News By Edition

A member of the Securities and Exchange Commission said regulators working to implement the provisions of the Dodd-Frank Act's Volcker Rule should make “a fresh start.” Commissioner Troy Paredes said the current Volcker Rule proposal could hurt U.S. markets and argued that a rule re-proposal is in order. Read on to learn about his concerns.

Companies seeking to comply with Dodd-Frank's say-on-pay provisions received additional guidance from the Securities and Exchange Commission. The regulator recently updated a list of questions and answers related to Rule 14a-21. Read on for the details.

The Securities and Exchange Commission received broad new powers and responsibilities under the Dodd-Frank Act; however, some policymakers question the regulator's ability to live up to its new mandates. SEC Chairman Mary Schapiro recently discussed efforts to implement Dodd-Frank's provisions and the steps her agency has taken to remake itself.

An industry association urged the Consumer Financial Protection Bureau to keep smaller institutions in mind as the agency prepares to change regulations implementing the Truth in Lending Act.

Appraisers take a lot of heat from lenders, appraisal management companies, Realtors and others who have developed a mistrust of the appraiser community over the past decade. Now is a crucial time for appraisers to repair that damaged image and work hard to regain their client's trust. Valuation Review, Dodd Frank Update's sister publication, is hosting a Webinar on March 8 that will instruct appraisers on how to better their business practices to earn back the trust of their customers. Read on for the details on what this Webinar will offer.

A group of associations said the Commodity Futures Trading Commission not industry participants should determine whether a swap is available to trade for the purposes of Dodd-Frank's clearing requirements. Read on to learn what changes the groups said the CFTC should make to its proposed rule on the matter.

The Commodity Futures Trading Commission approved a package of final rules setting forth business conduct standards for swap dealers, major swap participants and futures commission merchants as required under Title VII of the Dodd-Frank Act. The agency finalized the rules despite strong opposition from two commission members. Read on to learn about the rules and why some commissioners refused to support them.

The Commodity Futures Trading Commission will hold a two-day public roundtable to discuss additional customer collateral protection. The agency will use the roundtable to gather public input on a variety of ideas to further protect customers.

The Commodity Futures Trading Commission re-proposed rules intended to help determine what constitutes a large notional swap transaction or block trade for the purposes of applying time delays for public reporting. Read on to learn about the rule and one commissioner's concerns.

The Consumer Financial Protection Bureau is seeking nominations for members of its Consumer Advisory Board ”“”“ a panel of consumer experts who will advise the agency on emerging trends and practices in financial services and products. Read on to learn about the panel.

The Consumer Financial Protection Bureau is forming a small business review panel as part of its initiative to integrate the mortgage disclosure forms that borrowers receive when applying for and closing on a loan. The agency also revealed some of the issues it plans to address as it works to craft rules to alleviate inconsistencies between the Truth in Lending Act and the Real Estate Settlement Procedures Act. Read on for the details.

Policymakers and regulators have taken many steps to address executive compensation practices at large financial firms in the wake of the financial crisis. The Dodd-Frank Act included several compensation provisions that are intended to dissuade company leaders from making risky bets that could place taxpayer dollars and the nation's financial stability in jeopardy. A Senate subcommittee weighed recent changes and the potential need for further action. Read on to learn what experts on both sides of the issue had to say.

The Consumer Financial Protection Bureau launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” ”“”“ a disclosure on a consumer's checking account statement that would highlight the amount overdrawn and total overdraft fees charged. Read on for the details.

The Consumer Financial Protection Bureau released an agenda outlining the agency's rulemaking plans between now and October. The timeline revealed when the agency plans to finalize important Dodd-Frank mortgage rules. Read on for the details.

A group of trade organizations suggested numerous amendments to draft documents the Consumer Financial Protection Bureau crafted as the agency works to combine various mortgage disclosures as required by the Dodd-Frank Act. In a recent comment letter, the groups also said it is difficult to evaluate the CFPB's forms in the absence of accompanying rules. Read on to learn about the associations' concerns.

The Consumer Financial Protection Bureau is asking the public to weigh in on its draft mortgage disclosure forms for a final time. Following this latest round of testing, the agency said it will commence work on rules that will implement the forms. Read on to learn about the forms and what industry participants can expect from the CFPB in the coming months.

A group of U.S. House Democrats urged the Securities and Exchange Commission to swiftly implement Dodd-Frank provisions requiring resource extraction issuers to disclose payments made to U.S. or foreign governments. Read on to learn about the disclosure requirements and what industry participants and lawmakers are saying about the issue.

The Commodity Futures Trading Commission will not consider final rules to define a range of swaps participants as anticipated this week. The agency previously announced commissioners would vote on the final rule at Thursday's CFTC open meeting; however, the vote was removed from the meeting agenda. Read on to learn more about this key Dodd-Frank rulemaking.

The Commodity Futures Trading Commission is preparing to establish a notice and comment regime for industry filings it receives from registered entities that wish to certify and gain agency approval for new rules and rule amendments. Read on to learn how many entities the CFTC thinks will be subject to the CFTC's rule certification procedures.

The Consumer Financial Protection Bureau adopted a final rule tweaking the threshold for lenders that must collect data related to their mortgage activities under the Home Mortgage Disclosure Act. Read on to learn about the change.

Regulators and industry participants are still coming to terms with Dodd-Frank's credit ratings provisions. Read on to learn how the chief economist at the Federal Reserve Bank of New York believes these provisions will impact regulators and ratings agencies.

The Commodity Futures Trading Commission is seeking a budget boost for 2013 as the agency prepares to scrutinize the vast swaps marketplace as required under the Dodd-Frank Act. Read on to learn about the CFTC's funding request.

A measure intended to ensure that privileged information banks provide to the Consumer Financial Protection Bureau remains confidential was among the Dodd-Frank Act-related legislative proposals advanced by the House Financial Services Committee. Read on to learn about the bills.

The Consumer Financial Protection Bureau launched a new web-based tool that allows the public to make specific recommendations on how the agency may streamline the regulations within its purview.

U.S. lawmakers continue to weigh issues surrounding the potential international application of Dodd-Frank's derivatives provisions. Industry participants from the United States and overseas argue that broad application of certain transactional requirements under Title VII of the act could result in conflicting compliance obligations for some firms, and put U.S.-based companies at a competitive disadvantage in the world marketplace. On Feb. 8, experts and lawmakers on both sides of the debate discussed proposed legislation intended to limit Title VII's extraterritorial impact.

The Consumer Financial Protection Bureau's new director is becoming a frequent visitor on Capitol Hill. On Feb. 15, Richard Cordray discussed his agency's budget before the House Oversight and Investigations Subcommittee. He was greeted by Republicans who continued to express frustration with the bureau's powers and funding.

The Consumer Financial Protection Bureau included debt collectors and consumer reporting agencies in its proposed larger participants rule. If the rule is finalized as written, larger players in these markets would become subject to the bureau's new nonbank supervision program. Read on for the details.

The Consumer Financial Protection Bureau is seeking public input on a draft monthly mortgage statement that is designed to make it easier for homeowners to understand their loans and avoid incurring costs and fees. Read on for the details.

The Commodity Futures Trading Commission changed Part 4 of its regulations involving registration and compliance obligations for commodity pool operators and commodity trading advisors. The rule, approved on Feb. 8, is intended to increase transparency to the CFTC of CPOs and CTAs acting in the futures and swaps markets and enhances protections for their customers.

The comment period for a joint regulatory proposal that would implement the provisions of the Dodd-Frank Act's Volcker rule ended on Feb. 13. As expected, many large trade organizations waited until the last moment to submit their thoughts to the regulators. Read on for an in-depth look at the issues the groups discussed.

The Commodity Futures Trading Commission voted to establish a panel tasked with developing recommendations regarding the definition of high frequency trading. The definition is expected to serve as an initial step toward assessing the presence and impact of such trading in CFTC regulated markets for consideration of appropriate regulatory and policy responses. The regulator also asked the public to nominate experts for the new group.

The Securities and Exchange Commission's Office of the Inspector General released a follow-up study examining the manner in which the agency conducts economic analysis for its rulemakings under the Dodd-Frank Act. Read on to learn what issues the study identified related to the SEC's analysis of the costs and benefits associated with its rulemaking efforts.

A federal court barred a foreign firm from soliciting or accepting orders to trade foreign currency from U.S. retail customers. The action is part of the Commodity Futures Trading Commission's second nationwide sweep against foreign currency firms for failure to register under the 2008 Farm Bill, the Dodd-Frank Act and commission regulations. Read on for the details.

The Consumer Financial Protection Bureau's new director renewed his promise to minimize the compliance burden the agency may generate for community banks and credit unions. On Feb. 8, Richard Cordray fielded questions from members of the credit union industry during a Webinar hosted by the National Credit Union Administration. Read on to learn what issues were brought to Cordray's attention and how he plans to respond to them.

The Office of the Comptroller of the Currency plans to end paper distribution of news and issuances this summer. Read on to learn how institutions will receive guidance and regulatory materials in the future.

Investment advisers are racing to keep up with numerous changes under the Dodd-Frank Act, including new registration and reporting requirements and an overhaul of the exemptions provided within the Investment Advisers Act. The changes were discussed during the Compliance Outreach Program National Seminar recently hosted by the Securities and Exchange Commission. Read on to learn what a top SEC regulator identified as the key issues facing advisers.

The Republican-controlled Florida Senate advanced a resolution that would urge the U.S. Congress to repeal the Dodd-Frank Act. The document argues that the regulations imposed under Dodd-Frank “will severely damage the ability of American companies to compete internationally with foreign companies or even create American jobs.”

A host of industry organizations spoke out on a plan to modify the proposed market risk capital rules proposed by a group of regulators in light of Dodd-Frank's credit ratings provisions. Read on to learn about the associations' concerns.

The Republican-controlled U.S. House Subcommittee on Financial Institutions and Consumer Credit considered legislative proposals that proponents say will increase the accountability of the Consumer Financial Protection Bureau. Democrats opposed bills that would move the bureau from the Federal Reserve to the Treasury Department and remove the CFPB's director from the Federal Deposit Insurance Corp. board. However, they signaled possible support for a measure intended to ensure that information shared with the bureau in the supervisory process would be treated as privileged.

President Barack Obama nominated an executive with J.P. Morgan to serve as a member of the Federal Deposit Insurance Corp. board. Read on to learn about the nominee.

The New York Stock Exchange tightened rules setting forth the types of corporate governance proxy proposals upon which brokers may vote. The exchange said it is making the amendments in light of recent legislative action. Read on to learn what matters brokers may not vote on without client instructions.

The Federal Deposit Insurance Corp. is seeking comment on proposed guidance regarding the steps savings associations should take as they determine whether certain corporate bonds are suitable for investment as required under regulators' proposed market risk capital rules.

The board tasked with overseeing firms engaged in the municipal securities business urged expansion of the exemption for governmental obligations in federal regulators' Volcker Rule proposal. The Municipal Securities Rulemaking Board said a significant class of municipal securities would be excluded from the proposed exemption, resulting in a bifurcation of the municipal securities market without benefiting the soundness of the banking system.

A coalition of industry groups responded to rules governing the registration of swap dealers and major swap participants. The groups said that when the Commodity Futures Trading Commission finalized the regulations, the agency “failed to appreciate the very serious problems created by relying on” the rule's preliminary registration requirement in circumstances where the extraterritorial application of the Commodity Exchange Act's swap provisions has not yet been clarified.

Efforts to challenge President Barack Obama's recent recess appointments are gaining steam. A group of 39 Republican senators intend to file an amicus brief challenging the constitutionality of the president's appointment of Richard Cordray to head the Consumer Financial Protection Bureau and other appointments to the National Labor Relations Board.

More than two dozen U.S. House members asked regulators to rethink new rules that will require advisers to private equity funds to register with the Securities and Exchange Commission. Read on to learn why the representatives believe the new requirements will be “detrimental to capital formation and job creation.”

The Consumer Financial Protection Bureau has a new weapon in its arsenal to fight consumer financial frauds directed at military members, veterans and their families. The CFPB, Federal Trade Commission and Department of Defense unveiled plans to create a database intended to track completed enforcement actions against companies and individuals who repeatedly scam military personnel. Read on to learn about the database and how it will work.

The Consumer Financial Protection Bureau submitted a report to Congress describing the agency's activities since it officially opened its doors in July 2011. The report highlights the bureau's effort to identify and correct perceived issues in the mortgage, credit card and student loan markets. It also sets forth the agency's rulemaking plans for the next six months. Read on for highlights from the report.

Trade associations representing banks and credit unions spoke out about the Consumer Financial Protection Bureau's proposed policy for disclosing certain credit card complaint data. Read on to learn about their concerns.

A coalition of industry groups asked federal regulators to drop a provision of their proposed risk retention rule that would require securitizers to set aside the premium from sales of securities in a special reserve account to be used for first losses. Read on to learn why the associations believe the proposal's premium capture cash reserve account provisions could harm the broader economy.

The Securities and Exchange Commission published answers to a series of questions related to the agency's family offices rule. Read on to learn about the issues the SEC staff guidance addressed.

A report from the Commodity Futures Trading Commission and the Securities and Exchange Commission finds important differences between domestic efforts to regulate over-the-counter derivatives and similar regulatory initiatives around the world. Read on to learn what steps the U.S. regulators should take to promote global coordination.

Investors may salivate at the thought of owning a piece of Facebook as the social media behemoth goes public, but company leaders are already bracing for the federal oversight they know is coming. Read on to learn what the company believes the requirements of the Dodd-Frank Act and other statutes will mean for their business.

Richard Cordray appeared before a Senate committee for the first time since President Barack Obama sidestepped the chamber and installed him as the Consumer Financial Protection Bureau's first permanent director. As expected, Republicans hammered Cordray on the legality of his appointment and the legitimacy of the bureau's actions. Read on to learn what Cordray had to say about some major CFPB rulemaking efforts.

The government agency that creates sentencing guidelines and policy statements for the federal courts asked for the public's input as it considers possible amendments related to securities fraud, mortgage fraud and financial institutions fraud. Read on to learn about the changes the U.S Sentencing Commission is considering.

The Consumer Financial Protection Bureau is reviewing the thousands of comments it received in response to its draft financial aid shopping sheet. Read on to learn what information consumers believe should appear on the form.

The Consumer Financial Protection Bureau is taking aim at one of the nation's largest credit card issuers. Discover Financial Services revealed in a recent Securities and Exchange Commission filing that it was notified of a threatened enforcement action brought by the Federal Deposit Insurance Corp. and the CFPB. Read on to learn how the CFPB could impact Discover's future operations.

The Securities and Exchange Commission is seeking the public's input as it studies financial literacy and investor disclosure issues as required by the Dodd-Frank Act. Read on to learn what some commenters said about the issue.

Massachusetts approved changes to its rules related to the registration of advisers to hedge funds and private funds. The changes are intended to dovetail with new registration requirements under the Dodd-Frank Act. Read on to learn about the commonwealth's private fund exemption.

The Securities and Exchange Commission named an interim replacement for departing Inspector General David Kotz. Read on to learn who the SEC selected.