BNA INSIGHTS: Due Process, Transparency and the Consumer Financial Protection Bureau

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act and thereby created the Consumer Financial Protection Bureau…

Justice Department Sues Deutsche Bank, Alleges Fraud, Recklessness in Lending

The Justice Department alleged May 3 a wholly owned Deutsche Bank AG subsidiary fraudulently misrepresented its mortgage lending and underwriting practices for years while participating in a federal mortgage-insurance program that to date has led to $386 million in losses…

‘Volcker Rule’ Study Says New Metrics, Compliance Regimes Needed for Bank Proprietary Trading Ban

The Financial Stability Oversight Council (FSOC) Jan. 18 approved a study on the “Volcker rule” that calls for new types of quantitative metrics to determine banned proprietary trading activities and for regulated banks to develop internal compliance regimes in which top corporate officers could be held…

Foreign Banks Tell Regulators Oversight of Swaps Entities Should Remain at Home

Seven overseas banking organizations joined together Jan. 11 to tell federal financial regulators that the best way to regulate the swaps activities of such entities is to allow them to operate their…

Fed Proposes Rule Setting “Volcker Rule” Compliance Period of Two Years, Extensions

The Federal Reserve Board is seeking public comment on a Nov. 17 proposed rule that would give banks two years to comply with Volcker rule restrictions on proprietary trading once they…

CFTC, SEC Reach out to Experts in Hectic Dodd-Frank Rulemaking Process

NEW YORK—An unsolicited request from the Commodity Futures Trading Commission to meet with financial specialists concerning the implementation of landmark financial regulatory reform legislation illustrates a…

South Dakota Democrat Johnson Likely to Chair Senate Banking Committee

The Senate Banking Committee remains in Democratic hands with the party having maintained a narrow majority in the Senate after the midterm elections, but a change of leadership next session is inevitable with the retirement of…

FASB Drafting Guidance on Repos in Response to Lehman Case

NORWALK, Conn.—The Financial Accounting Standards Board aims to issue draft guidance by Nov. 1 that would…

Supreme Court’s Honest Services Decision Will Hamper Prosecution of Corporate Fraud, Lawyers Say

NEW YORK—A recent U.S. Supreme previous hitCourtnext hit decision effectively limiting the breadth of the honest-services theory of fraudulent behavior will likely lead to fewer criminal cases launched against senior…

Two Major Stakeholders Seek Financial Institutions’ Exclusion under FATCA Reporting Rules

Two major stakeholders asked the Internal Revenue Service to exclude a wide range of financial institutions from the broad new reporting, disclosure, and withholding requirements in the Foreign Account Tax Compliance Act (FATCA) in…

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