Consumer Financial Protection Bureau’s First Enforcement Action Penalizes Capital One for Deceptive Marketing
Capital One Financial Corporation will pay $60 million in penalties to financial regulators and set aside $150 million to provide refunds to credit card customers who were subjected to allegedly deceptive telephone marketing…
Federal Energy Regulatory Commission Proposal Would Provide More Flexibility for Non-Utility Transmission Developers
The FERC July 19 called for public comment on a proposed policy statement intended to provide more flexibility for non-utility developers of transmission projects to negotiate with potential customers…
Trade secrets are becoming a more fundamental part of intellectual property portfolios as intangible or knowledge-based assets are increasingly used to build and maintain a marketplace advantage…
As California goes, so goes the nation? Let’s hope not, at least as to legislation that will make California the first state in the nation to codify provisions of the National Mortgage Settlement…
ANALYSIS: The Evolution of Credit Default Swaps and Efforts to Regulate Them: What Will Be the Impact of JP Morgan Chase’s Recent $2 Billion Trading Loss?
“Every swap transaction is unique, like a snowflake, and you can’t make snowflakes with a cookie cutter like the Commodity Exchange Act […] While many believe that the CFTC’s actions may cause a financial crisis, no one believes that CFTC action is needed to solve one.” A representative of J.P. Morgan Securities, Inc. made this statement in 1998 when Congress assessed the CFTC’s first efforts to regulate the over-the-counter (OTC) derivatives markets. 1 Derivatives, including credit default swaps (CDS)—the instrument that caused JPMorgan Chase’s recent $2 billion (and mounting 2 ) trading loss—remained unfamiliar to the general public and unregulated for the decade that followed.
The Consumer Financial Protection Bureau (CFPB) has moved ahead with a final rule on the protection of privileged information submitted by banks and other financial institutions during the supervisory process, despite industry concerns about its effectiveness.
SEC Loses First-of-its-Kind Bid to Gain Securities Investor Protection Act Coverage for Stanford Investors
The U.S. District Court for the District of Columbia July 3 denied the Securities and Exchange Commission’s first-of-its-kind application to force Securities Investor Protection Corporation protection for victims of R. Allen Stanford’s $7 billion Ponzi scheme (SEC v. Securities Investor Protection Corporation, D. D.C., No. 11-mc-678 (RLW), 7/3/12).
The story went viral, and legislators around the country caught the virus. On March 21, the Associated Press reported a few incidents where employers had requested or required login credentials from applicants or employees to access their personal social media accounts. Over the next three weeks, more stories were published; some regurgitating the incidents originally reported by the AP, and others reporting on additional, alleged inquiries.
ALBANY, N.Y.—Electric power plants in New York state will face stricter limits on carbon dioxide emissions from new and expanded generating facilities under a regulation (6 NYCRR Part 251) announced June 28 by the state Department of Environmental Conservation (DEC).
WASHINGTON, D.C.—A federal appeals court June 26 dismissed all challenges to the Environmental Protection Agency’s greenhouse gas regulations in an unsigned opinion that reaffirmed the rules in their entirety (Coalition for Responsible Regulation v. EPA, D.C. Cir., No. 09-1322, 6/26/12).