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

By Rachel Rodman

Partner | Consumer Financial Services Enforcement and 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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By Casey Servais

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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By Jason M. Halper

Partner | Global Litigation

By Rachel Rodman

Partner | Consumer Financial Services Enforcement and Litigation

By Lary Stromfeld

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. 

By Daniel Meade

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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By Michael Sholem

Partner | Financial Services

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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By Jason M. Halper

Partner | Global Litigation

By Erica Hogan

Partner | Corporate

By Michael J. Ruder

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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