Mondaq USA: Finance and Banking
Cadwalader, Wickersham & Taft LLP
The CFTC warned customers about virtual currency pump-and-dump schemes conducted in unregulated online cash markets.
Cadwalader, Wickersham & Taft LLP
The Federal Trade Commission ("FTC") returned more than $2.9 million to the victims of an alleged payday lending fraud scheme.
Cadwalader, Wickersham & Taft LLP
The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") granted temporary no-action relief to the wholly owned subsidiary (Shorcan, Inc., or "Shorcan") of a futures exchange (Intercontinental Exchange, Inc., or "ICE") from certain registration requirements for introducing brokers ("IBs") and the associated persons of introducing brokers ("APs").
Cadwalader, Wickersham & Taft LLP
The Subcommittee on Capital Markets, Securities and Investments reviewed legislative proposals relevant to derivatives end users.
Shearman & Sterling LLP
On November 6, 2017, the US Federal Reserve Bank of New York announced that President and Chief Executive Officer William C. Dudley plans to retire in mid-2018 ...
Shearman & Sterling LLP
On November 6, 2017, US Treasury Secretary Steven Mnuchin announced that Richard Berner, director of the Office of Financial Research, will step down effective December 31, 2017 ...
Shearman & Sterling LLP
On 26 October 2017, the SEC issued guidance to address certain extraterritorial issues under MiFID II, Europe's new financial regulation for investment business, which came into effect on 3 January 2018.
Morrison & Foerster LLP
On February 15, 2018, the Enforcement Section of the Massachusetts Securities Division (the "Division") of the Office of the Secretary of the Commonwealth charged a registered broker-dealer ...
Cadwalader, Wickersham & Taft LLP
The CFTC approved an amendment that replaces the lettering system used in its list of defined terms (CFTC Rule 1.3) with an alphabetized list.
Cadwalader, Wickersham & Taft LLP
U.S. Bancorp and its operating subsidiary, U.S. Bank, entered into agreements to pay $613 million to resolve allegations that U.S. Bank broke Bank Secrecy Act/Anti-Money Laundering ("BSA/AML") rules.
Cadwalader, Wickersham & Taft LLP
CFTC Chair J. Christopher Giancarlo reaffirmed his commitment to a cross-border deference-based approach to clearinghouse regulation, encouraged expanded Congressional oversight over virtual currencies, and provided updates on several rulemaking initiatives.
Cadwalader, Wickersham & Taft LLP
FINRA enhanced the functionality of its Regulatory Extension ("REX") system, which allows firms to electronically submit requests for extensions of time pursuant to FINRA Rule 4210.
Cadwalader, Wickersham & Taft LLP
The CFTC Technology Advisory Committee ("TAC") considered challenges posed by new technologies.
Pryor Cashman LLP
On February 15, 2018, federal authorities - including the U.S. Department of Justice - filed charges against U.S. Bank, the fifth-largest commercial bank by assets in the United States, for allegedly neglecting anti-money laundering rules, helping a payday lender operate an illegal business and lying to a regulator.
Davis & Gilbert
Wells Fargo is being put on a highly restrictive diet by the Federal Reserve and won't get any relief until its compliance and governance shape up. Under the terms of the Fed's Consent Order ...
Shearman & Sterling LLP
On February 7, 2018, William Dudley, President of the Federal Reserve Bank of New York, participated in a panel discussion entitled "Banking Culture - Still Room for Improvement?"
Cadwalader, Wickersham & Taft LLP
On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association ("LSTA") in its lawsuit against the Securities and Exchange Commission ("SEC") and the Board of Governors of the Federal Reserve System ("FRB") over the application of U.S. credit risk retention requirements to managers of open-market collateralized loan obligations ("CLOs").
Troutman Sanders LLP
On February 12, 2018, the Consumer Financial Protection Bureau ("CFPB") released its strategic plan for 2018 through 2022.
Mayer Brown
On February 6, 2018, the Pennsylvania Department of Banking and Securities issued regulations in response to the state's recent law requiring licensing of mortgage loan servicers.
Kramer Levin Naftalis & Frankel LLP
Paris partner Hubert de Vauplane's article "Ten Years After the Crisis, Where Are We Going ? " appeared in the February 2018 issue of the French publication Revue Banque.
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On Dec. 5, 2017, the Federal Trade Commission reached a settlement with three defendants who it alleged partook in deceptive, abusive and unfair debt collection practices ...
Davis & Gilbert
2018 may be the beginning of the end of an education finance system that has resulted in overburdened students and families struggling to pay back loans that were too high at their inception...
Hughes Hubbard & Reed LLP
HSBC seems no stranger to regulatory news in the United States recently.
Cadwalader, Wickersham & Taft LLP
In addition to imposing the fine, the Order requires the Bank's branches to submit periodic progress reports to their applicable Federal Reserve Banks detailing steps taken to comply with the conditions of the Order.
Poyner Spruill LLP
Twelve years old. In North Carolina, a person as young as twelve years old may ride alone in a fully autonomous—or, "driverless"—vehicle.
Reed Smith
On Tuesday February 6, 2018, U.S. Treasury Secretary Steven Mnuchin, in a speech before the House Financial Services Committee, offered some insights into how the Treasury Department ...
Kramer Levin Naftalis & Frankel LLP
The CFTC filed a federal court enforcement action, charging commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC).
Carlton Fields
Deficiency: a deficiency action is not an action to collect a consumer debt and, therefore, section 559.715, Florida Statutes, requiring 30 days' notice before any action to collect the debt...
Jones Day
For investment advisers (registered, exempt reporting, and unregistered), there are myriad recurring obligations and undertakings to keep in mind.
Mayer Brown
The U.S. Court of Appeals for the D.C. Circuit (the "court") has issued its long-awaited en banc decision in PHH v. CFPB.
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