Topic: Financial Regulation

European Commission Proposes Centralized Bank Supervision

Earlier this month, the European Commission published its legislative proposal outlining the creation of a single supervisory mechanism that will allow the European Central Bank (ECB) to supervise Eurozone banks. The move would give the ECB broad-reaching powers normally held by national regulatory authorities to police banks throughout the region, laying the groundwork for a… Read more »

SEC Says No To Proposed Money Market Reforms

[Video: SEC Tables Money Market Fund Regulation: Michael Markowitz Analysis – MarketsReformWiki] “The proposal would have been the second phase of the Chairman’s oft-stated plan that she said would reduce money market funds’ susceptibility to runs, protect retail investors, and lessen the potential need for future bailouts. In her statement, Chairman Schapiro urged other policymakers… Read more »

Doing Business in Hong Kong: A JD Supra Legal Reader

For your reference, a roundup of recent legal advisories on a broad range of issues facing companies doing business in and with Hong Kong: Legal and Regulatory Issues in Hong Kong PIPE Transactions (Skadden, Arps, Slate, Meagher & Flom LLP): “Private investment in public equity (or PIPE) transactions are an increasingly common source of funding… Read more »

Government Issues Guidance on Cloud Computing Risks for Financial Institutions

Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »

European Regulations Taking Shape for Alternative Investment Funds

Europe’s Alternative Investment Fund Managers Directive (AIFMD), scheduled to be implemented by each member state no later than July 2013, will radically change the way funds are regulated in Europe. From law firm Harneys Westwood & Riegels: “ [The Directive] will overhaul the pan-European regulatory regime applicable to the managers of hedge funds, real estate… Read more »

RESPA Update: Quicken’s Loan Fees Do Not Violate Federal Rules

In a unanimous decision published yesterday, the Supreme Court ruled in Freeman, et al. v. Quicken Loans, Inc., that Quicken Loans did not violate the Real Estate Settlement Procedures Act (RESPA) when it charged what plaintiffs considered to be “unearned” settlement service charges. RESPA rules bar unearned fees when they are split between two or… Read more »

Q: What Caused JP Morgan’s $2 Billion Loss? [Video]

A: It depends who you ask… For more on JP Morgan’s recent trading loss (and what might have caused it), watch this lively debate between Chris Whalen, Senior Managing Director at Tangent Capital Partners, and Jeff Madrick, Senior Fellow at the Roosevelt Institute. Choice quotes: Whalen: “”The calls for more regulation and the implementation of the… Read more »

Friday Financial: Dodd-Frank Act, FINRA’s New Filing System, Iran & Syria Sanctions, Capital Directives, Fannie & Freddie, and More [incl. Video]

[Video: Robert Pickel of ISDA Discusses Dodd-Frank & the Global Picture for OTC Derivatives – MarkteReformsWiki] For your convenience, here’s a quick Friday roundup of recent advisories and alerts to do with various legal developments in the financial services realm. The updates cover a range of topics and, starting with the excellent video interview above,… 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 »

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 »

Dodd-Frank Act: With Volcker Rule Delay Where Do We Stand on Reform?

Speaking before the House Financial Services Committee late last month, Federal Reserve Chairman Ben Bernanke announced that the Volcker Rule, one of the most contentious pieces of the Dodd-Frank Act, will not be completed before its July deadline. What does the delay mean for the broader financial regulatory reforms of the Dodd-Frank Act?   For… 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 »

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 »