Section 1028 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Consumer Financial Protection Bureau (CFPB) to limit or even prohibit the use of arbitration provisions that govern future disputes between a consumer and a financial services/products provider. This issue is the focus of a CFPB field hearing scheduled for 11 a.m.,
SEC Speaks 2015: Enforcement Highlights
On February 20, 2015, the Securities and Exchange Commission (SEC) held its annual SEC Speaks conference, which updated the public regarding the staff’s work over the last year and its plans for 2015. The conference covered several areas, but this posting focuses on the chairman’s remarks regarding enforcement in 2014 and beyond.
In her opening
Second UBS Tax Investigation Shows the Continuing Allure of Whistleblower Law
News leaked late last week that Swiss banking giant UBS is again under DOJ investigation for aiding tax fraud by U.S. clients. In 2009, UBS pled guilty to a criminal tax conspiracy charge, and received a deferred prosecution agreement. UBS admitted that thousands of unreported and untaxed accounts at the bank were controlled by U.S.
White House Proposes Expansive Data Breach Notification Bill
Last week, President Obama proposed wide-reaching legislation to establish a uniform, nationwide standard for data breach notifications that envisions a significant enforcement role for the Consumer Financial Protection Bureau (CFPB). The proposal, titled the Personal Data Notification and Protection Act, can be found here. In terms of the types of covered data, the White
A Question of Ethics: May Former Staffers Discuss Legislation With Current Staffers?
Q. I have just completed more than a decade of service as a House staffer and am now preparing for a job in the private sector. I know there are rules about what I can and cannot do, and I am trying to make sure I understand them all.
CFPB Reaches Settlement Agreement with Debt Relief Company and Law Firm
Last Thursday, December 4, 2014, the Consumer Financial Protection Bureau (CFPB) reached a settlement agreement with Premier Consulting Group LLC and the Law Office of Michael Lupoloverrequiring the defendants to pay a fine of roughly $69,000 for allegedly charging consumers illegal upfront fees for debt relief services. The Telemarketing Sales Rule prohibits companies from collecting fees
A Question of Ethics: The Year in Government Ethics
Roll Call | December 9, 2014
As long as there are governments, there will be government corruption. The temptations to abuse power are never going away, and neither is human frailty, which means government ethics will remain an important issue for, well, forever.
A look back on 2014 reveals yet another year of explosive government
With Record-Setting False Claims Act Recoveries, What Will DOJ Do for an Encore?
Last week, the Department of Justice (DOJ) announced that it had collected a record $5.69 billion in False Claims Act (FCA) settlements and
recoveries over the past year, marking the first time that recoveries have breached the $5 billion threshold. The DOJ press release announcing this accomplishment highlighted two key areas of recovery: healthcare and
DOJ Wields Financial Institutions Reform, Recovery, and Enforcement Act Against Financial Institutions
In 2012 and 2013, the Department of Justice brought a slew of actions against several financial institutions under a rarely used and little-known statute from the late 1980s for conduct related to the mortgage crisis. Outcomes in these cases in recent months show the statute’s potency and likely indicate that the government will continue to
FCA Enforcement Performance: Part 2 – The Forex Effect
Only a couple of weeks ago I was commenting on a NERA report that had found that in the period between April 2012 and October 2014 the FCA had imposed fines of over £1bn, in sharp contrast to the preceding decade during which a paltry £320m had been levied.
Now, on 12 November 2014, the