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”).
Last week, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) published in the Federal Register a joint rule requiring entities regulated by the agencies to adopt programs to detect and prevent identity theft.
The only new item of information revealed by Director Cordray during his appearance yesterday before the Senate Banking Committee hearing (in response to a question from Senator Elizabeth Warren) was that he feels “quite sure” that at least “some” of the results of the CFPB’s study of consumer arbitration will be publicly released this year.
The CFPB, through its Office of Financial Protection for Older Americans, has issued a report to Congress and the SEC that makes recommendations for informing older consumers about the legitimacy of certifications of financial advisers to seniors, assisting older consumers in selecting the most appropriate financial adviser, and enabling older consumers to verify a financial adviser’s credentials.
The SEC’s conflicts minerals disclosure rules, promulgated as required under provisions of the Dodd-Frank Act, became effective on January 1, 2013, requiring companies to make their first conflict minerals disclosures on or before May 31, 2014 for the 2013 reporting year, as I detailed in a recent post.