Posts from Steve Quinlivan
CFPB Launches Inquiry Into Overdraft Practices
Banking, Consumer Protection The Consumer Financial Protection Bureau, or CFPB, has 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 [...] Read more →
CFPB Proposes Rule to Supervise Consumer Debt Collection and Consumer Reporting Markets
Banking, Consumer Protection The Consumer Financial Protection Bureau, or CFPB, has announced a proposed rule to include debt collectors and consumer reporting agencies under its nonbank supervision program.... Read more →
ABA Dodd-Frank Guide for Community Banks
Banking The American Bankers Association has published a useful guide for community banks on the Dodd-Frank Act. The guide summarizes a number of key areas of concern. Check... Read more →
CFPB Seeks Input on Monthly Mortgage Statement
Banking, Consumer Protection The Consumer Financial Protection Bureau, or CFPB, is seeking public input on a draft monthly mortgage statement that is designed to make it easier for homeowners to understand... Read more →
CFTC Eliminates Key Exemption From Registration as a Commodity Pool Operator
Derivatives, Investment Advisers The CFTC has eliminated the exemption from registration as a commodity pool operator, or CPO, set forth in CFTC Rule 4.13(a)(4). The Rule provided an exemption from CPO... Read more →
SEC Issues FAQs on Form ADV
Investment Advisers, Private Equity Many sponsors of private equity funds and hedge funds are scrambling to register as investment advisers with the SEC as required by the Dodd-Frank Act. The process is completed... Read more →
Goldman and Morgan Stanley Negotiate Withdrawal of Shareholder Clawback Proposal
Public Companies and Securities We previously reported Morgan Stanley sought to exclude a shareholder proposal submitted on behalf of the Comptroller of the City of New York as custodian and a trustee of several... Read more →
FSOC Moves to Stage Two on Financial Market Utilities
Banking In July 2011, the Financial Stability Oversight Council, or FSOC, adopted rules pursuant to Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The... Read more →
CFPB Submits First Report to President and Congress
Consumer Protection The CFPB, in fulfillment of its statutory responsibility, has submitted its inaugural Semi-Annual Report to the President and Congress. The report summarizes the CFPB’s... Read more →
MSRB Advocates Expansion of Volker Rule Exemption
Banking, Broker-Dealer The Municipal Securities Rulemaking Board, or MSRB, urged expansion of the exemption for governmental obligations in the proposed Volker Rule because the MSRB is concerned that a... Read more →