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Erik Gerding
CFPB to Amend Ability to Repay Rules under CARD Act to Consider Household Income

The Consumer Financial Protection Bureau will begin a notice-and-comment rulemaking to reverse a portion of the "ability to repay" regulations under the CARD Act. The CFPB will begin formal rulemaking to allow card issuers to consider household...

Dykema
Deputy Director Date of Consumer Financial Protection Bureau to Step Down in January

by Jeffrey E. Jamison Bloomberg News is reporting that Raj Date, the influential deputy director of the Consumer Financial Protection Bureau (CFPB), will be leaving the Bureau at the end of January. Date joined the Bureau in February 2011 as the...

Perkins Coie
JOBS Act SEC Proposed Rules: Solicitation & Advertising for Private Offerings

by Karl J. Ege, Mel Wheaton, Danielle Benderly, and James T. Carroll Excerpt: The SEC recently issued long-awaited proposed rules to remove existing general solicitation and advertising prohibitions for private offerings and sales of securities...

Timothy Raub
Feeder Funds to Pay Nearly $220M to Settle Madoff Ponzi Scheme Fraud Claims

NEW YORK - Four Bernard L. Madoff Investment Securities LLC feeder funds and several of their current and former owners and officers have agreed to pay nearly $220 million to settle claims that they breached their fiduciary duties under the Employee...

Timothy Raub
$7.5 Billion Credit-Card-Fee Settlement Receives Approval

NEW YORK - (Mealey's) A federal judge in New York on Nov. 9 granted preliminary approval to the $7.25 billion class action settlement between merchants and Visa, MasterCard and a large number of banks that the proposed class alleges fixed the prices...

Morrison and Foerster LLP
Morrison & Foerster - Regulatory Capital: January 1, 2013 Deadline Eased

This morning, the three federal bank regulatory agencies announced that their proposed new capital rules based on Basel III (and other Basel standards) would not take effect on January 1, 2013, a date previously proposed apparently in order to adhere...