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Risky Business
March 24, 2022 | Issue No. 3

Ongoing developments in Ukraine aside, the big business news headline this week was the SEC's anticipated announcement of new climate-related risk disclosure rules. As expected, the SEC got everyone's attention, which was probably one of the chief motivators in the first place. The proposals are significant and represent a genuine departure from current disclosure standards. We take a look at those proposals in our "In Depth" article this week.  

Our "Take Five" commentaries this week are quite eclectic, with coverage of news out of the CFPB, the Federal Reserve Board and elsewhere. There's also another insightful look at the new federal LIBOR legislation. We think these items are worth your review. 

We welcome your comments and questions. Just write to us here.

Daniel Meade & Michael Sholem
Co-Editors, Cabinet News and Views

Partner | Global Litigation

The Consumer Financial Protection Bureau (CFPB) announced last week that it would begin examining financial institutions for discriminatory practices under its authority to prohibit unfair, deceptive, or abusive acts or practices (UDAAP). Specifically, the CFPB issued changes to its examination manual on UDAAPs that require examiners to scrutinize discriminatory conduct that may be unfair − including in situations where fair lending laws may not apply.

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Partner | Financial Restructuring

On March 15, 2022, the Financial Oversight and Management Board for Puerto Rico announced that the Plan of Adjustment for the Commonwealth of Puerto Rico became effective, more than four years after Puerto Rico commenced restructuring proceedings under Title III of the Puerto Rico Oversight, Management and Economic Stability Act. 

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Partner | Global Litigation
Partner | Global Litigation
Partner | Financial Regulation

Cadwalader partners Jason Halper, Rachel Rodman and Lary Stromfeld, members of the firm's LIBOR Preparedness Team, authored a Reuters article this week. You can read it here

Partner | Financial Regulation

The Federal Reserve Board issued a Notice of Proposed Rulemaking (“NPR”) that will be joined by the Federal Deposit Insurance Corporation, National Credit Union Administration and the Office of the Comptroller of the Currency. The Interagency NPR proposes to amend the Uniform Rules of Practice and Procedure, which are used by the banking agencies to govern the conduct of their administrative proceedings. 

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Partner | Financial Regulation

The European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority (together, the European Supervisory Authorities or “ESAs”) published a warning to EU retail investors on the risks of cryptoassets. The ESAs’ view is that cryptoassets are not suited for most retail consumers as an investment or as a means of payment or exchange.

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Partner | Global Litigation
Partner | Corporate
Special Counsel | Capital Markets

On March 21, 2022, the U.S. Securities and Exchange Commission proposed amendments to Regulation S-K and Regulation S-X that would mandate significant additional climate-related disclosures. This memorandum provides an overview of the new proposed disclosures, as well as the proposed phase-in periods, safe harbors and other accommodations provided under the proposed rules.

Read our Clients & Friends Memo here.

Former Boies Schiller partner has considerable experience in commercial and antitrust litigation and sports law.

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Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Brian Foster
Partner
T. +1 212 504 6736
brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

Gregg Jubin
Partner
T. +1 202 862 2485
gregg.jubin@cwt.com

Ivan Loncar
Partner
T. +1 212 504 6339
ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
T. +1 202 862 2474
peter.malyshev@cwt.com

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@cwt.com

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Rachel Rodman
Partner
T. +1 202 862 2210
rachel.rodman@cwt.com

Richard M. Schetman
Senior Counsel
T. +1 212 504 6906
richard.schetman@cwt.com

Michael Sholem
Partner
T. +44 0 20 7170 8545
michael.sholem@cwt.com

Lary Stromfeld
Partner
T. +1 212 504 6291
lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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