A.J. S. Dhaliwal is a lawyer at Sheppard Mullin law firm in their Washington DC office. A.J. helps banks, non-bank financial institutions, and other companies in a wide range of matters including government enforcement actions, civil litigation, regulatory examinations, and internal investigations.
Federal Judge Knocks Down âThe Resistanceâ on CFPB Power Grab
Updated November 29, 2017
The Consumer Financial Protection Bureau (CFPB) was created by the Obama Administration under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The CFPB was designed to be independent of government: it didn’t depend on Congress for fundingâit could extract funds directly from the Federal Reserve. And, though it was part of the Executive, the president had little control over it. And all the power was vested in its director.
CFPBâs stated purpose is: âto ensur[e] that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive,â Writes Thaya Brook Knight, a finance expert from the Cato Institute, in
Overview -
Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requires the Securities and Exchange Commission (“SEC”) to adopt rules that would make the exemption from registration under the Securities Act of 1933 (“Securities Act”) provided by Rule 506 of Regulation D thereof unavailable for any securities offering in which certain “felons” or other “bad actors” are involved. Effective September 23, 2013, the SEC adopted bad actor disqualifications provisions codified under section (d) of Rule 506.
Please see full Publication below for more information.
Bad Actor Disqualification Provisions of Regulation A, Regulation CF and Regulation D Overview Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requires the Securities and Exchange Commission (“SEC”) to adopt rules that would make the exemption from registration under the Securities Act of 1933 (“Securities Act”)