On July 1, 2024, the Supreme Court issued its opinion in Corner Post, Inc. v Board of Governors of the Federal Reserve System in which the Court determined when a Section 702 claim under the Administrative Procedure Act (APA)...more
7/5/2024
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Debit Cards ,
Federal Reserve ,
Final Rules ,
Financial Crimes ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Interchange Fees ,
Regulation II ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations
On June 13, 2024, CFPB Director Rohit Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” As we expected, the House Financial...more
It took about an hour for someone on the Senate Finance Committee during its hearing today to mention the “elephant in the room” — namely, the fact that the CFPB is only allowed under Dodd-Frank to be funded out of “combined...more
Yesterday, I published a blog post highlighting the flaws in the arguments made by Professor Jeff Sovern in his recent article in the Consumer Law & Policy Blog for why the Fed, notwithstanding its losses, can still lawfully...more
Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more
6/11/2024
/ Administrative Agencies ,
Banks ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Funding ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry
Special guest Professor Hal Scott of Harvard Law School joins us today as we delve into the thought-provoking question of whether the Supreme Court’s recent decision in the landmark case of CFSA v. CFPB really hands the CFPB...more
The American Bankers Association (ABA) has issued a new white paper, “Effective Agency Guidance: Examining Bank Regulators’ Guidance Practices,” that is intended to help agencies issue guidance that complies with legal...more
2/15/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Guidance ,
Notice and Comment ,
White Papers
Our special guest is Zarik Khan, Founder of Finsolute Advisors. In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card...more
On October 24, 2023, the OCC, FDIC and Board of Governors of the Federal Reserve System jointly adopted final amendments to their regulations implementing the Community Reinvestment Act of 1977 (CRA). In this episode, which...more
Our special guest is Professor Dan Awrey of Cornell Law School. In July 2023, the Federal Reserve launched FedNow, its instant payments system. After reviewing what FedNow is (and is not), we discuss FedNow’s design features...more
The U.S. Chamber of Commerce, joined by six other trade groups, filed a lawsuit on September 28, 2022 in a Texas federal district court against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or...more
9/8/2023
/ Administrative Procedure Act ,
Arbitrary and Capricious ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Discriminatory Lending Practices ,
Dodd-Frank ,
Federal Reserve ,
Financial Services Industry ,
FTC Act ,
Regulatory Agencies ,
Regulatory Authority ,
UDAAP
The Federal Deposit Insurance Corporation has announced that it is launching a new Banker Engagement Site (BES) this month through FDICconnect to serve as the primary tool for exchanging examination planning and other...more
9/8/2023
/ Banking Examinations ,
Banks ,
Community Development ,
Community Reinvestment Act ,
Document Requests ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Portal
After discussing the core features of the U.S. payments systems, we look at how those features have impacted the experience of U.S. business and consumers and why Prof. Awrey believes they have resulted in a payments system...more
The CFPB has filed a certiorari petition with the U.S. Supreme Court seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB that held the CFPB’s funding...more
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more
7/30/2020
/ Administrative Procedure Act ,
Bank Holding Company Act ,
Banking Sector ,
Depository Institutions ,
Federal Deposit Insurance Act ,
Federal Reserve ,
FinTech ,
Injury-in-Fact ,
Money Transmitter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Special Purpose National Bank Charter
The Federal Reserve, OCC, FDIC, and NCUA have issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” The agencies state that the principles are intended “to encourage supervised banks, savings...more
The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more
1/9/2020
/ Consumer Financial Products ,
Consumer Lenders ,
Depository Institutions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Health Insurance ,
Housing Market ,
Libor ,
Life Insurance ,
Loans ,
Mortgages ,
Non-Depository Institutions ,
NYDFS ,
Popular ,
Property Insurance ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Standards ,
Secured Overnight Funding Rate (SOFR) ,
Transitional Arrangements
The federal banking agencies (the Federal Reserve Board, OCC, and FDIC (FBAs)), recently issued a “Policy Statement on Interagency Notification of Formal Enforcement Actions” that is intended “to promote notification of, and...more
The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more
1/30/2017
/ American Bankers Association ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Capital Requirements ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
FDIC ,
Federal Reserve ,
FinTech ,
Fintech Charter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Technology ,
Terrorism Funding
The Office of the Comptroller of the Currency (OCC) has proposed to allow financial technology (fintech) companies to apply for full or special purpose national bank charters. In advance of the proposal's January 15, 2017,...more
Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more
10/21/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Cyber Attacks ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
Hackers ,
Handbooks ,
Incident Response Plans ,
OCC ,
Risk Management
The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more
The U.S. Supreme Court heard oral arguments on Monday in the case of Hawkins v. Community Bank of Raymore, the result of which will determine whether a spousal guarantor is an “applicant” under the Equal Credit Opportunity...more
10/9/2015
/ Banking Sector ,
Banks ,
Cause of Action Accrual ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
ECOA ,
Federal Reserve ,
Financial Institutions ,
Loans ,
Regulation B ,
SCOTUS ,
Spousal Guaranty
The Federal Reserve Bank of Cleveland recently issued a special report on the results of online focus groups it conducted with the Federal Reserve Board “to better understand small businesses’ perceptions of online...more
9/4/2015
/ Borrowers ,
Consumer Lenders ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Reserve ,
Financial Institutions ,
Loans ,
Online Marketplace Lending ,
Popular ,
Privacy Concerns ,
Request For Information ,
Small Business
A final credit risk retention rule was recently issued with respect to asset-backed securities (ABS) by the prudential bank regulators (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...more