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DATA SECURITY

– BJ's Wholesale Club data breach, dismissal of class action suit affirmed (Mass.), 94:25
– Cloud computing, holes in Electronic Communications Privacy Act, House hearing, 95:522
– Collaboration between federal government and financial services industry, MOU on cybersecurity, 95:1061
– Cost analysis, Ponemon Inst. 2009 report, 94:223
– Countrywide Financial data breach, class action settlement with 10.1M customers (W.D. Ky.), 94:24; final settlement approval, 95:363
– Credit cards, updated version of industry's self-regulatory rules, preview, 95:315
– Cyberfraud, trends in rate of attacks and breaches versus spending on security and education, Bregman remarks, 94:1086
– Electronic commerce, cybersecurity, Hill Watch, 94:712
– EU, bank wire transfer data for counterterrorism purposes, new mandate for negotiations with U.S., 94:625
– Financial account information protection

See LEGISLATION, FEDERAL, S 3579

– Finland, Luottokunta data breach, theft of data from over 100,000 payment cards, 94:443
– France, finger-vein pattern authentication, government approval of plan, 94:668
– Hannaford Bros. data breach, hacker guilty plea, 94:27
– Heartland Payment Sys. data breach

– – Consolidated consumer class actions settlement (S.D. Tex.), 94:26
– – Discover card issuing and processing banks, Heartland settlement, 95:410
– – Hacker guilty plea, 94:27

– Hill Watch, 95:428
– Lincoln Natl. notification of possible unauthorized access to records, 94:153
– Patco Construction data breach, practical terms of protection from cyberattacks possible result (D. Maine), 94:234; alleged lax authentication methods and plaintiff negligence in suit and countersuit, 94:287
– Payment card data breach liability, amended Wash. state measure, 94:429
– Peer-to-peer (P2P) file sharing, FTC letters on reviewing practices, 94:426
– Personal data breach notification, Heartland Payment Sys. settlement of claims from payment card data breach, 94:69
– Phishing, activity trends report, third quarter 2009, 94:223
– Retailer payment card breach liability, Wash. state measure, 94:370
– Senate

– – Actions

See LEGISLATION, FEDERAL, S 3742

– – Comprehensive cybersecurity proposal, unveiling of key provisions, 94:1190

– Sensitive consumer information, Senate measure, national standards, 95:274
– 7-Eleven data breach, hacker guilty plea, 94:27
– Switzerland, stolen bank data

– – France, return to HSBC Private Bank (Suisse), 94:31; tentative informal understanding, 94:243; identification of account holders, 94:774
– – Germany considering purchase as aid to identification of potential tax evaders, 94:292; Merkel support for purchase, 94:333

DEBIT CARDS

– Canada, boost to market from competition from new entrants, consultant comments, 94:388
– European Union

– – Antitrust, Visa Europe concessions on bank charges, 94:885
– – European Comm'n push for mandatory single-payment area and deadline for elimination of fees for direct debit payments, 95:1136
– – Multilateral interbank fees, market testing of pact with Visa Europe, 94:1068

– Overdraft fees

– – Consolidated suits asserting claims under laws of 21 states may continue (S.D. Fla.), 94:527
– – FRB ban proposal in Regulation E rule changes, 94:347; FRB clarification, 94:413; public comments sought, 94:414; final clarification issued, 94:1065

– Prepaid cards, Menendez (D-NJ) plans for measure on hidden fees, 95:1111
– Swipe fees, Cal. ban measure to governor, 95:319
– Transaction statistics, 2010 Debit Issuer Study, 94:1251

DEBT COLLECTION

– Decedent's debts, FTC request for comments on proposed clarification, 95:631
– Enforcement policy, N.Y. bars 3 leaders from future involvement, 94:326
– Fair Debt Collection Practices Act

– – Loan modification letters and correspondence, reinstatement of class action against loan servicer (7th Cir.), 95:229
– – Untimely homeowner/borrower claims (U.S., rev den), 95:581

– Fraud, FTC distribution of redress to victims of scam (D.N.J.), 94:331
– Payday loans, alleged attempts to garnish borrowers' wages illegally and other allegedly illegal practices, FTC claims (D. Utah), 94:706
– Reform of litigation and arbitration systems, FTC report, 95:107

DELAWARE

– Bankruptcy, Advanta Bank, FDIC asset freeze complaint (D.D.C.), 94:70
– Double derivative suits, BoA acquisition of Merrill Lynch, clarification of test for standing (Del.), 95:526
– Securities fraud, Deloitte & Touche former partner suit over trades in client stock (Del. Ch.), 94:114
– Southridge Partners, limited partner seeking access to books and records, submission to arbitration needed (Del. Ch.), 94:1258

DELINQUENCIES

– Commercial mortgage-backed securities, TreppWire report, May 2010, 94:1185; Oct. 2010, 95:845
– Consumer credit

– – American Bankers Ass'n bulletin, third quarter 2009, 94:60; first quarter 2010, 95:62; second quarter 2010, 95:622
– – Filene Research Inst. study on long-term customer decisionmaking patterns, 95:967
– – FRB N.Y. statistics, fourth quarter 2009, 94:503

– Fixed-rate commercial mortgage-backed securities, Citigroup report, 94:923
– Loan modification, 2009 statistics, State Foreclosure Prevention Working Group report, 95:349
– Mortgage-backed securities, Fannie Mae and Freddie Mac buyback plans for seriously delinquent loans, 94:315
– Mortgages

– – Commercial and multifamily housing loans, MBA report, third quarter 2010, 95:1016
– – Commercial real estate loans, Moody's report, Sept. 2010, 95:692
– – GSEs, Freddie Mac, Fannie Mae, FHA, and VA loans, FRB N.Y. statistics, 94:271; updated data for fourth quarter 2009, 94:503
– – Mortgage Bankers Ass'n rate report, fourth quarter 2009, 94:357; third quarter 2010, 95:919

– Negligent representation of delinquency data, Deutsche Bank fine to resolve FINRA claims, 95:169
– Student loan rates, fourth quarter 2009, 94:927

DENMARK

– Executive compensation, implementation on new restrictions for financial sector officers, 95:425
– Foreign bank transfers, investigation to trace untaxed funds moving forward, 95:475
– Money laundering, Saxo Bank breaches due to inadequate security procedures, government report, 95:121
– Payroll tax increase, criticism by bankers, 94:775; draft measure, 95:122

DEPOSIT INSURANCE

– Disclosure, FTC final rule on depository institution communications with consumers, 94:1080
– Executive compensation as risk factor tied to premium levels, FDIC advance notice of proposed rulemaking, 94:51; board of directors release of proposal, 94:90
– Large bank assessment system revisions, FDIC approval, 94:744; FDIC board discussion of proposed rulemaking on risk-based assessments, 95:826; board approval of 2 new rules, 95:870
– Minimum target reserve ratio, Obama administration proposal on increase, 94:263; FDIC Bd. approval of plan, 95:1107
– Premium rates remaining at current levels, FDIC board approval extending TAG program, 94:1284; board consideration of proposed rule on assessment rates, 95:674; discussions on new assessment rate schedules, 95:826
– Restoration plan, FDIC board review of long-range strategy, 95:720
– Transaction account guarantee (TAG) program extension, FDIC approval, 94:744

DERIVATIVES

– Collateralized debt obligations, Goldman Sachs testimony to Financial Crisis Inquiry Comm'n on pricing of AIG calls, 95:269
– Credit default swaps

See CREDIT DEFAULT SWAPS (CDS)

– Designated clearing organizations (DCOs)

– – Broad membership and open access preferences, Gensler remarks, 95:833
– – Conflict of interest, proposed rules missing congressional intent, Capuano remarks, 95:833
– – Hill Watch, 94:712
– – JPMorgan Chase request for further SEC and CFTC review before finalizing rules, 95:1021
– – Registration

– – – CME Clearing Europe, CFTC request for comments, 95:1063
– – – ICE Trust application, CFTC request for comments, 95:972

– Embedded derivatives accounting, scaled-back FASB proposal on tighter exceptions, 94:14; FASB guidance issued, 94:518
– EU, regulatory reform initiatives for enhancing transparency and restricting short selling, 95:472; European Comm'n proposals for reducing impact of excessive risk-taking in financial markets, 95:472
– Fraud, security-based swaps, SEC proposed rule, 95:835
– Global financial crisis, Gensler remarks, 94:582
– Global trading

– – Foreign exchange markets, big jump in spot trading, BIS triennial report, 95:419
– – OTC markets, IOSCO task force to coordinate oversight, 95:704

– Greek policy as cause of sovereign debt emergency, House Financial Servs. Comm. testimony, 94:846
– Investment company use, SEC review, senior official remarks, 94:607; bids for exemptive relief by some exchange-traded funds frozen, 94:608; Donohue remarks, 94:912
– Margin requirements for end users, Garrett (R-NJ) request for clarification from Geithner, 95:1117; Bachus (R-Ala) request for exemptions, 95:1117
– Municipal derivatives market, Cal. cities antitrust claims for alleged price-fixing conspiracy may proceed (S.D.N.Y.), 94:932
– Naked access to exchanges or alternative trading systems, SEC unanimously adopts direct access rule, 95:835
– Over-the-counter (OTC) market

– – Collateral management, ISDA best practices recommendations, 94:520
– – Conflicts of interest, SEC proposed mitigation rules, 95:668
– – Definitions of dealers and participants, SEC and CFTC new rule proposals, 95:1008
– – Details of rulemaking important, panelist remarks, 95:791
– – Dodd-Frank Act, impacts on institutional investors, American Bar Ass'n meeting, 95:308
– – Exemptions from clearinghouse requirements, financial firms not eligible, Gensler remarks, 94:1120
– – Formal regulation of dealers and standardized transactions processing through regulated clearinghouses, 94:63
– – Implementation of changes ahead of reform requirements, 94:1080
– – Jurisdiction, CFTC and SEC challenges in delineation, Gensler remarks, 95:882
– – Mitigation of trading risks

– – – BIS report, 94:988
– – – Participant pledges, 94:153

– – Tighter restrictions on trading, FSB recommendations, 95:800

– Registration of swap dealers as futures commission merchants, Deutsche Bank objections to proposal, 95:792
– Regulatory reform

– – Additional trading reforms for OTC products, 94:479
– – Dealers, Gensler remarks on consumer protection, 94:224
– – End-user alliance promotion of trading transparency and central clearing, 94:276
– – Global financial reform dependent on controls on derivatives, Gensler remarks, 94:1171
– – Principles-based approach as best choice, American Bar Ass'n task force report, 95:59
– – Risk concentration, Gensler remarks, 94:521
– – Senate actions

– – – Financial system reform, Dodd (D-Conn) measure provisions, 94:498; failure to reach comprehensive consensus, 94:546; Gregg (R-NH) negotiations on oversight, 94:606
– – – Transparency, Lincoln (D-Ark) remarks about Agric. Comm. plans, 94:606

– Trading markets, EU and CFTC key areas of cooperation in regulation, 95:585
– Use by various investment companies, SEC review delayed by Dodd-Frank Act activities and departure of Donohue, 95:970

DISCLOSURE

– Accounting

– – Credit quality and allowance for credit losses

– – – Exclusion of fair value and other issues, 94:402
– – – Nonpublic entities, FASB deferral of effective date for disclosure rules, 94:853

– – Fair value measurement, FASB ASU requiring robust improvements, 94:146; IASB and FASB debate on requirements for least observable fair valuations, 94:627; request for public comment on additional uncertainty analysis for Level 3 fair values, 95:33
– – Rollforward amounts for credit losses and modifications of financing receivables, FASB delayed timetable and guidance, 94:1180

– Auto title loans, class actions under TILA, actual harm from reliance on flawed financial disclosures necessary (3d Cir.), 94:23
– Deposit insurance, FTC final rule on depository institution communications with consumers, 94:1080
– Financial crisis, FRB details about emergency programs, industry remarks, 95:1007
– Merrill Lynch acquisition by BoA

– – Alleged violation of federal proxy rules prior to shareholder vote (S.D.N.Y.), 94:115; proposed settlement, 94:286; ruling delayed, 94:329; transcripts of witness testimonies, 94:373
– – CalPERS opposition to reelection of 6 directors over alleged lack of transparency, 94:869
– – Failure to disclose losses, N.Y. AG and SIGTARP charges against 2 executives and bank, 94:285
– – SEC IG expansion of investigation into controversial settlement of proxy charges, 94:1133; BoA status as TARP recipient factor in original settlement recommendation, 95:1019

– Mortgages, HMDA reporting violations, CitiFinancial settlement, 94:619
– Private banks, FRB must disclose data on discount loans and other assistance during time of market stress (2d Cir.), 94:575
– Regulation Z, Solicitor General input on creditor requirements for default-related credit card interest rate increases (U.S., brief requested), 94:236
– Risk-based pricing provisions of FACT Act, FRB and FTC joint rule on disclosure of credit report-based negative information, 94:12
– Securities, short-term borrowings, SEC interpretive guidance, BNA Insights, 95:762
– Uncertain tax position reporting plan seen changing landscape of disclosure, BNA Insights, 94:294; IRS proposed disclosure rules, 95:393

DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

– Analysis of scope and challenges of law, U.S. Chamber of Commerce conference, 95:206
– Antitrust review of acquisitions, BNA Insights, 95:334
– Asset-backed securities, SEC consideration of possible rules, 95:625
– Bankruptcy, study requirements for FRB, 95:219
– Capital requirements, CFTC proposed rules, 95:559
– Class actions, likely increase in securities litigation, 95:277
– Confidentiality, Bachus (R-Ala) request for reconsideration of provision, 95:215
– Corporate governance

– – CFTC proposed rules, 95:559; Deutsche Bank criticism of proposal, 95:883
– – Reporting incentives and compliance programs, expert remarks, Analysis and Perspective, 95:377

– Criticism of reforms, Volcker remarks, 95:510
– Derivatives

– – House Financial Servs. Comm. scrutiny of SEC rulemaking, 95:923
– – IRS guidance on §1256 contracts under study, 95:740; guidance likely available soon, 95:1023
– – Speculative position limits for certain contracts, CFTC tables proposed rule, 95:1116
– – Swaps, CFTC proposed rules on exemptions, governance, and business conduct standards, 95:1052

– Disclosure exemption for SEC

– – Bipartisan Senate deletion measure, 95:260
– – House actions

See LEGISLATION, FEDERAL, HR 5948, HR 5970

– Downsizing of some financial institutions likely, Bernanke and Bair remarks, 95:388
– Electronic debits, FRB request for comments on §1075 rule, 95:1102
– Emergency borrowers, banks' concerns about possible negative public reaction to FRB release of data, 95:392; Bernanke promises of meeting disclosure deadline, 95:561
– Enforcement policy, impact of 3 new tools, panelist remarks, 95:565
– Enforcement policy, Kanjorski (D-Pa) warning of vigilance in SEC oversight, 95:158
– Executive compensation

– – Amendments, Frank (D-Mass) openness to reworking provisions, 95:497
– – Disclosure rules, SEC request for comment, 95:839
– – Golden parachutes, SEC proposal likely soon, 95:681
– – Implementation, SEC proposed rules, 95:741
– – Panelist remarks during “say on pay” teleconference, 95:563
– – Pay ratio calculation, SEC request for market participant comments, 95:623
– – Performance metrics and benchmarking, significant number of comment letters on SEC proposed rule, 95:680
– – Undesirable consequences of pay rules, Paredes remarks, 95:786

– Extraterritorial reach of U.S. regulators, impact of Morrison on securities litigation, BNA Insights, 95:708
– Full deposit insurance coverage for noninterest-bearing transaction accounts, FDIC request for comments on proposed rule, 95:493
– Futures trading

– – CFTC breakdown of responsibilities, 95:164; mailboxes for e-mails addressing 29 rulemaking areas, 95:360; CFTC rules in progress, Gensler remarks, 95:463; CFTC agreement on publication of 7 proposals, 95:881
– – IRS guidance, narrow definition likely, 95:1114

– Goal of landmark measure, Dodd (D-Conn) rebuttal of criticism, 95:877
– Hedge funds, creation of self-regulatory organization for private investment fund oversight, industry group remarks, 95:840
– Implementation

– – Burdens on financial services institutions, former official remarks, 95:511
– – Challenges facing SEC, 95:200; Schapiro remarks on overarching agency objectives, 95:575
– – Changes needed, GOP leaders' remarks, 95:825
– – Different kind of rulewriting process likely necessary, 95:199
– – Expert assistance, CFTC and SEC requests for rulemaking help, 95:879
– – Gensler remarks on schedule for rules, 95:506
– – GOP-controlled House, impact on rulewriting, 95:821
– – Key rulemaking proposals, CFTC and SEC nearly ready for release, 95:971
– – New landscape for consumer financial services, BNA Webinar announcement, 95:292
– – Prioritization by agencies of required actions, 95:258
– – Republicans aiming for greater influence following election, 95:508
– – Senate Banking Comm. hearing schedule, 95:511
– – SIFMA involvement in rulemaking process, Ryan remarks, 95:792; general support for statute but outline of challenges, 95:976
– – Systemic risk, N.Y. regulator recommendations for immediate action, 95:735
– – Technology as key consideration in CFTC rulemaking, Gensler remarks, 95:680
– – Wollin remarks on integrating new rules and restraining risky moves without stalling growth, 95:729
– – Yingling focus as Covington & Burling partner, 95:1070

– Interchange fees

– – Constitutionality of Durbin Amendment, TCF Natl. Bank challenge of FRB rulemaking (D.S.D.), 95:696
– – “Price setting” provisions for debit cards, House Small Business Comm. panel hearing, 95:204

– Liquidation of assets from large nonbank financial firms, FDIC delays action on wind-up authority rule, 95:493; proposed rule likely soon, 95:621
– Litigation exposure of financial institutions, Special Report, 95:238
– Mandatory interim regulations eliminating Home Valuation Code of Conduct, 95:148
– More certain growth as result of law, Brainard remarks, 95:209
– Nonbank financial companies

– – FSOC request for feedback on factors triggering new regulatory requirements, 95:614
– – Liquidation, FDIC rule on handling creditors, 95:672

– OTC derivatives, SEC consideration of possible rules, 95:625
– Preemption

– – Clarification by courts necessary, remarks by bank conference speakers, 95:695
– – National banks, quick decisions on adjustments necessary for compliance, attorney remarks, 95:168; timeline for compliance preparation, 95:524

– Proprietary trading activities and hedge fund investments by banks, Merkley (D-Or)-Levin (D-Mich) proposed guidelines, 95:252
– Public participation in rulemaking process, FDIC policy, 95:297
– Real estate appraisal standards, FRB interim rules, 95:670
– Retail bank firms examine new compliance tests for fairness, Special Report, 95:370
– SEC mandate, threat from Congressional failure to OK budget increase, 95:617
– Securitization, opportunity for fixing flaws in mortgage servicing model, Bair remarks, 95:1013
– Securitized assets transferred by failed depository institutions, FDIC extension of safe harbor provisions, 95:493
– Shareholder say-on-pay expansion, impact of provisions on corporations, webcast remarks, 95:216
– Swap data repositories, CFTC rule proposals for reporting, recordkeeping, and margin protection, 95:912
– Swaps trading, CFTC and SEC requests for public comment on definitions of key terms, 95:307; requests for definitions as indicators of critical nature of rule writing, 95:509; SEC and CFTC working to finish rules, 95:624; ambiguous mandate for oversight of swap execution facilities, 95:625
– Systemic risk, prying apart interconnected firms daunting part of “wind-down” rulemaking, Bair remarks, 95:829
– Warranties and representations for asset-backed securities, SEC proposed rule, 95:624
– Whistleblower protections

– – Bounty program, SEC proposed rule, 95:835
– – Expansion of types of eligible workers, Analysis and Perspective, 95:191
– – Potential increase in lawsuits projected, attorney warnings at conference, 95:400

DOJ

See JUSTICE DEPARTMENT (DOJ)

DUBAI

– Bounced checks, criminalization as business risk in current economic climate, 95:368
– Iran sanctions, financial services authority officials' remarks on enforcement, 95:35
– Money laundering, financial services authority officials' remarks on enforcement, 95:35
– Transparency to financial and credit markets, centralized credit information agency established, 94:941

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