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  LIBOR is going away, but that’s sort of old news at this point.  However, it has been received wisdom that only after the Bank of England stops imposing an obligation upon member banks to publish LIBOR quotes as at the beginning of 2021, would LIBOR go away and then we would need a replacement.  That’s troubling, but of course most of us have plenty of other more immediate things to worry about between now…
In seven short years, the Consumer Financial Protection Bureau (CFPB) has managed to court controversy across the political spectrum.  Under the leadership of former Director Richard Cordray, the bureau (for better or worse) tested the limits of its jurisdiction and enforcement power in a wide range of areas, including the Home Mortgage Disclosure Act and Equal Credit Opportunity Act, student loan servicing, and let’s not forget the since-disavowed arbitration ruleEnter new
Geeking out, I just finished reading the second report from the Alternate Reference Rates Committee that was just published jointly by the Financial Stability Board (FSB) and the Financial Stability Oversight Council (FSOC) in cooperation with the Alternate Reference Rates Committee (ARRC).  Does that scream bureaucracy in full, or what?  The report runs 40 pages, awkwardly pats itself on the back (with a net back-patting surplus allocated amongst the Federal…
Come gather ‘round people wherever you roam because, with apologies to Bob Dylan, in the past year the blockchain and cryptocurrency waters have grown.   In less than a year these topics went from obscure lore to a multibillion dollar question on most everyone’s mind. From tokenized securities to decentralized ledgers to smart contracts, blockchain technology will fundamentally change the landscape of financial services and real estate as we know it – and fast! In one minute,…
Will 2018 be the Year of Concentration across our market?  “The Urge to Merge” was the title of a January 2, 2007 Economist article.  It resonates today.  The cover photo was two camels copulating, which some of the Economist readers, surely a high-brow and sensitive bunch, apparently found offensive, as the picture is nowhere to be found on the internet.  They would not allow me to republish the pic.  A priggish fastidiousness that does…
Well, we’ve had the big reveal and the administration’s new tax plan is out.  This plan, announced with a great deal of fanfare, feels more like a campaign promise than an actual executable plan.  At two hundred forty-six words from end to end (four different typesets, three different fonts, three colors, weird spacing and a sad little dash at the top), anyone who was hoping for clarity and a plan to go to…
The Auditing Standards Board (the “ASB”) of the American Institute of Certified Public Accountants recently released new standards as part of the “Attestation Clarity Project” with the goal of redrafting all its standards “in clarity format” (what format were they in before?  And, while we’re at it, can we try to use English here?  Clarity format?).  This Project will require compliance by bankers and issuers with very specific disclosure obligations (reps?) before the auditors will issue an Agreed Upon Procedures Letter (AUPs)…
The Trump administration and Republican Congress have big plans for the next four years.  The financial industry could face a complete policy 180 faster than the POTUS can tweet out 140 characters.  Or a delicately crafted executive order could have no actual real world impact at all. To keep up with it all, we at Dechert are proud to introduce the Financial Regulation Reform Tracker, a tracking tool we developed to keep you abreast…
We have previously written about some of the overreaches by the Consumer Financial Protection Bureau (CFPB).  Last week, the D.C. Circuit Court of Appeals held in PHH Corporation v. CFPB that the structure of the CFPB is unconstitutional.  Taking issue with the fact that the CFPB was headed by a single director removable by the President only “for cause”, the court fashioned a narow remedy by striking the director’s “for cause” removal protection.  The court…