Dodd-Frank.com

SEC Charges Investment Adviser with Cybersecurity Violations

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The SEC recently commenced a settled enforcement action against an investment adviser, R.T. Jones Capital Equities Management, Inc., for cybersecurity matters.  Press reports indicate this is the first such case of its kind.  R.T. Jones did not admit or deny the SEC’s findings. These proceedings arose out of R.T. Jones’s... Read More

Topics: Consumer Protection, Investment Advisers, Uncategorized

Can You be Regulated by the CFPB?

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The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage Disclosure Act of 1975, and Truth in Lending Act. The CFPB has broad authority and it is getting... Read More

Topics: Banking, Consumer Protection

CFPB Plans Delay of Know Before You Owe Rule

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Residential mortgage originators struggling to meet the August 1, 2015 implementation date for the new Truth-in-Lending RESPA Integrated Disclosure Rule received a reprieve yesterday. CFPB Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to... Read More

Topics: Banking, Consumer Protection

CFPB Takes Action Against PayPal for Allegedly Signing Up Consumers for Unwanted Online Credit

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The CFPB filed a complaint and proposed consent order in federal court against PayPal, Inc.   The CFPB alleges PayPal illegally signed up consumers for its online credit product, PayPal Credit, formerly known as Bill Me Later. The CFPB alleges that PayPal deceptively advertised promotional benefits that it failed to honor,... Read More

Topics: Banking, Consumer Protection, Litigation

SEC Imposes $6 Million in Penalties for Straw Purchaser Arrangement

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On March 26, 2015, the SEC settled charges against 22 parties relating to arrangements by which companies not registered as broker-dealers purchased securities on behalf of Global Fixed Income, LLC (GFI) and received transaction-based compensation. The settlement generally requires each of the participants to pay disgorgements of profits and civil... Read More

Topics: Broker-Dealer, Consumer Protection, Investment Advisers