The European Union officials are moving forward with a proposal to curb the interchange fees added to credit and debit card transactions. The proposal detailed on July 24 by the European Commission would cap interchange fees, charged by banks during monetary transfers, at 0.2 percent of the value of consumer debit card transactions; credit card […]
Joe Mont
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Court Rejects Legal Challenge to SEC’s ‘Conflict Minerals’ Rule
On Tuesday afternoon, a federal court upheld the Securities and Exchange Commission’s controversial “conflict minerals rule,” a requirement that businesses using certain minerals that are mined in the war-torn Congo must disclose that use throughout their supply chain. In a 63-page ruling, Judge Robert Wilkins of the United States District Court for the District of Columbia […]
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CFPB Faces Another Lawsuit Over Its Constitutionality
The question of whether the Consumer Financial Protection Bureau is constitutional is once again being raised, this time in a lawsuit filed against it by a California firm that provides debt collection support to law firms. The complaint was filed on Monday in U.S. District Court for the District of Columbia by Kimberly Pisinski, a […]
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CFTC Uses Dodd-Frank Rule to Combat High-Speed ‘Spoofing’
The Commodity Futures Trading Commission has announced its first enforcement action against a firm that used high-speed trading technology to manipulate the commodities market. On July 22, the CFTC issued an Order filing and simultaneously settling charges against Panther Energy Trading of Red Bank, New Jersey, and its principal Michael J. Coscia, for engaging in […]
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EPA Set to Move on a Host of Environmental Regulations
Expect to hear more from the Environmental Protection Agency in the months ahead. According to the Office of Budget Management, the EPA has more regulations pending than any other government agency, including scores of new greenhouse gas regulations, clean-air initiatives, and energy-usage rules. While several proposed rules make their way through the agency’s complex approval […]
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Glass-Steagall 2.0: Senators Introduce Throwback Banking Regulation
Banks have seen both record profits this year and an unprecedented flurry of new regulations they say could threaten that prosperity. The list of reforms includes new capital requirements, restrictions on derivatives trading, new requirements for money market funds, and reporting on social media communications for brokerages, just to name a few. It is an […]
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Three Years In, Dodd-Frank Deadlines Missed As Page Count Rises
This past weekend marked the third anniversary of the Dodd–Frank Wall Street Reform and Consumer Protection Act. For the anniversary, as it has done regularly since its passage, the law firm Davis Polk & Wardwell tracked the progress of its many legislative mandates. It fund a lot of pages and a lot of remaining work […]
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Survey Reveals Widespread Wall Street Misconduct, Need for Whistleblowers
The financial services industry faces “a serious and growing ethical crisis,” with more professionals willing to commit insider training and fewer prepared to report them unless they can claim a cash reward for doing so. The law firm Labaton Sucharow, which has a practice dedicated to representing SEC whistleblowers, presented those findings as part of […]
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Senate Committee Advances SEC Nominees, Extension for Chairman
The Senate Banking Committee on Thursday morning advanced several key appointments sought by the Obama Administration, including nominations of two new SEC commissioners and an extension of Chairman Mary Jo White’s tenure into 2019. A voice vote by committee members sent several nominations to the full Senate. Among them were Kara Stein and Michael Piwowar […]
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After Months of Controversy, Senate Confirms Cordray as CFPB Director
On Tuesday afternoon, the U.S. Senate officially confirmed Richard Cordray as director of the Consumer Financial Protection Bureau, a post he has held through a controversial recess appointment since January 2012. The final vote was 66 in favor, 34 opposed. Senator Elizabeth Warren (D-Mass.), among the architects of the CFPB and once considered for the […]
