Having lost the battle to prohibit class action waivers in consumer arbitration agreements, consumer advocates have embarked on a new crusade. Their new crusade is a misguided attempt to persuade the Securities and Exchange Commission (SEC) not to approve initial public offerings by companies whose corporate charters or bylaws require individual arbitration of shareholder disputes.… Continue Reading
SEC
SEC to hold fintech innovation public forum
By Barbara S. Mishkin on
Posted in Regulatory and Enforcement, Technology
The Securities and Exchange Commission has announced that it will host a public forum in Washington, D.C. on November 14, 2016 to discuss financial technology innovation in the financial services industry. The forum is designed to foster greater collaboration and understanding among regulators, entrepreneurs and industry experts about fintech innovation and evaluate how the current regulatory environment can most effectively address these new technologies.… Continue Reading
No federal court challenge to constitutionality of SEC’s use of administrative law judges before final SEC order, Second Circuit rules
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
A recent decision by the U. S. Court of Appeals for the Second Circuit suggests that an attempt by a company or individual that is the target of a CFPB administrative enforcement action to bring a separate action in federal court challenging the constitutionality of the CFPB’s use of an administrative law judge (ALJ) is likely to face a significant jurisdictional hurdle. … Continue Reading
The CFPB ignores internal reporting in its whistleblower bulletin
By Ballard CFS Group on
Posted in CFPB General, Regulatory and Enforcement
On December 15, 2011, the CFPB published a press release and a bulletin encouraging “whistleblowers” to either e-mail or call the Bureau with information about “potential violations of federal consumer financial laws.” The announcement itself is not much of a surprise, since section 1057 of Dodd-Frank creates protections for persons who report, or refuse to participate in, violations of the federal consumer financial protection laws administered by the CFPB. … Continue Reading