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Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

White House nominee for next FDIC chair bows out

by Ballard Spahr LLP on

Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more

President's Executive Order on Cybersecurity: Impact on Banks Unclear

President Donald Trump has signed an executive order addressing cybersecurity. But for financial institutions, is the executive order much ado about nothing? Not exactly....more

Financial Services Weekly News - June 2017 #3

by Goodwin on

Editor's Note - In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more

IRS Reissues Proposed Regulations for Centralized Partnership Audit Regime

by Morrison & Foerster LLP on

The new rules represent a complete overhaul of partnership audit, assessment, and collection procedures. Taxpayers should review and potentially amend partnership agreements before the new rules are scheduled to take effect...more

Under the Dome: Inside the Maine State House

by Pierce Atwood LLP on

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Budget Negotiations Continue - The Legislature continues its work to develop a compromise budget...more

Treasury's framework to relax and "improve" the Volcker Rule: key recommended changes

by DLA Piper on

On Monday, the US Treasury Department issued a fairly detailed report ("A Financial System That Creates Economic Opportunities – Banks and Credit Unions") of proposed changes to financial regulation primarily stemming from...more

President Trump expected to nominate Joseph Otting to head OCC

by Ballard Spahr LLP on

The American Bankers Association and numerous media sources, including Politico and American Banker, have reported that the White House has announced that President Trump will nominate Joseph Otting to serve as Comptroller of...more

HUD Regulatory Reform

by Ballard Spahr LLP on

The new HUD administration has been pretty quiet on the regulatory front, with only a handful of regulations and notices issued since January. That may change soon. HUD is hard at work identifying regulatory changes that...more

The Battle Over the CFPB Continues

The battle over the future of the Consumer Financial Protection Bureau (CFPB) rages on, with Republicans trying a host of measures to challenge and contain the agency....more

Trump’s FY 2018 Budget Subjects CFPB to Congressional Appropriations Process

by Ballard Spahr LLP on

Tuesday, President Trump released an outline of his FY 2018 Budget entitled “A New Foundation for American Greatness”. There is good news and bad news for the CFPB, although most of it is bad news. The good news for the...more

ManattJones Global Strategies - May 2017

CEO Executive Summary: Early April felt almost normal. There was no blowup in U.S.-Mexico relations and the Mexican economy performed well. Then came President Trump’s renewed broadsides, insisting that Mexico will pay for...more

Manatt on Health Reform: Weekly Highlights - May 2017 #3

Governors pen bipartisan letter to Congress urging five-year extension of funding for the Children's Health Insurance Program (CHIP); new analyses find Medicaid funding cuts under the AHCA would disproportionately affect...more

"CFTC Seeks Public Input on Decreasing Burdens of Existing Rules"

On May 3, 2017, the Commodity Futures Trading Commission (CFTC) voted to seek public input on simplifying and modernizing the agency’s rules (Project KISS, 82 Fed. Reg. 21494 (May 9, 2017)). CFTC Acting Chairman J....more

Jay Clayton Confirmed as SEC Chairman

A new era at the SEC officially began last week when Jay Clayton was sworn in as the 32nd Chairman of the SEC. The Senate’s confirmation of Mr. Clayton on May 2nd by a 61 to 37 vote continued the Trump Administration’s...more

House Financial Services Committee Holds Hearing on the Financial CHOICE Act of 2017

by Morrison & Foerster LLP on

On April 26, 2017, the Financial Services Committee of the U.S. House of Representatives held a hearing entitled "A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs." The purpose...more

Richard Cordray’s tenure as CFPB Director is uncertain

by Ballard Spahr LLP on

Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more

Some suggested questions for Director Cordray’s expected appearance at April 5 House hearing

by Ballard Spahr LLP on

On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more

Under Trump Administration, Dodd-Frank and the CFPB Continue to Face Challenges

by Sedgwick LLP on

The Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank, was enacted in 2010 in response to the financial crisis. Through Dodd-Frank, the Consumer Financial Protection Bureau (the CFPB) was created. The...more

Cordray’s CNBC interview answers few questions

by Ballard Spahr LLP on

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the...more

Republican Senators Introduce Bill to Restructure the Consumer Financial Protection Bureau

by Snell & Wilmer on

On January 11, 2017, U.S. Senator Deb Fischer (R-Neb.) introduced Senate Bill 105 which proposes a substantial change to the leadership structure of the Consumer Financial Protection Bureau (“CFPB”). Senator Fischer was...more

House Financial Services Committee Chairman Hensarling Proposes Changes to the CHOICE Act.

by Ballard Spahr LLP on

On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more

Do Tax Regs Have an Out From the New 2-1 Rule?

As I previously discussed (here), President Trump issued an Executive Order requiring government agencies to identify two regulations for repeal for every new regulation that they wish to issue. The initial reaction of this...more

OIRA guidance confirms executive order to reduce regulations does not apply to independent agencies

by Ballard Spahr LLP on

Interim Guidance issued by the Office of Information and Regulatory Affairs (OIRA) to implement President Trump’s executive order entitled “Reducing Regulation and Controlling Regulatory Costs” confirms that the order does...more

Trump’s 2 for 1 Regulatory Reduction Challenged in Court

President Donald Trump’s Executive Order requiring two regulations be repealed for every new one adopted and related OMB guidance have been challenged in a law suit commenced in the U.S. District Court for the District of...more

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