Financial Services Spotlight

May 2016 Second Half Developments

Posted by Roy Andersen on May 31, 2016 12:00:00 PM

Overview

The CFPB has issued a proposed rule that would restrict the use of mandatory arbitration in consumer finance contracts.   Arbitration is generally more expensive for consumers and eliminates the chance for class actions.  The proposed rule would cover a broad range of financial products.  The CFTC has issued its final rule on cross-border application of its margin rules on uncleared swaps. One Commissioner described the new rule as “muddled methodology” as well as impractical and unnecessary and harmful to US businesses. 

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Topics: Margin Requirements, CFPB, Iraq, Burma, Arbitration Agreements

About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

 

Meet the Authors


Roy C. Andersen, of counsel in Sullivan & Worcester's New York office, is a member of the Corporate Department. Mr. Andersen focuses on bank regulatory and compliance matters, including international banks and their branches and agencies in New York.

Joel Telpner, partner in the firm's New York office, is a seasoned advisor, strategist and problem solver. Mr. Telpner brings more than 30 years of legal experience in a career that includes time as an AmLaw 100 partner, the former U.S. general counsel of a global financial institution, and a venture capitalist. He is recognized for his ability to deftly manage complex financial transactions, especially those involving sophisticated structured finance and derivatives matters and has an extensive and unique combination of transactional and regulatory experience.

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