Taxation of Carried Interest Legislation

On Friday, May 28, 2010, the House passed the American Jobs and Closing Tax Loopholes Act of 2010, H.R. 4213.  The bill passed by a vote of 215-204.  If the bill is approved by the Senate, it will, among other things, alter the taxation of carried interest for various investment partnerships.


Regulation E and Regulation DD Clarifications

On Friday, May 28, 2010, the Federal Reserve issued final clarifications on Regulation E, the Electronic Fund Transfers Act, and Regulation DD, the Truth in Savings Act, relating to overdraft services.  The Fed clarified, among other things, that the Regulation E prohibition of overdraft fees without a consumer's consent applies to all institutions.