U.S. House Financial Services Committee Hearing on Flood Insurance Reform and Passes Legislation

Posted in Government, Insurance, Tax

On June 7, 2017, the U.S. House Financial Services Committee held a hearing entitled “Flood Insurance Reform: A Taxpayer’s Perspective.” The hearing examined the National Flood Insurance Program (NFIP) and six legislative concepts to reform the program. Witnesses discussed how the reforms would strengthen taxpayer protections; provide greater private market access, competition, and consumer choice; enhance mitigation efforts; encourage flood mapping fairness; address consumer costs and affordability; and incorporate NFIP claims processing reforms.

Please click here to read the GT Alert reviewing the testimony and the measures that were passed by the Committee.

Resolving the FDCPA Circuit Split: Purchasers, Participles, and Policy

Posted in FDCPA, U.S. Supreme Court

On June 12, 2017, the United States Supreme Court held that purchasers of debts originated by another are not “debt collectors” under the Fair Debt Collection Practices Act (FDCPA). Henson v. Santander Consumer USA Inc., No. 16–349, 2017 WL 2507342 (U.S. June 12, 2017). Justice Gorsuch, in his first opinion, writes the Court found it “hard to disagree with the Fourth Circuit’s interpretive handiwork.” The opinion came down to a textual and grammatical interpretation of Congress’s 1977 statute. A unanimous court decided respondent Santander did not qualify as a debt collector under the FDCPA because it does not regularly seek to collect debts “owed . . . another.” Id. at *3.

In Henson, four Maryland consumers, the petitioners, brought action against Santander. The petitioners obtained car loans from CitiFinancial Auto and subsequently defaulted on those loans. Santander purchased the defaulted loans from CitiFinancial Auto and then attempted to collect on the loan in ways the consumers alleged were prohibited under the FDCPA.

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GT’s Carl Fornaris Moderates Panel at IAGA, Featured in Gambling Compliance

Posted in Gaming

The International Association of Gaming Advisors (IAGA) held its 36th annual International Gaming Summit May 30-June 1, 2017. The IAGA Summit brings leaders from all global gaming sectors together, providing a unique opportunity to discuss recent and significant issues and challenges facing the gaming industry. At the Summit, Greenberg Traurig’s Carl A. Fornaris, co-chair of the Financial Regulatory & Compliance Practice, participated in a panel titled “Don’t Gamble with your anti-Money Laundering (AML) Compliance Program.” The discussion reviewed recent developments in AML compliance efforts initiatives worldwide, including recent FATF Mutual Evaluation Report of the United States, regulatory examination priorities, and priorities of the new Trump Administration and their impact on the AML regulatory regime.

The panel discussion was featured in Gambling Compliance’s article, “Casino AML Compliance Continues to Evolve.”

To access the full article, please click here.

Greenberg Traurig to Participate in a Panel Discussion on the Alternatives Investment Industry & President Trump’s Administration

Posted in Events

Greenberg Traurig Shareholders Nanette Aguirre and Alan Slomowitz will be participating in a panel discussion that is co-hosted by GT, The New York Family Office, and the Private Funds Roundtable on May 24 in GT’s New York Office. The discussion will focus on the Alternatives Investment Industry and President Trump’s administration. Insights will be provided on low-correlation alternative investment strategies that put the emphasis on “alternative,” including structured credit, and will explore the potential impact of the expected regulation or deregulation under the current administration on these and other alternative investment strategies.

Greenberg Traurig to Host Atlanta-Israel Fintech Innovation Conference

Posted in Events, Financial Regulation, Fintech

Carl A. Fornaris, co-chair of the Financial Regulatory and Compliance Practice, will participate in the GT-hosted second annual Atlanta-Israel FinTech Innovation Conference, which connects leading Israeli companies in the financial technology sector with Georgia-based corporate partners. The conference will be held May 22 – 23, and will provide networking and new business opportunities for participants. Fornaris will speak on the panel session titled “The Fintech Regulatory Landscape” on May 23. The firm’s involvement is being led by Shareholder David Schulman, a leader of the Emerging Technology Practice in the Atlanta office.


Nanette Aguirre and Joseph Suh to Participate in a Panel Discussion on Investing in Brazil

Posted in Events, Investment Regulation

Greenberg Traurig Shareholders Nanette Aguirre and Joseph Suh will be participating in a panel discussion that is co-hosted by GT, DXA Investments, DMS Governance, and Trident Trust on May 23 in the GT Miami Office. The discussion will focus on high growth opportunities in investing in small companies in Brazil, despite a recession. The discussion points will include the current regulatory environment in Brazil and an overview of the alternative investment community based there.

Corporate Governance in Insurance: Key Regulatory Considerations

Posted in Corporate Governance, Insurance

Corporate governance in insurance continues to be a growing focus among state regulators. The National Association of Insurance Commissioners (the NAIC) adopted the Corporate Governance Annual Disclosure (CGAD) Model Act and Model Regulation in 2014, which set forth requirements insurers will need to implement and disclose. Currently, 14 states (California, Connecticut, Florida, Idaho, Indiana, Iowa, Louisiana, Montana, Nebraska, New Hampshire, Ohio, Rhode Island, Virginia, and Vermont) have adopted the CGAD Model Act and six states (Florida, Iowa, Louisiana, Nebraska, Rhode Island, and Vermont) have adopted the CGAD Model Regulation. While not a current NAIC accreditation requirement, many expect universal adoption of both the CGAD Model Act and Model Regulation by many United States jurisdictions.

Corporate governance has also become an important focus for Financial Condition Examiners (Examiners) who conduct on-site financial examinations of insurers on behalf of state insurance commissioners. Thus, regardless of a state’s adoption of the CGAD models, regulatory scrutiny will be applied through the financial examination of companies

To learn more, please see GT Alert “Corporate Governance in Insurance: Key Regulatory Considerations.”

Nanette Aguirre to Moderate the Minorities in Restructuring and Alternative Investments (MRAI) Networking Event

Posted in Events

Nanette Aguirre, Financial Regulatory and Compliance shareholder and MRAI executive committee member, will participate as a moderator at the Minorities in Restructuring and Alternative Investments (MRAI) Forum which will take place on May 11 at The National at the Benjamin Hotel in New York City. The discussion will highlight the growing number of minorities in leadership roles within the alternative investment community and how the deregulation initiatives under President Trump are expected to impact the financial markets within the United States.


Arthur Don to Speak at ACA’s Spring 2017 Compliance Conference in Florida

Posted in Events, Investment Regulation

Arthur Don, co-chair of the Investment Regulation Group, will participate in the ACA Spring 2017 Compliance Conference, Thursday, May 4, in Florida.

Arthur will speak on the panel, “Business Continuity: What Should Advisors be doing Now?” which will focus on mergers and acquisitions of advisory firms, incapacitation of a key man, and winding down.  The panel will also address the recently proposed SEC Rule 206(4)-4, which will require advisers to develop business continuity plans designed to mitigate the impact of business disruptions or transitions. He will discuss the details of the rule and what advisers should be taking into consideration as they build out their plans.

Jennifer Gray to Speak at MBA Legal Issues & Regulatory Compliance Conference

Posted in Events, Litigation, Real Estate

Jennifer L. Gray, co-chair of the Consumer Financial Services Litigation Practice, will be speaking at the 2017 Mortgage Bankers Association (MBA) Legal Issues & Regulatory Compliance (LIRC) Conference. This four-day event will take place May 7-10, 2017, at the InterContinental Miami.

Gray will be presenting on the panel “Litigation Forum: TILA, RESPA, ECOA, FHA,” taking place at 1 p.m., Sunday, May 7. This panel of litigators will examine the latest activity around the Truth-in-Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA), Equal Credit Opportunity Act (ECOA), and fair lending, including recent cases heard by the Supreme Court, U.S. Courts of Appeal, and other courts affecting the industry.