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SECOND CIRCUIT VACATES DECISION REJECTING SEC-CITIGROUP “NO-ADMIT” SETTLEMENT

On June 4, 2014, the Second Circuit issued a 28-page ruling holding that U.S. District Court Judge Jed Rakoff had “abused” his discretion by rejecting a $285 million U.S. Securities and Exchange Commission (“SEC”) settlement with Citigroup, Inc. because the bank neither admitted nor denied wrongdoing.  The 2011 decision led to increased criticism of the … Continue Reading

CFPB ISSUES SPRING 2014 SUPERVISORY HIGHTLIGHTS REPORT – FOCUS ON FAIR LENDING AND COMPLIANCE SYSTEMS

On May 22, 2014, the Consumer Financial Protection Bureau (CFPB) issued its Spring 2014 Supervisory Highlights Report — its fourth such report since the agency’s founding.  The report includes a review of recent rulemaking, guidance, and enforcement activity.  The CFPB used its fourth report to focus on the importance of compliance management systems.  “In this … Continue Reading
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