Financial Reform

By JD Supra Business Advisor | A magazine on regulation and reform for financial services and banking industry insiders. Covering Dodd-Frank and more. Updated daily.

SEC Proposes Pay-Versus-Performance Disclosure Rules

The Securities and Exchange Commission (SEC) recently issued its long-awaited proposal for "pay-versus-performance" disclosure. The proposed rules …

SDNY Follows Asadi: Internal Tipsters Not Dodd-Frank “Whistleblowers”

December 29, 2014<p>Embed<p>On December 5, 2014, the Southern District of New York in Berman v. Neo@Ogilvy<i>,</i> No. 14-cv-523, ruled that an employee who …

New York, Zombie Debt and the CFPB

Earlier this month, New York adopted enhanced consumer debt collection regulations proposed by the New York State Department of Financial Services …

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SEC Proposed Rules: Recordkeeping and Reporting for SBSDs, MSBSPs and BDs; Capital Rules for Certain SBSDs

The SEC has proposed recordkeeping and reporting rules and capital charges for security-based swap dealers based on the current broker-dealer …

Second Circuit Says Wall Street Can Play “Truth or Settle”

On June 4, 2014, a three-judge Second Circuit panel reversed and remanded Judge Rakoff’s 2011 order that rejected an S.E.C. settlement with …

Do Dodd-Frank's Stress Testing Results Hold Hidden Risks?

<i>Bloomberg BNA Banking Report</i><p>While the recent Dodd-Frank stress test results of the nation's 30 biggest banks might seem reassuring, prudent policy …

CFTC Hands Out First Whistleblower Award

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Financial Regulatory Enforcers Expanding Claims Against Individuals

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CFPB Launches Pilot Program for Electronic Mortgage Closing Process

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SEC Eases FINRA Corporate Financing Rule

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SEC Staff Addresses Third-Party Endorsements of Investment Advisers on Social Media Websites

On March 28, 2014, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) published an IM Guidance Update that …

Orrick's Financial Industry Week in Review

Financial Industry Developments<p><b>SEC Proposed Rule on Security-Based Swaps</b><p>On April 17, the <b>SEC</b> issued a <b>proposed rule on</b> <b>recordkeeping</b>, <b>reporting and</b> …

What’s Driving the Strong U.S. IPO Market? A Look at the JOBS Act at Its Second Anniversary In Light of the Increased IPO Volume

The Jumpstart Our Business Startups Act (the “JOBS Act”), designed to stimulate IPO activity in the U.S. is celebrating its second anniversary this …

FINRA Proposes to Amend Rules 2210 and 2214

The Financial Industry Regulatory Authority filed proposed rule changes with the Securities and Exchange Commission to amend FINRA Rules 2210 and …

Federal Court: California Finance Lenders Law Does Not Prohibit a Licensee from Selling Loans to Non-Institutional Investors

The U.S. District Court for the Northern District of California has held that Section 22340(a) of the California Financial Code does not restrict …

"Treasury and IRS Release FATCA Regulations"

<i>New Regulations Address Some Concerns and Coordinate FATCA Rules with Other Reporting and Withholding Rules</i><p>On February 20, 2014, the Department of …

FATCA regulations updated but deadlines loom

The US Department of the Treasury and the Internal Revenue Service have released what they refer to as the “last substantial package of regulations” …

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OCC, FRB and FDIC Issue Joint Stress Test Guidance for Medium-Sized Banking Firms

The OCC, FRB and FDIC (collectively, the “Agencies”) issued joint final guidance (the “Final Guidance”) concerning the Agencies’ key supervisory …

FINRA Requests Comment on Proposed Rule Set for Limited Corporate Financing Brokers

The Financial Industry Regulatory Authority has requested comments on a proposed rule set for limited corporate financing brokers (LCFBs). LCFBs are …

Bank of America’s $8.5 Billion Settlement Will Not Be Delayed by AIG

Late last month, a New York state judge denied AIG’s request to delay approval of Bank of America’s $8.5 billion settlement with private investors in …

We’ve Only Just Begun - Lessons From the CFPB’s First 35 Enforcement Cases

Few agencies have generated as much controversy as the Consumer Financial Protection Bureau. [1] The brainchild of Senator Elizabeth Warren when she …

"UK Banking Regulators and Foreign Banks: A Vision of Future Supervision"

The U.K.’s banking regulator, the Prudential Regulation Authority (PRA) recently published a consultation paper on its approach to supervising …

CFPB staff evaluations show racial disparities, American Banker reports

Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations …

Changes in the California Legal Environment for Commercial Lenders and the Dangers of “Extending and Pretending” in Dealing with Commercial Loan Modifications

I have recently reviewed several articles about the recent trial court decision of <i>Zigner v. Pacific Mercantile Bank</i>, Orange County Case No. …

Share-Based Compensation Update to SEC’s Financial Reporting Manual

Before the update, Section 9520 indicated that when estimates used to determine stock-based compensation were considered critical, the SEC’s practice …

FINRA Fines Firm and Former Chief Compliance and AML Officer For Failing to Register Foreign Finders and Failure to Comply with Anti-Money Laundering Obligations

On January 28, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) accepted a Letter of Acceptance, Waiver and Consent (the “AWC”) from …

FRB Issues Supervisory Letter Concerning its Application Process and the Most Frequently Cited Reasons for Application and Notification Denials

The FRB released a supervisory letter (the “Letter”) regarding the FRB’s applications process intended to provide financial institutions and the …