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President Obama has signed into law The Insurance Capital Standards Clarification Act, S. 2270, which loosens the Dodd-Frank capital restrictions on insurers. The legislation makes changes to Section 171 of the Dodd-Frank Act, known as the Collins Amendment, by adding language clarifying that the Federal Reserve is not required to…
Read More President Obama Signs Bill Loosening Dodd-Frank Capital Restrictions on Insurers Into Law

The U.S. Senate adjourned for the year on Tuesday without passing an extension of TRIA. Strong opposition from retiring Senator Tom Coburn (R-OK) blocked a vote on the measure that was overwhelmingly supported by lawmakers in the House as well as the business community.
Read More Senate Adjourns Without Passing TRIA Extension

The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury issued new Ukraine-Related Sanctions Regulations, 31 CFR part 589, to implement Executive Order 13660 of March 6, 2014 (“Blocking Property of Certain Persons Contributing to the Situation in Ukraine”), Executive Order 13661 of March 17, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”), and Executive Order 13662 of March 20, 2014 (“Blocking Property of Additional Persons Contributing to the Situation in Ukraine”).  These regulations were published as a final rule at 79 FR 26365 on May 8, 2014. …
Read More Official Ukraine-Related Sanctions Regulations Released

On May 6, 2014, the Consumer Financial Protection Bureau (the “CFPB”) proposed an amendment to Regulation P (the “Proposed Amendment”) that would allow financial institutions that do not engage in certain types of information-sharing to largely cease mailing the annual consumer privacy notices required by the Gramm-Leach Bliley Act (“GLB”) if they post their privacy notices on their websites and meet certain other conditions. …
Read More CFPB’s Proposed Amendment to Regulation P Would Allow Financial Institutions That Limit Data-Sharing to Post Annual GLB Privacy Notices Online

Last week, the Office of Foreign Asset Control of the U.S. Department of the Treasury (“Treasury”) added seven high-ranking Russian government officials and 17 Russian business entities to the Specially Designated National and Blocked Person List (“SDN List”) pursuant to authorization granted by Executive Order 13661, the details of which we discussed previously. …
Read More New Round of Sanctions Targets Russian Government Officials and Business Entities

Edwards Wildman’s Robert W. DiUbaldo will participate on a panel hosted by Perrin Webinar entitled:  Sports Concussion Litigation- Latest NCAA and High School Research, Developments and Findings …
Read More Webinar: Sports Concussion Litigation- Latest NCAA and High School Research, Developments and Findings

On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”). …
Read More PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues