Editor's Note -
Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more
3/15/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
EDGAR ,
FDIC ,
Financial Services Industry ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Liquidity ,
NYSE ,
Request For Information ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Token Sales
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) issued a request for information regarding the consumer complaint reporting process, marking the sixth request in a series of RFIs; the House...more
Editor's Note -
Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more
3/1/2018
/ Bankruptcy Code ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt-Relief Industry ,
Dodd-Frank ,
FASB ,
Financial Institutions ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Tax Reform ,
TCPA ,
Whistleblower Protection Policies
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan and issued a request for information on its enforcement processes; the New York State Department of...more
Editor's Note -
In This Issue. State regulators agreed to a multistate compact to standardize key components of the licensing process for money services businesses (MSBs); the Board of Governors of the Federal Reserve...more
2/8/2018
/ CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Fair Housing Act (FHA) ,
FDIC ,
HMDA ,
MSB ,
PHH Corp. v CFPB ,
Swaps ,
Tax Cuts and Jobs Act ,
Tax Reform
Editor's Note -
Breaking News. This morning, the U.S. Court of Appeals for the D.C. Circuit, sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act...more
Editor's Note -
“Humility and Prudence” at the CFPB. In a memo to employees of the Consumer Financial Protection Bureau (CFPB) later turned into a Wall Street Journal op-ed, Acting CFPB Director Mick Mulvaney articulated his...more
1/25/2018
/ CFTC ,
Closed-End Funds ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Currency ,
Federal Bank Regulatory Agencies ,
Financial Services Industry ,
Initial Coin Offering (ICOs) ,
Mutual Funds ,
No-Action Letters ,
NYSE ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
PCAOB ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more
1/18/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FASB ,
FinTech ,
Liquidity ,
NYSE ,
Payday Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tax Cuts and Jobs Act ,
Tax Reform
Editor's Note -
A Busy Holiday Season. We hope that all of you had a happy holiday season and wish everyone a happy, healthy and prosperous new year. While the Roundup has been on hiatus during the holidays, the federal...more
1/11/2018
/ Antitrust Litigation ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Debt Relief ,
Department of Justice (DOJ) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Initial Coin Offering (ICOs) ,
Marijuana Related Businesses ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more
Editor's Note -
Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more
11/9/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Due Diligence ,
Equity Investors ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
OCC ,
Subsidiaries
Editor's Note -
CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
CFTC ,
Class Action Arbitration Waivers ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Digital Currency ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
FinTech ,
Initial Coin Offering (ICOs) ,
OCC ,
Payday Loans
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Cybersecurity Returns to Center Stage. The Equifax breach and recent news that the Securities and Exchange Commission’s (SEC) EDGAR test filing system was hacked in 2016 have brought cybersecurity back to...more
9/28/2017
/ Auto Lease ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Deceptively Misdescriptive ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
False Advertising ,
Federal Reserve ,
No-Action Letters ,
NYSE ,
Pay Ratio ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Third-Party Service Provider
Editor's Note -
In This Issue. Federal banking agencies are seeking public comment on their proposed revisions to the Community Reinvestment Act (CRA), the Consumer Financial Protection Bureau (CFPB) released a small...more
Editor's Note -
The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more
9/14/2017
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Dividends ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Fund Managers ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Loans ,
Mutual Funds ,
NYSE ,
OCC ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Student Loans ,
TCPA
Editor's Note -
DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more
8/24/2017
/ Arbitration ,
Basel III ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
FHFA ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
HARP ,
NYSE ,
OCC ,
Pay-To-Play ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
In This Issue. The Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more
8/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Investment Adviser ,
Joint Accounts ,
OCC ,
Robocalling
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
Going Strong to the Mic. The Office of the Comptroller of the Currency’s (OCC) proposed special purpose nondepository national bank charter for FinTech companies (FinTech Charter) has long been the source...more
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more
Editor's Note -
Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more
6/19/2017
/ Article III ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Employee Retirement Income Security Act (ERISA) ,
FACTA ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Services Industry ,
Investment Funds ,
OCC ,
Regulatory Reform ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing