GAO Says CFPB Needs to Improve Data Privacy and Security


To fulfill its statutory responsibilities, the CFPB collects large amounts of consumer financial data on credit card accounts, mortgage loans, and other products through one-time or ongoing collections. While the CFPB has taken steps to protect and secure these data collections, GAO determined that additional efforts are needed in several... Read More

Topics: Banking, Consumer Protection, Uncategorized

SEC Charges Private Equity Sponsor for Misallocation of Expenses on Integrated Portfolio Companies


The SEC charged a private equity sponsor with breaching its fiduciary duty to a pair of private equity funds by sharing expenses between a company in one’s portfolio and a company in the other’s portfolio in a manner that improperly benefited one fund over the other. The private equity sponsor... Read More

Topics: Investment Advisers, Private Equity, Uncategorized

FASB Revises Going Concern Evaluations and Disclosure


Generally accepted accounting principles, or GAAP, presumes continuation of a reporting entity as a going concern as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. This presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation... Read More

Topics: Public Companies and Securities, Uncategorized

CFPB Clarifies Heirs, Divorcees and Estate Planning Transferees Are Not Subject to Ability-to-Repay Rules


The CFPB issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over the decedent’s... Read More

Topics: Consumer Protection, Uncategorized