Topic: Financial Regulation

Has Dodd-Frank Solved “Too Big To Fail”? Depends On Whom You Ask…

Has the Dodd-Frank Act solved the “Too Big To Fail” problem? Senators Sherrod Brown and David Vitter would say it has not. After all, they recently introduced the Terminating Bailouts for Taxpayer Fairness Act, which would impose significantly higher capital reserve requirements on the country’s largest financial institutions. But not everyone shares that view. For… Read more »

JD Supra Corporate Brief: IRS Guidance, Shareholder Requests, Recess Appointments, Bank Secrecy

The bad news: It’s Monday. The good news: The JD Supra Corporate Brief is here. The legal news: below… The Supreme Court likes arbitration. A lot (Pepper Hamilton) This overview of new IRS guidance on “minimum value, affordability, and wellness programs” under Obamacare is a must-read for all employers (Mintz Levin) How to respond to… Read more »

JD Supra Corporate Brief: Immigration Reform, Insider Trading, Cyber Insurance, Caffeine Fix

Briefcase? Check. Coffee? Check. JD Supra Corporate Brief? Check. Let the commute begin! The draft “Gang of Eight” immigration bill proposes higher limits on foreign workers in exchange for more regulation of employers (but that’s not all…) (Franczek Radelet) Should insider traders be punished for their actions, or for the profits they made through the… Read more »

Doing Business in Europe: Latest Need-to-Know

Do business in Europe? Here’s a roundup of recent commentary and analysis on conducting business in Europe, including REACH regulations, patent classification, taxation, mobile apps, dawn raids, and more: Some clarification regarding challenges to REACH candidate listing (K&L Gates LLP): “In a series of recent judgments the EU General Court has given some guidance to companies… Read more »

Mortgage Servicers Take Heed: The CFPB Has New Rules for How You Do Business

[Video: A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules – Pepper Hamilton LLP] The Consumer Financial Protection Bureau recently issued two rules that are going to change the way mortgage service companies do business: the 2013 RESPA Servicing Final Rule, an amendment to Regulation X… Read more »

Financial Regulatory Agencies Issue Rule on Appraising “High-Risk” Mortgages

In mid-January, federal regulators published a final rule implementing new appraisal requirements for higher-priced mortgage loans. The new regulation, – authored by the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency –… Read more »

[Video] Corporate Law Report: News to Use… Now

Welcome to our latest Corporate Law Report. You know what to do: Watch the video overview above and, for any topics that interest you, go deeper with the legal analysis and commentary below>> 1. Need-to-know – in the workplace: Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants – Sutherland Asbill & Brennan… Read more »

A Regulatory Tsunami is Building in Washington…

The business community as a whole can expect President Obama’s second term to be one of most intense periods of regulatory activity in nearly 40 years. But the health care, energy, and financial services industries will be the hardest hit. From law firm Venable: “Several themes will shape the regulatory process over the next four… Read more »

On HSBC: What’s the Going Punishment for Laundering Drug Money?

What’s the going punishment for laundering drug money? If you’re one of the world’s largest banks, it’s about six weeks’ worth of earnings and no jail time for your executives. Not too bad for committing a felony, no? Iowa Senator Charles Grassley and the former Inspector General of the Treasury Department’s Troubled Assets Relief Program… Read more »

[Video] Talking Derivatives Reform

From Bloomberg Law, a discussion with Tangent Capital Partners’ Chris Whalen and Fusion IQ’s Barry Ritholtz – “two of the brightest guys in the business” according to host Lee Pacchia – on the subject of reform in the multi-trillion dollar derivatives market. The money quotes (and there are many): “[The derivatives market] is not just… Read more »

US Treasury Exempts Foreign Exchange Swaps & Forwards from Dodd-Frank Rules

“Foreign exchange (FX) swaps, the second largest derivatives trading market, [have] been exempted from Dodd-Frank regulation by the U.S. Treasury. Though some Democratic legislators criticized the move, the Treasury went forward with the exemption citing the high-levels of risk management inherent in FX trading. ‘Unlike other derivatives, FX swaps and forwards already trade in a… Read more »

FSOC Proposes Money Market Reforms: You Should Know…

“The FSOC’s proposals also set the stage for fresh tension between a vocal group of regulators, who feel that despite limited reforms in 2010, money market funds are still vulnerable to havoc-wreaking asset runs, and the fund industry, which has devoted significant public-relations efforts to arguing that reform would harm investors by making money market… Read more »

Focus on: High Frequency Trading and the Troubled Markets

Bloomberg Law’s Lee Pacchia talks with Ralph Ferrara, partner at Proskauer Rose and General Counsel of the Securities and Exchange Commission from 1978 to 1981, about high frequency trading, the problems it caused, and what solutions are needed. Some highlights: “What we’ve pulled out of the process is human judgment making; that’s got to be… Read more »

Dodd-Frank Q&A: Proposed New NYSE and NASDAQ Compensation Committee Rules

Financial reform is a hot issue in this year’s presidential race (no surprise, of course) – but while the candidates duke it out on the finer points of how they would handle matters, Dodd-Frank marches on. The latest? Regulations on the independence of compensation committees at companies listed on the nation’s two largest stock exchanges.… Read more »

Repeal Dodd-Frank? But What Is It, Exactly?

“MR. LEHRER: You want to repeal Dodd-Frank? MR. ROMNEY: Well, I would repeal it and replace it.” (New York Times) The Dodd–Frank Wall Street Reform and Consumer Protection Act, both criticized and praised by Republican presidential candidate Mitt Romney in last night’s inaugural presidential debate, was passed in 2010 purportedly to end the practices that… Read more »