Articles
Filter
Dodd-Frank Anti-Retaliation Provision May Lead to More Lawsuits That Raise Compliance Issues
Much attention has been focused on the increasing role of whistleblowers in the government’s pursuit of financial fraud. Several federal statutes create bounty programs, allowing whistleblowers who bring fraud to the government’s attention to recover significant sums. The Dodd-Frank Wall Street...
ArticlesPetitions to Modify or Set Aside CFPB Civil Investigative Demands (CIDs): Analysis of Recent Decisions
Amanda M. Raines of Buckley Sandler LLP discuss how the power of civil investigative demands (CIDs) has been brought into focus by two CFPB decisions denying positions to modify or set aside CIDs and how those decisions provide guidance for parties assessing whether to challenge the CFPB's request...
ArticlesIs Regulatory Uncertainty an Impediment to Mobile Payments?
There is little question that smartphones and tablet computers are re-shaping the delivery of financial services to consumers. The mobile device is rapidly becoming a full-fledged platform for electronic financial services, and especially for mobile payments. Juniper Research and Gartner estimated...
ArticlesU.S. Using Subpoenas Under 1989 Act as New Tool to Probe Financial Firms
The U.S. Department of Justice has increased its use of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) to prosecute wrong-doing by financial firms. Accordingly, more institutions may find themselves having to deal with a subpoena under the act, including those that are...
ArticlesNew York Becoming the Leading Venue for Financial Fraud Whistleblower Suits
Prolific bank robber Willie Sutton reportedly once said he robbed banks because "that's where the money is." Judging by recent trends, whistleblowers might now give the same reason for filing their financial fraud suits in New York, which has quickly become the venue of choice for financial fraud...
ArticlesHow the CFPB Can Turn Restrictive Mortgage Rule Into a Win for All
Several recent reports in American Banker reflect widespread concern among both lenders and consumer advocates that the Qualified Mortgage Rules being developed by the CFPB, while well intentioned, could significantly impact the availability and price of home mortgage credit. The CFPB may want to...
ArticlesThe Law of Electronic Signatures and Records, 2012-2013 Edition
The Law of Electronic Signatures and Records , prepared by practitioners and members of committees who work on e-sign issues, helps you understand the impact of, and the liability associated with, electronic signatures and electronic records laws. It summarizes the legal requirements associated...
ArticlesWill Rakoff Opinion Impact Decision on Steven Cohen?
Recently, U.S. District Judge Jed Rakoff threw the government’s war on hedge fund insider trading a curveball when he issued an opinion addressing the law of remote tippee liability in the Southern District of New York. The opinion memorialized the court’s earlier formulation of jury instructions...
ArticlesE-Signatures: Zulkiewski v. American General Life Insurance Company
A 12 June 2012 unpublished decision of the Michigan Court of Appeals shed light on the necessity for and possible methods of attributing electronic signatures and in the process, found an insurance company's online account service program adequately attributed the electronic signature to the...
ArticlesSAFE, or Out? Who's In, Who's Not Under the SAFE Act
It’s been four years since the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 was signed into law. The SAFE Act encouraged states to establish a statutory framework for licensing “loan originators” — that is, individuals who take residential mortgage loan applications and offer or...
Articles