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In a recent shareholder derivative complaint filed in the U.S. District Court for the Southern District of New York, shareholders of JPMorgan Chase & Co. ("JPMorgan") brought a derivative action claiming breach of fiduciary duty and unjust enrichment by the directors of JPMorgan in connection with JPMorgan’s $88.3 million settlement with OFAC to resolve "potential civil liability for apparent violations" of regulations and executive orders administered and enforced by OFAC.

The Department of Labor recently issued Field Assistance Bulletin 2013-02A under the Employee Retirement Income Security Act of 1974.

The United States District Court for the Southern District of Florida certified a class action lawsuit alleging that defendants engaged in a systematic scheme to manipulate and re-order debit card transactions to increase the number of overdraft fees imposed on its customers.

The Financial Crimes Enforcement Network ("FinCEN") extended the comment period from May 4, 2012 to June 11, 2012 on FinCEN’s advanced notice of proposed rulemaking.

Robert Schoshinski, Assistant Director of the Division of Privacy and Identity Protection of the FTC, testified before the House Subcommittee on Financial Institutions and Consumer Credit.

The FTC announced that it will hold a summit to examine robocall problems.

The GAO released a report on the regulatory oversight of the Servicemember Civil Relief Act, which provides protections to active duty servicemembers, in the foreclosure context.

In a letter to the CFPB, mortgage industry groups urged it to structure the qualified mortgage rule in its forthcoming ability to repay regulation as a "legal safe harbor with clear, well-defined standards."

The SEC issued a press release announcing that it has established supervisory arrangements with financial regulators of the member states of the European Union and the European Economic Area, as part of long-term strategy to improve the oversight of certain entities in the asset management industry that operate across national borders.

The SEC issued a 517-page release proposing (i) amendments to existing rules and (ii) new rules, that would apply to credit rating agencies registered with the SEC as nationally recognized statistical rating organizations ("NRSROs").

The SEC has extended the July 14, 2011 compliance date for certain provisions of Rule 15c3-5 under the Securities Exchange Act of 1934. Rule 15c3-5 requires brokers or dealers with access to trading securities directly on an exchange or alternative trading system ("ATS") and broker-dealer operators of an ATS that provide access to trading securities directly on their ATS to a person other than a broker-dealer, to establish, document and maintain a system of risk management controls and superviso

The Tenth Circuit held that a borrower’s written notice of rescission within TILA’s three-year rescission period is insufficient to effectively exercise or preserve the right to rescind, when the borrower does not also timely bring an action for rescission.

In Frey, the plaintiffs sought to represent a putative class of people who claimed to have been overcharged by the defendant Bekins, claiming that the overcharges stemmed from a company policy.

The U.S. District Court for the Southern District of New York recently denied a motion seeking certification of a class of purchasers of Freddie Mac’s Series Z preferred stock in a suit against Freddie Mac’s former CEO Richard Syron and former CFO Anthony Piszel. In re Fed. Home Loan Mortg. Corp. Sec. Litig., 2012 WL 1028642 (S.D.N.Y. Mar. 27, 2012).

The OCC proposed guidance on deposit-related consumer credit products including automated overdraft protection and direct deposit advance programs.

A Sonoma County Superior Court judge recently issued a tentative ruling in the case "Building Industry Association of the Bay Area, fka Home Builders Association of Northern California, Inc., v. City of Santa Rosa", indicating that he is likely to rule against the City of Santa Rosa in the case.

In recent fiscal cliff discussions, President Obama has floated the idea of a retroactive 28% cap on municipal bonds.