wake Forest University School of Law, reviews the detrimental impact of the Dodd-Frank Act (“DFA”) on community banks. Her essay is a must-read for anyone involved in the financial services industry.
The term “conflict minerals” has become important in the public company world. Conflict minerals are cassiterite (tin), columbite-tantalite, gold, wolframite (tungsten), or their derivatives.
SEC Reopening Comment Periods for Certain Rulemaking Releases and Policy Statement Applicable to Security-Based Swaps
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulatory authority over derivatives is divided between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The CFPB has issued a proposal to temporarily delay the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)).
All dollars great and small about regulations this week: the Consumer Financial Protection Bureau (CFPB) theoretically made credit more available, but reality may not be so easy.
On March 22, 2013, the New York State Senate introduced the S4362 Proposal which, through a “bounty,” gives financial awards to whistleblowers who provide original information to the Department of Financial Services (DFS) regarding violations of New York banking, insurance and financial services laws.
SEC and CFTC Impose New Identify Theft Regulations Requiring Investment Advisory Firms to Consider Updates to Policies and Procedures
On April 10, 2013, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission jointly adopted and announced new identity theft red flag regulations, which are being imposed pursuant to their respective authority under Dodd-Frank Act and the Fair Credit Reporting Act (“FCRA”).