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Interior Department Announces Regulatory Reform Comment Opportunity

In a June 22, 2017 Federal Register notice, the Department of Interior (DOI) became the most recent federal department or agency to initiate a comment cycle to solicit public input on regulations that should be repealed,...more

Treasury Department Issues Long Awaited Report on Regulatory Reform for the Financial Services Industry

Pursuant to Executive Order 13772, issued February 3, 2017, the Department of Treasury has issued a report, A Financial System that Creates Economic Opportunities for Banks and Credit Unions (the "Report"), which sets forth...more

CFPB Announces Changes to its Debt Collection Rulemaking: An Advocacy Win for the Industry

On Thursday, June 8, 2017, during a public session of the Consumer Financial Protection Bureau's (CFPB) Consumer Advisory Board meeting, Director Richard Cordray announced that the CFPB was changing course on one key aspect...more

6/12/2017  /  CFPB , Debt Collection , Debt Collectors

The Next CFPB Regulatory Challenge: Small Business Lending

The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority. Under 12 U.S.C. ยง 5481(12) of the Dodd-Frank Act, the...more

5/15/2017  /  CFPB , Dodd-Frank , ECOA , SBREFA , Small Business

The Honest Act Inches Forward Amid Controversy

The latest development in the consideration of H.R. 1430, the Honest and Open New EPA Science Treatment Act of 2017" ("HONEST Act"), introduced by Rep. Smith, Lamar [R-TX] and strongly supported by the new Administration,...more

Bipartisan Senate Regulatory Accountability Act Adds Another Important Element to Reform Efforts

On April 26, Senators Rob Portman (R-OH) and Heidi Heitkamp (D-ND) introduced a bipartisan bill, the Regulatory Accountability Act of 2017 that would codify several existing Executive Orders ("EO") and impose new requirements...more

EPA Doubles Down on Regulatory Reform Outreach, But is More Necessarily Better?

EPA continues to create mechanisms for stakeholders to use in submitting rule candidates for repeal, replacement, or modification, in implementation of the Trump Administration's regulatory reform Executive Orders (see...more

EPA Seeks Input on Regulations to be Repealed, Replaced, or Modified

The Trump Administration issued its most recent major Executive Order ("EO") on regulatory reform on February 24, EO 13777 on Enforcing the Regulatory Agenda. That directive added structural and enforcement mechanisms to a...more

CFPB Ordered by a New York Federal Court to "Show Me the Money"

Since the birth of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") well over 150 Consent Orders have been entered against every sector of the financial services industry. Many of these Consent Orders came with a...more

Regulatory Reform: A Closer Look at Opportunities and Challenges

Clark Hill's previous Alerts on the major regulatory reform initiatives launched by the Trump Administration covered the key points of those executive orders and directives. After assessment of the collective orders, this...more

President Trump Orders Revisit of "Waters of the United States" Rule

President Donald Trump issued, on February 28, 2017, an Executive Order ("EO") aimed at rescinding and revising the Obama Administration-issued final rule entitled "Clean Water Rule: Definition of 'Waters of the United...more

Regulatory Restructuring Initiatives Keep Coming

Continuing a Trump Administration series of Executive Orders, Presidential Memoranda, and Office of Management and Budget ("OMB") guidance documents that direct federal agencies to fundamentally change their rulemaking...more

Next Steps on the Executive Order on Reducing Regulation: OMB's Guidance Provides Some Clarity

The Trump Administration's January 30 Executive Order on Reducing Regulation and Controlling Regulatory Costs established broad principles that federal agencies are now expected to follow: (1) for every new regulation an...more

New Administration Orders Federal Agency Action to Reduce Regulatory Burden on Manufacturing

Continuing the flurry of Presidential directives on a wide array of matters, on January 24, 2017, President Trump ordered a series of actions designed to support the expansion of U.S. manufacturing by reducing regulatory...more

1/31/2017  /  EPA , Manufacturers , OMB , Trump Administration

Trump Administration Memorandum Imposes Regulatory Freeze Pending Review

On January 20, 2017, shortly after Donald J. Trump was sworn in as the nation's 45th President, Chief of Staff Reince Priebus executed and disseminated a Memorandum to the heads of every executive department and agency...more

DC Circuit Issues Landmark Decision Holding the CFPB's Structure Unconstitutional: What Happens Next?

In a groundbreaking decision on October 11, 2016, the D.C. Circuit held the structure of the Consumer Financial Protection Board (CFPB) unconstitutional. Citing the "CFPB's concentration of enormous power in a single,...more

Federal Small Business Authority Sharply Questions CFPB'S Proposed Payday Rule

In strongly worded comments filed October 7 in the Consumer Financial Protection Board's (CFPB) rulemaking on payday and other small dollar loans, the federal agency charged with advocating on behalf of small business took...more

10/10/2016  /  CFPB , Payday Loans , Popular , SBA , Small Business

Mammoth CFPB Payday Rule Would Dramatically Change the Lending Marketplace

Originally published in "InsideArm" - June, 2016. In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the...more

CFPB Moves Ahead to Block Arbitration Clauses, Discounting SBREFA Comments

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) released its anticipated proposed rule that would ban the use of mandatory arbitration clauses to avoid consumers' class action lawsuits in contract disputes....more

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