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Posted Date: Tuesday, June 28, 2016
Twenty former and current members of Congress – including Barney Frank, Chris Dodd, Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) and Rep. Nancy Pelosi (D-Calif.) – have signed an amicus brief in support of the Financial Stability Oversight Council in the council’s case against MetLife. U.S. District Judge Rosemary Collyer had issued an order removing the designation of MetLife as a systemically important financial institution (SIFI) subject to enhanced prudential oversight. FSOC has since appealed that decision. Read on »
Posted Date: Tuesday, June 28, 2016
You’ve determined that your loan products would be covered under the Consumer Financial Protection Bureau’s sweeping payday lending proposal. What does this mean? What are some of the possible limitations and liabilities? In Part 2 of this two-part series, Dodd Frank Update explores the bureau’s ability-to-repay requirements and the alternative lending options for short-term and longer-term loans. Read on »
Posted Date: Friday, June 24, 2016
The Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights, focusing specifically on its examination findings regarding mortgage servicers. Outdated and deficient technology was found to be at the root of several violations. The bureau also released an update of its examination manual, taking special note of two key areas. Read on to find out what those areas are. Read on »
Posted Date: Friday, June 24, 2016
In this two-part series, Dodd Frank Update explores the depths of the Consumer Financial Protection Bureau’s extensive small-dollar (or payday) lending proposal. The rule is much more expansive than you think so find out here whether your products are covered under the rule. Read on »
Posted Date: Tuesday, June 21, 2016
The U.S. Court of Appeals for the Eighth Circuit has affirmed the decision that because an employee did not make a disclosure protected under the Sarbanes-Oxley Act, his claim under the Dodd-Frank Act’s whistleblower protections failed. The case is Beacom v. Oracle America, Inc., in which the plaintiff alleged that Oracle fired him in retaliation for reporting that Oracle was falsely projecting sales revenues. Read on to learn more. Read on »
Posted Date: Friday, June 17, 2016
In a speech before the Exchequer Club on June 15, Federal Deposit Insurance Corp. Chairman Martin J. Gruenberg discussed credit availability, bank profitability, market liquidity and the distribution of financial activity between banks and nonbanks – topics that often are mentioned in questions regarding how post-crisis financial regulations have affected banks’ ability to support U.S. economic growth and market functioning. Read on »
Posted Date: Friday, June 17, 2016
The Securities and Exchange Commission has brought its first enforcement action under the Dodd-Frank Act’s municipal advisor anti-fraud provisions, reaching two settlements with School Business Consulting Inc. and Keygent LLC for alleged deceptive practices. Read on to learn more. Read on »
Posted Date: Friday, June 17, 2016
To provide clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions, the Commodity Futures Trading Commission approved a final rule June 14 that amends existing swaps reporting regulations. The rule amends the definition of original swap and clearing swap, among other things. Read on to find out more about the rule CFTC Chairman Timothy Massad says will “significantly enhance data quality and reduce reporting costs.” Read on »
Posted Date: Friday, June 17, 2016
On June 14, Rep. Randy Neugebauer (R-Texas) introduced H.R. 5465, a bill that aims to repeal the Durbin Amendment (Section 1075 of the Dodd-Frank Act). The Durbin Amendment required the Federal Reserve to limit the interchange fee that a card issuer could collect from merchants for debit card transactions. Read on to find out more about the bill that has received strong support from more than five industry groups. Read on »
Posted Date: Tuesday, June 14, 2016
The Consumer Financial Protection Bureau has added an auto loan shopping toolkit to its available consumer resources as part of its Know Before You Owe initiative. The tool is a step-by-step guide aimed at helping consumers understand the total cost of the loan, not just the monthly payment; comparison shop and detect other financing features and add-ons. Read on to learn more about the report that shaped this latest shopping tool. Read on »
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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