Even the most ardent supporters of rules requiring publicly traded companies to disclose more information about their political contributions and lobbying efforts didn’t expect much movement on the issue from a Securities and Exchange Commission that is well behind on writing Dodd-Frank Act and JOBS Act rules. Now, however, activists have received a dose of […]
Joe Mont
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New Healthcare Privacy and Security Rules Finally Emerge
Long-delayed and eagerly awaited, the Department of Health and Human Services on Thursday released revised privacy and security protections for health information established under the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The final omnibus rule, under review by the Office of Management and Budget since March, is based on statutory changes to […]
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Multi-Agency Mortgage Rule Takes Aim at House Flipping Fraud
Six federal financial regulatory agencies have jointly issued a final rule establishing new appraisal requirements for “higher-priced mortgage loans” that are intended to address fraudulent property flipping. The rule—issued by the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, Office of the Comptroller of the Currency, and […]
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Final FATCA Regulations Issued in Fight Against Offshore Tax Evasion
The Treasury Department and Internal Revenue Service have issued final regulations for their global reporting demands under the controversial Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, FATCA was created to target non-compliance by U.S. taxpayers using foreign accounts s a means of tax evasion. It requires foreign financial institutions (FFIs)to report […]
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CFPB Continues Mortgage Focus with New Rules for Servicers
At an event in Atlanta Thursday morning, the Consumer Financial Protection Bureau unveiled several new rules for mortgage servicers that are intended to help troubled borrowers “get a fair process to avoid foreclosure, told about their options, and given time to be considered for loan modifications.” Mortgage servicers collect payments from mortgage borrowers on behalf […]
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CFTC Lawsuit Threatened Over Proposed Swap Data Rule
Having avoided one lawsuit brought against it for new rules pertaining to the reporting of swaps data, the Commodity Futures Trading Commission is now threatened by another, this time by the Depository Trust & Clearing Corporation. In a statement, DTCC announced that it had laid out its concerns in a new comment letter filed with […]
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Deadline on Money Market Fund Comments Pushed to February
The Financial Stability Oversight Council has extended the comment period for proposed recommendations for money market mutual fund reform from a Jan. 18 deadline to Feb. 15. The extension was at the request of Securities and Exchange Commission Chairman Elisse Walter, whose agency issued a staff report citing the need for new regulations in November. […]
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FSA Firms Up Guidance for Stopping Inappropriate Sales Incentives
The Financial Services Authority, the regulator of financial services in the U.K., this week published final guidance intended to curb questionable sales incentives that can push unsuitable financial products upon consumers. The guidance follows a review of sales incentives conducted by the FSA in September. That study, which reviewed 22 financial institutions, found that some […]
Posted inData Privacy
Delayed Privacy Rules Put Healthcare Companies in a Bind
That toe-tapping you hear is the sound of healthcare compliance officers growing impatient over the long delay to finalize changes to the Health Insurance Portability and Accountability Act’s (HIPAA) privacy and securities rules. The pending rules date back to February 2009, when Congress enacted the HITECH Act in response to the growing reliance of IT […]
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FINRA Begins Voluntary Registration for Crowdfunding Portals
Although the Securities and Exchange Commission has yet to issue crowdfunding rules optimistically expected by the end of the year, the Financial Industry Regulatory Authority has forged ahead with a voluntary, interim registration form for would-be crowdfunding portals planning to operate in accordance with the JOBS Act. Crowdfunding websites,offering equity shares in start-up companies, may […]
