On July 12, 2011 the Consumer Financial Protection Bureau
Report (CFPB) released detailed information about its supervision program for
large depository institutions. The CFPB will begin its oversight of banks
with total assets over $10 billion on July...
The FDIC has been one of the more active regulatory
agencies in the arena of director and officer liability. And the recent
and ongoing banking crisis has given the FDIC the opportunity to not only
pursue actions against directors and officers, but...
BY: EDMUND D. HARLLEE On Thursday, June 23, 2011, the Board of Governors of the Federal Reserve System (the "Board") issued proposed amendments to its Regulation B (Equal Credit Opportunity) to provide a temporary exemption for certain motor...
The Bureau of Consumer Financial Protection (CFPB) has issued a Notice and Request for Comment identifying six markets for consumer financial products and services being considered as markets in which "larger participants" will be subject to...
by Knox Dobbins
On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau...
by: Edmund D. Harllee
On Monday, June 20, 2011, the Board of Governors of the Federal Reserve System
(the "Board") issued final rules modifying the Official Staff Commentary to its
Regulation Z (Truth In Lending) and Regulation M (Consumer...
"This is not some evil conspiracy of two guys sitting in
a room saying we should let people create crony capitalism and steal with
impunity," said William K. Black, a professor of law at Univ. of Missouri and
the federal government's director...
At an open meeting on June 22, the Securities and
Exchange Commission adopted new rules under the Investment Advisers Act of 1940
aimed at investment advisers, private fund managers, venture capital funds, and
Based on the statements...
Finally, the SEC is going to take some action today on
the regulation of investment advisers, venture capital funds, and private fund
For years, they've been trying to get regulatory control
of private funds. Now they are going to...
That story is title does not come from me; it's a quote
Troy A. Paredes of the Securities and Exchange Commission.
We cannot simply focus on the costs and benefits of a
single rule change on a stand-alone basis. It is the totality...
Contingency Planning in the Absence of a
memorandum first explains the July 16, 2011 problem that will arise because the
Dodd-Frank derivatives legislation (Title VII of the statute) goes into effect
without either a ready...
"bad actor" rules are likely to increase the risks and costs
associated with Rule 506 offerings.
The U.S. Securities and Exchange Commission (SEC) has
announced proposed rules 1
that would deny the safe-harbor exemption provided...
This commentary provides an overview of the status of significant rulemaking developments since the enactment of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. It focuses on important issues facing end-users of derivatives and...
Tello, Dwane Dupree, and Robb Chase
On May 31, 2011, in FinCEN Notice 2011-1, the Department
of Treasury's Financial Crimes Enforcement Network (FinCEN) extended the 2010
Report of Foreign Bank and Financial Accounts (FBAR) filing deadline...
by Edmund D. Harllee
On Monday, May 23, the Federal Reserve Board (the
"Board") issued proposed revisions to its Regulation E (Electronic Fund
Transfers) in order to implement changes required by the Dodd-Frank Wall Street
Reform and Consumer...
by Christine A. Edwards, Jerry Loeser and
Jacob F. Calvani
In September 2010, the Basel
Committee on Banking announced a strengthening of existing bank capital
requirements and also endorsed a proposal issued last July for an additional
According to FDIC's Quarterly Banking Profile, released
on May 24, 2011 (refer here ),
the pace of bank failures slowed during the first quarter. However, both the
absolute and relative number of problem institutions continued to increase,
With the impending
deadline for filing Form ADV to register as an investment adviser, you need
to jump through some hoops before you can do the filing. First step is visiting
the Investment Adviser Registration
Depository . Form ADV needs to be filed...
set a July 21 deadline for changes to the Investment Advisers Act in Title
IV: The Private Fund Investment Advisers Registration Act . This
included the expiration of the private adviser exemption from
registration under the Investment...
by Lewis Wiener and Evan Taylor
The Consumer Financial
Protection Bureau was created by Title X of the Dodd-Frank Wall Street Reform
and Consumer Protection Act, 111 P.L. 203 (also known as the Consumer Financial
Protection Act of 2010). The CFPB will...
In earlier versions of Dodd-Frank, when it was being
formulated in the House committee, there was an exemption for private equity
fund managers from registration under the Investment Advisers Act. It also had
an exemption for venture capital fund managers...
The FDIC's pursuit of litigation against directors and
officers of banks that have failed as part of the current round of bank
failures has been moving forward, albeit at a deliberate pace. The agency's
litigation efforts advanced a couple...
Congressman Bachus must have let one of his grandkids
near the computer. The House
Committee on Financial Services , of which Congressman Bachus is the
chairman, has jumped into the world of social media. They have a Twitter feed , a YouTube Channel...
Last year, I looked a the top 30 real estate private
equity fund managers to see which are already registered with the SEC. The 2011
version of the PERE 30 just came out, so I decided to look at the list
again. (Disclosure: my company is on the list...
On May 3, 2011, the U.S. Attorney for the Southern
District of New York, Preet Bharara, filed a False Claims Act (FCA) suit
against Deutsche Bank AG and its subsidiary, MortgageIT, Inc., for making
allegedly false statements and certifications of compliance...