On Thursday, the Consumer Financial Protection Bureau (CFPB), established under Dodd-Frank, announced that it was seeking public input as it works to define the entities that will be considered “larger participants” in some consumer financial markets. Under Dodd-Frank, the CFPB is responsible for ensuring that both banks and non-banks comply with federal consumer finance laws. […]
Karen Kroll
Posted inFrom the Archive
DOL Considers Updating Guidelines for Electronic Delivery of ERISA Disclosures
In April, the Department of Labor requested comments as it reviews standards governing the use of electronic media to disseminate information to participants and beneficiaries of employees benefit plans under the Employee Retirement Income Security Act, or ERISA. The Department’s current standards date to 2002, and it is exploring whether and how to expand or […]
Posted inData Privacy
Data Breach at Security Firm Could Make Others Vulnerable
As an epidemic of computer hacking incidents targeting companies and government agencies has raised computer security concerns across the board, one particular attack on a computer security firm has upped the ante in the battle between hackers and companies who must protect the sensitive data of customers, partners, and employees. In March, Art Coviello, executive […]
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Life Under New Whistleblower Rules
Visitors to the Securities and Exchange Commission home page will now see a whistle icon in the upper right-hand corner. All it takes to report a complaint is to click on it and fill out a questionnaire. With such an easy way for whistleblowers to bring their concerns to the SEC and the potential for […]
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U.S. Chamber Urges Coordination Between CFPB and FTC
Title X of Dodd-Frank, which established the Consumer Financial Protection Bureau, “confers substantially overlapping enforcement authority upon the Consumer Financial Protection Bureau, and the Federal Trade Commission,” according to a June 20, 2011 letter sent by David Hirschmann, president and chief executive officer of the U.S. Chamber’s Center for Capital Markets Competitiveness to Treasury Secretary […]
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SEC Delays Some Provisions of Dodd-Frank
In a June 10, 2011, statement, the Securities and Exchange Commission said that it was “taking a series of actions in the coming weeks to clarify the requirements that will apply to security-based swap transactions as of July 16—the effective data of the Title VII of the Dodd-Frank Act—and to provide appropriate temporary relief.” A […]
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Senate Hearings for Two SEC Nominations
On Tuesday, June 14, the Senate Banking Committee held hearings on the nominations of two nominees to the Securities and Exchange Commission, Luis Aguilar and Daniel Gallagher. Aguilar currently is an SEC commissioner; he was appointed in 2008 to complete a partial term, which actually expired last year. He previously held a number of executive […]
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Dodd-Frank Act on the SEC’s Agenda
The SEC is scheduled to hold several meetings over the next few weeks focusing on implementing various provisions of the the Dodd-Frank Act. On the docket: The SEC and the CFTC will hold a joint public roundtable discussion on Thursday to discuss proposed definitions required under Title VII of Dodd-Frank, which covers regulation of over-the-counter […]
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Bank Regulators Seek Comments on Stress Testing Guidance
On Thursday, June 9, 2011, the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) announced that they were seeking comments on their proposed guidance on stress-testing practices at banking organizations with total assets of more than $10 billion. “The proposed guidance provides an overview […]
Posted inAccounting & Auditing
Delays and Difficulties Mar the Path to IFRS Adoption
Nobody said it would be easy, but bumps in the road along the way to possible U.S. adoption of International Financial Reporting Standards are popping up more and more often, and in some unlikely places. Regulators got a reminder of the many barriers to implementation of IFRS in the United States last month, when the […]
