Mark F. Oesterle

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Section 619 of the Dodd-Frank Act (“Act”), otherwise known as the “Volcker Rule (the “Rule”),” contains some of the most wide-sweeping and controversial provisions of the entire law. Basically, the Rule places restrictions on the proprietary trading and investment activities of insured depositories and their affiliates and subsidiaries. The purpose of this blog post, however, is not to analyze the content of section 619 and the proposed authorizing regulations. There has already been, and there…
On Wednesday, March 7, 2012, the Office of the Inspector General (OIG) of the Federal Housing Finance Agency (FHFA) completed a performance audit (“Audit”) to assess whether the FHFA has an effective supervisory control structure in place to adequately identify and mitigate risks involving mortgage servicing contractors. The FHFA was created by the Housing and Economic Recovery Act of 2008 in order to assess the safety and soundness of Fannie Mae, Freddie Mac, and the…
Last month, Rep. Jackie Speier (D-CA), introduced H.R. 653 (pdf), the “Financial Privacy Information Act of 2011” (the “Bill”).  The Bill was referred to the House Financial Services Committee (the “Committee”).  The Bill would change current law to require financial institutions to obtain consent prior to sharing any information with third parties.  In other words, the Bill would require that information can only be shared when consumers have “opted-in” to such information sharing.  The Bill would…