On June 28, in Loper Bright v. Raimondo, et al., the Supreme Court overturned the Chevron deference doctrine, a long-standing tenet of administrative law established in 1984 in Chevron U.S.A., Inc. v. Natural Resources...more
Our recent webinar featured a conversation with noted legal scholars Craig Green, Charles Klein Professor of Law and Government at Temple University Beasley School of Law, and Kent Barnett, recently appointed Dean of the...more
In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more
8/28/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Flagstar Bank NA v Kivett ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
Regulatory Agenda ,
SCOTUS
On August 16, 2024 the CFPB issued an updated 2025 Small Business Lending Filing Instructions Guide (the “Guide”). The Guide provides updated compliance dates that correspond to the new compliance dates....more
8/21/2024
/ Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Financial Institutions ,
Financial Services Industry ,
Motion To Stay ,
SBA Lending Programs ,
SCOTUS ,
Section 1071 ,
Small Business
The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more
8/13/2024
/ Administrative Procedure Act ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
En Banc Review ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
SCOTUS ,
UDAAP
On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more
8/7/2024
/ Cantero v Bank of America NA ,
Consumer Financial Products ,
Dodd-Frank ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
New Regulations ,
OCC ,
Preemption ,
SCOTUS ,
State Banks
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
On August 6, 2024, we will be holding a 90 minute webinar roundtable featuring 3 administrative law professors who are among the country’s leading experts on the Chevron Deference Doctrine....more
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 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
We already have published a short blog about the Supreme Court’s opinion issued on Friday, July 28 in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce, et al, No. 22-451....more
7/3/2024
/ Administrative Procedure Act ,
Chevron ,
Chevron Deference ,
Chevron v NRDC ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
Section 7 ,
Statutory Interpretation
The U.S. Supreme Court on Friday overturned the long-standing Chevron Deference Doctrine, saying that judges—not federal agencies—should interpret federal laws....more
6/28/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Chevron v NRDC ,
Government Agencies ,
Judicial Authority ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
National Marine Fisheries Service ,
Popular ,
Regulatory Authority ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Statutory Interpretation ,
Vessels
On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring...more
6/3/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
Preemption ,
Remand ,
Reversal ,
SCOTUS
On Friday May 24, in response to the CFPB’s motion requesting the Fifth Circuit to accelerate the issuance of its mandate from July 9, 2024 with respect to its earlier dismissal of the plaintiffs’ appeal, the Fifth Circuit...more
5/28/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA) ,
Venue
On April 26, 2024, Plaintiffs filed their response to the CFPB’s Petition for a Panel Rehearing with the Fifth Circuit in the lawsuit challenging the CFPB’s credit card penalty fees rule (Rule). On the same date, the...more
4/30/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA)
The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more
4/29/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Motion for Summary Judgment ,
SCOTUS ,
Section 1071 ,
Small Business
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more
3/14/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Late Fees ,
Oral Argument ,
Preliminary Injunctions ,
Safe Harbors ,
SCOTUS ,
Truth in Lending Act (TILA)
The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion...more
3/8/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
SCOTUS ,
Section 1071 ,
Small Business
The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more
2/27/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Federal v State Law Application ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS ,
Solicitor General ,
Statutory Violations
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the...more
2/1/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Comptroller ,
Department of Justice (DOJ) ,
Escrow Accounts ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption. The petitioners must file their reply...more
1/29/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Mortgages ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS
On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A., a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether...more
1/18/2024
/ Banks ,
Cantero v Bank of America NA ,
Consumer Financial Products ,
Financial Services Industry ,
Mortgage Escrow Account ,
Mortgages ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS ,
State Attorneys General
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the...more
12/29/2023
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Financial Services Industry ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more
12/21/2023
/ Banking Sector ,
Certiorari ,
Chevron Deference ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS ,
State Banks ,
True Lender
Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more
12/6/2023
/ Administrative Procedure Act ,
Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Payday Lending Rule ,
Presidential Veto ,
Regulatory Requirements ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans