White Paper on the CFPB’s Authority to Regulate Certain Nonbanks

On Monday February 20, 2012, Perkins Coie LLP Partner George Fogg published a white paper addressing the authority of the Consumer Financial Protection Bureau (the “CFPB”) to regulate certain nonbanks.  Established by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the CFPB has broad authority to regulate providers of consumer financial products and services.  The paper focuses on the types of services and products that are covered by the CFPB’s nonbank regulatory authority and what CFPB supervision may or may not apply to such products or services.  The paper also addresses the implication of the CFPB’s proposed “Larger Participate” rule, published on February 16, 2012.

Also included is a link to slides from a presentation given by George Fogg focused on 3 of the covered products and services: transmission or exchange of funds, stored value products, and payment processing.

Read the white paper

Read the slides

CFTC Proposes Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades

On Thursday March 15, 2012, the Commodity Futures Trading Commission (the “CFTC”) proposed regulations implementing certain statutory provisions enacted by Section 727 of the Dodd-Frank Act.  In accordance with Section 727, the Commission proposed regulations that would define the criteria for grouping swaps into separate swap categories and would establish methodologies for setting appropriate minimum block sizes for each swap category.  The Commission also proposed measures to prevent the public disclosure of the identities, business transactions and market positions of swap market participants beyond what currently exists in the CFTC’s regulations.

© 2012 Perkins Coie LLP