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The Public Company Accounting Oversight Board sanctioned an audit firm and its owner for multiple violations of PCAOB rules and standards related to inadequate audit evidence, failure in engagement quality reviews and non-compliance with reporting requirements and quality control standards.

Commentary by Eamonn K. Moran

In CFPB v. National Collegiate Master Student Loan Trust, et. al., a three-judge panel of the U.S. Circuit Court of Appeals for the Third Circuit considered two issues: (i) whether the fifteen appellant trusts were "covered persons" subject to the CFPA and (ii) whether the original lawsuit had to be ratified because the action was initiated while there was a constitutional deficiency within the CFPB.