Topic: Banking

JOBS Act: Implications for Private Fund Offerings

In early April 2012, President Obama signed into law the Jumpstart Our Business Startups (JOBS) Act, which significantly eases restrictions on startups and emerging growth companies seeking access to US capital markets. But startups and small businesses aren’t the only ones who stand to benefit from the JOBS Act. The Act also contains a number… Read more »

CFTC Pushes Ahead with Dodd-Frank Act Revisions

The Commodity Futures Trading Commission (CFTC) continues to move forward with regulatory changes mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. For your reference, here’s a roundup of recent rules and revisions from the CFTC: Final Rules Defining Swap Dealers and Major Swap Participants CFTC and SEC Define “Swap Dealer” and “Major… Read more »

European Legal Spotlight: Privacy and Data Protection, Anti-Corruption, Competition Law, & More

For your reference, a roundup of commentary and analysis on a broad range of legal matters relevant to companies active in Europe: Competition Law Below-cost Pricing by a Dominant Company May Not Constitute a Breach of EU Competition Law (K&L Gates LLP) “A recent European Court case has confirmed that a dominant firm will not… Read more »

China Law Roundup: Criminal Procedure, FCPA, Banking Fee Investigation, CIETAC Arbitration Rules, Drug Safety, & More

For your reference, a roundup of recent Chinese legal news and developments of interest to multinationals active in the country: China’s Parliament Adopts Revision to Criminal Procedure Law (Sheppard Mullin Richter & Hampton LLP) “On March 14, 2012, the fifth session of the National People’s Congress adopted the latest revision to China’s Criminal Procedure Law… Read more »

Finance & Banking: CFPB Sets Sights on Loan Origination Fees, Mortgage Licensing Procedures, & More

The Consumer Financial Protection Bureau continues to press banks and financial institutions to implement changes mandated by the Dodd-Frank Act. Here’s a roundup of legal commentary on recent CFPB guidance and regulations on loan originator compensation, mortgage licensing procedures, and a range of other activities: CFPB Issues Guidance On Loan Originator Compensation (BuckleySandler LLP) “The… Read more »

$25B Mortgage Foreclosure Settlement: Lawyers Weigh In

We’re beginning to see insightful legal commentary on the $25 billion foreclosure fraud settlement formally filed on March 12, 2012 between the federal government, 49 state attorneys and the five largest mortgage servicers: Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and Ally Financial. [Update, March 19, 2012: see below for a video interview… Read more »

CFPB Targets Debt Collectors, Consumer Reporting Agencies, Mortgage Companies, Payday Lenders & Others

Earlier this year, the Consumer Financial Protection Bureau expanded its bank supervisory program to include nonbanks, companies “that offer or provide consumer financial products or services but [do] not have a bank, thrift, or credit union charter.” Since that time, the agency has begun to provide greater detail on the nonbanks it is monitoring and the fraudulent… Read more »

Dodd-Frank Act: CFTC Adopts Final Rules for Swaps Marketplace

Tasked by the Dodd-Frank Act to reform the swaps marketplace, the Commodities Futures Trading Commission recently finalized several key rules regulating the activities of dealers and major swap participants.  For your reference, here’s a roundup of legal commentary and analysis on the new regulations: CFTC Holds First Open Meeting of 2012 and Finalizes Key Rulemakings Under… Read more »

White-Collar Conviction Vacated

“In an unusual move,” writes Sarah Riley Howard from Warner Norcross & Judd’s White Collar practice, “the Sixth Circuit ordered that a Tennessee businessman’s conviction for bank fraud must be vacated.” Convicted for his participation in a scheme to conceal the amount of loans granted his business, Timothy Parkes was acquitted after spending more than… Read more »

CFPB Launches Nonbank Supervisory Program

On January 5, 2012, just one day after President Obama appointed former Ohio Attorney General Richard Cordray to be its first Director, the Consumer Financial Protection Bureau announced that it was launching its Nonbank Supervisory Program. Mandated by provisions in the Dodd-Frank Act, the program is designed, according to the agency, to “help level the… Read more »

Doc of the Day: Year-End Developments and Compliance Checklist

From Lowenstein Sandler’s Investment Management Group, a comprehensive (and practical) “summary of recent legislative and regulatory developments that impact the investment management community.” The advisory includes “checklists of year-end considerations for private investment funds, investment advisers, commodity trading advisors and commodity pool operators” covering a broad range of issues: Form PF and related rulesAmended SEC… Read more »

FINRA Rules & Regulations: Record-keeping, Advertising, Disclosure and More

The Financial Industry Regulatory Authority (FINRA) is the largest regulator for all securities firms doing business in the United States, charged with protecting investors by maintaining the fairness of the U.S. capital markets. For your reference, here’s a roundup of recent commentary and analysis on FINRA rulemaking, from lawyers and law firms on JD Supra:… Read more »

Doc of the Day: Living Wills: The Final Rule — A User Guide

Morrison & Foerster’s comprehensive guide to the FDIC living wills rule: “With a final rule recently approved by the Federal Reserve Board of Governors (‘FRB’) and the Federal Deposit Insurance Corporation (‘FDIC’), and a related interim rule applying to covered insured depository institutions, every covered company, U.S. and worldwide, should now begin its early-stage resolution… Read more »