Law Professors Bebchuk and Jackson Bemoan SEC’s Delay in Considering Corporate Political Spending Disclosure Rules

Expressing disappointment that the Securities and Exchange Commission no longer is scheduled to consider whether to adopt rules that would require public companies to disclose their political spending, Harvard Law School Professor Lucian Bebchuk and Columbia Law School Associate Professor Robert J. Jackson...

Reaction to the New Volcker Rule: Not Enough, and Too Much

As has been widely reported, five federal agencies today issued final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a/k/a the “Volcker Rule.” The final rules prohibit insured depository institutions and companies affiliated with insured...

Consumers Typically Are Barred from Suing Their Banks, CFPB Finds

Arbitration clauses commonly are used by large banks in credit card and checking account agreements – and roughly nine out of 10 clauses allow banks to prevent consumers from participating in class actions, according to research just released by the Consumer Financial Protection Bureau (CFPB)....

One Bank’s Reaction to Volcker Rule: A Big Charge to Earnings

Just days after the Federal Reserve and other bank regulatory agencies finalized the “Volcker Rule” under the Dodd-Frank Act, one large bank has reacted in a big way. Zions Bancorporation has determined that substantially all of its portfolio of bank and insurance trust preferred collateralized...

#2 in Financial Fraud Law: He Was Confirmed, and He Has Confirmed an Aggressive Approach for 2014

Let’s get this out right at the beginning: #2 in Financial Fraud Law for the year, according to the Financial Fraud Law Blog , is: #2: Richard Cordray, Director of the Consumer Financial Protection Bureau. The Consumer Financial Protection Bureau (“CFPB”) was a key part of the...

CFTC Orders Russian Bank President to Pay $250,000 Penalty

The U.S. Commodity Futures Trading Commission (CFTC) has entered an order requiring foreign national Artem Obolensky of Moscow, Russia, to pay a $250,000 civil monetary penalty for making false and misleading statements of material fact to CFTC staff in an interview during a CFTC Division of Enforcement...

CFPB Proposes to Oversee Larger Nonbank International Money Transfer Providers

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would allow it to supervise certain nonbank international money transfer providers for the first time. The CFPB said that its proposed rule would bring new oversight to larger nonbank international money transfer providers, to make...

Prosecutors’ Rush to Join Private Law Firms Accelerates

The wave of financial fraud prosecutors joining private law firms is continuing – in fact, it appears to be accelerating. Consider that, in just the past couple of days, David Meister, who ran the enforcement unit at the Commodity Futures Trading Commission, joined Skadden, Arps, Slate...

This US Official Is Appearing Tonight on Jeopardy! Who is ….?

He is the former Attorney General of Ohio and he now serves as director of the Consumer Financial Protection Bureau. He tamed Jeopardy! nearly three decades ago as a five time winner, and is back on the show this evening as part of the “Battle of the Decades.” Who is he? And please remember...

Fraud Regulator Calls Obama Administration Budget ‘Woefully Insufficient’

Commissioner Bart Chilton of the Commodity Futures Trading Commission (“CFTC”) is calling the proposed funding for the agency in President Obama’s proposed fiscal year 2015 budget “woefully insufficient” given the agency’s increased responsibilities under the Dodd...