A report issued this week by the Government Accountability Office reviewed efforts by regulatory agencies to analyze and coordinate their Dodd-Frank Act mandated rulemaking. It found that, despite good intentions, improvement is needed when assessing costs and avoiding duplicative efforts. “Most of the regulations have not been finalized to date, but there’s concerns among the […]
Joe Mont
Posted inFrom the Archive
Will Regulators Focus on Instagram’s New Privacy Policy?
A picture may be worth a thousand words, but by Tuesday afternoon Instagram amassed many more as it faced the wrath of users angered by the photo-sharing service’s new privacy policy and terms of service. Most loathed among the new conditions: “You hereby grant to Instagram a non-exclusive, fully paid and royalty-free, transferable, sub-licensable, worldwide […]
Posted inUncategorized
Coming Soon: New Regulations on Prepaid Debit Cards
Banks, retailers, and other companies that issue prepaid debit cards or gift cards in large amounts will soon find themselves in the middle of a regulatory battle against drug dealers and terrorists. Efforts to curb international money laundering and fund transfers to rogue nations under sanctions are leading officials to implement new controls over increasingly […]
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CFPB Cracks Open Grade Book for Student Loan Lenders
Student loan lenders are the next in line for a report card from the Consumer Financial Protection Bureau. On Monday, the Bureau published the procedures it will use when examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field […]
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CFTC: Start Saving Those Phone Calls and Instant Messages
The Commodity Futures Trading Commission added another weapon to its enforcement arsenal today by issuing a new rule that demands derivatives traders record and store trade-related phone calls, voice mails and online chatter. The final rule, touted as necessary for policing the futures market and to “preserve critical evidence” requires that futures commission merchants (FCMs), […]
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Badly Behaving Banks are ‘Too Big to Jail,’ Senator Charges
Describing it as a policy of “too big to jail,” Oregon Senator Jeff Merkley is blasting the U.S. Department of Justice for offering “deferred prosecutions” to large financial institutions, in particular a deal struck last week with banking giant HSBC. Last Tuesday, the Justice Department entered into a deferred prosecution agreement with HSBC related to […]
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Credit Unions Will Ditch Credit Ratings for Assessing Securities
The National Credit Union Administration has joined other bank regulators in issuing a final rule that replaces the use of credit ratings with alternative standards for assessing the creditworthiness of securities and money-market instruments. NCUA is the independent federal agency that regulates, charters, and supervises federal credit unions. Section 939A of the Dodd-Frank Act requires […]
Posted inEthics & Culture
Shop Talk: Building Ethics Into a Global Supply Chain Starts at Home
To put a twist a popular bumper sticker, companies need to think locally and act globally. THE PANELISTS The following executives participated in the November 27 roundtable on ethical conduct in the supply chain. Grant Adamson, Senior Counsel, Phillips 66 Bobby Butler, Chief Compliance Officer, Universal Weather & Aviation John Lazarine, VP of Internal Audit, […]
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SEC Didn’t ‘Like’ Netflix CEO’s Boastful Facebook Post
A possible suggestion for Reed Hasting’s Netflix queue: “Look Who’s Talking.” Or maybe, “SEC and the City?” Calling it a “fascinating social media story,” the Netflix CEO has announced that his company received a Wells notice from the Securities and Exchange Commission over a possible Regulation Fair Disclosure (Reg FD) violation. In sharing that news […]
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Corp Fin Director Meredith Cross Announces Departure
Last week, Securities and Exchange Commission Chairman Mary Schapiro announced that she was leaving the agency in December. Today, another key regulator, Division of Corporation Finance Director Meredith Cross, also announced her imminent departure. Cross, who has served as the Division’s director since June 2009, will leave the SEC at the end of the year […]
