The Consumer Financial Protection Bureau ("CFPB") issued an outline of proposals for potential rulemaking on arbitration agreements under consideration by its Small Business Advisory Review Panel. The outline shows, among other things, that the CFPB is considering a proposed rule that might ban the application of pre-dispute arbitration clauses to class litigation in court. This would apply to most consumer financial products and services that the CFPB oversees, including credit cards, checking and deposit accounts, prepaid cards, money transfer services, certain auto loans, auto title loans

The Chicago-based broker-dealer and investment adviser affiliates of an asset management firm settled SEC charges that they failed to maintain and enforce policies and procedures to prevent the misuse of material nonpublic information. An SEC order ("Order") stated that the affiliates violated Securities Exchange Act Section 15(g)("Registration and Regulation of Brokers and Dealers") and Investment Advisers Act Section 204A ("Prevention of Misuse of Nonpublic Information"), respectively. The Order stated that the broker-dealer and investment adviser affiliates: repeatedly shared information

The House of Representatives will meet to consider five bills approved by the Financial Services Committee regarding consumer protection and regulatory relief. These include (1) HR 3192, Homebuyers Assistance Act, sponsored by French Hill (R-AR), that would create a temporary safe harbor (until February 1, 2016) from enforcement of a Bureau of Consumer Financial Protection (CFPB) rule streamlining disclosure requirements for consumers during the home buying process; (2) HR 1525, the "Disclosure Modernization and Simplifications Act of 2015," sponsored by Scott Garrett (R-NJ) directing the SEC

FINRA proposed applying certain rules regarding mark-ups and commissions to transactions in government securities. In particular, the FINRA proposal would amend FINRA Rule 0150 ("Application of Rules to Exempted Securities Except Municipal Securities") to apply FINRA Rule 2121 ("Fair Prices and Commissions"), Supplementary Material .01 ("Mark-Up Policy") and .02 ("Additional Mark-Up Policy for Transactions in Debt Securities, Except Municipal Securities") to transactions in exempted securities that are government securities. FINRA noted that the amendments would allow it to bring mark-up/down

The New York Department of Financial Services ("NYDFS") granted a charter under New York banking law ("Banking Law") to Gemini Trust Company, LLC ("Gemini"), a Bitcoin exchange based in New York City. The NYDFS stated that it conducted a rigorous review of Gemini's July 2015 application to operate as a trust for virtual currency exchanges in which it examined the company's anti-money laundering, capitalization, consumer protection and cybersecurity standards. The NYDFS stipulated that as a chartered limited purpose trust company with fiduciary powers under the Banking Law, Gemini can begin