Administrative Agency Finance & Banking

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CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

CFPB Reopens Comment Period on Proposed Amendments to Servicing Rules

On April 21, 2016, the CFPB reopened the comment period on a narrow portion of its December 15, 2014 notice of proposed rulemaking (the “NPR”), which would amend the mortgage servicing rules in Regulation X and Regulation Z....more

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

U.S. Court of Appeals for the D.C. Circuit Hears Oral Arguments Regarding CFPB’s Interpretation of RESPA

On April 12, the U.S. Court of Appeals for the D.C. Circuit held oral arguments in the case PHH Corporation v. CFPB. The primary issue in the case is whether the CFPB is constitutionally and statutorily authorized to assess a...more

UK Financial Regulatory Developments - April 2016 #17

ABI consults on language for retirement options - ABI is consulting on a draft guide to simplifying language on retirement choices to ensure customers understand their choices – and generally to improve use of terms...more

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

OCC Names Deputy Comptroller for Compliance Risk

On April 13, the OCC named Donna Murphy Deputy Comptroller for Compliance Risk. Effective May 1, Murphy will be responsible for supervising the development of policy and examination procedures relating to consumer, BSA/AML,...more

MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial...more

NYDFS Names Celeste Koeleveld General Counsel

On April 11, the NYDFS appointed Celeste Koeleveld as General Counsel. Koeleveld will be responsible for all legal matters in the Department....more

SOX Whistleblower Receives $250,000 Award Related to State Wage Act Complaints

The ARB recently concluded that a former program manager was entitled to recover more than $250,000 in back pay and benefits under Section 806 of SOX based on his discipline and constructive discharge. The ARB clarified that...more

D.C. Circuit Appears Poised to Overturn First CFPB Enforcement Action to Reach the Court: Five Key Takeaways From Yesterday’s Oral...

Major financial firms almost never litigate with their regulators. As a result, regulators often take aggressive enforcement positions with little fear of judicial scrutiny. That’s been especially true for the Consumer...more

D.C. Circuit Judge Expresses Concern That CFPB Concentrates “Huge Power” in Single Director

Yesterday’s oral argument in the CFPB v. PHH Corporation appeal included sharp questioning about the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) single-director structure, which the parties agreed...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

U.S. District Court Overturns FSOC Designation of MetLife as a Systemically Important Financial Institution

On March 29, 2016, MetLife scored a victory as Judge Rosemary Collyer of the U.S. District Court for the District of Columbia invalidated the Financial Stability Oversight Council’s (FSOC) designation of MetLife as a...more

Will Supreme Court Hear A Challenge to SEC Venue Decisions?

The SEC continues to prevail in actions brought challenging its venue selections. On March 28, 2016, the Supreme Court denied a request for a writ of certiorari in Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015). Ms. Bebo’s case...more

When is an Administrative Action Barred by the Dodd-Frank Act’s Three-Year Statute of Limitations? Never, According to the CFPB

Corporate defendants are entitled to the protections afforded by statutes of limitations, which bar claims for conduct long-past and are “vital to the welfare of society.” See, e.g., Gabelli v. S.E.C., 133 S. Ct. 1216, 1221...more

FinCEN Issues Advisory on FATF-Identified Jurisdictions with AML/CFT Deficiencies

On March 21, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory (FIN-2016-A002) on the Financial Action Task Force (FATF)-identified jurisdictions with strategic deficiencies in anti-money laundering...more

SEC Administrative Case Reinforces Current Emphasis on Internal Controls

Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more

ARB Rejects SOX Claim of Employee Who Threatened Co-Worker

On February 18, 2016, the ARB dismissed a former employee’s whistleblower retaliation claim under Section 806 of SOX, concluding that he failed to show that his protected activity contributed to the decision to terminate his...more

The Single Director Structure of the CFPB Needs to Change

At times the CFPB can take actions that appear very aggressive. To fully realize the agency's power and ability it helps to understand their formation and their structure, and to remember that the CFPB was specifically...more

New York State Division of Tax Appeals Addresses Unauthorized Insurance Company Taxation

A New York State Division of Tax Appeals administrative law judge (ALJ) issued three determinations addressing the tax implications for unauthorized insurance companies, both life and non-life. Significant uncertainty has...more

Upper Tribunal Decision Published on Whether a Third Party was Identified in a UK Regulator's Notice

A decision of Upper Tribunal Tax and Chancery Chamber on whether a Decision Notice issued by the Financial Conduct Authority prejudicially identified a third party was published. On April 23, 2015, the FCA issued Deutsche...more

CFPB No-Action Letters Are No Help

In the age of handheld banking apps, private funds transfer systems, and digital currencies, ensuring that new products are fair to consumers and compliant with existing – and sometime archaic – regulations are difficult...more

Dress Barn Finance Department Yields Another SEC Insider Trading Action

The SEC filed another insider trading action as an administrative proceeding – a continuing trend. This action may also represent another trend – it is the second which names as a Respondent a member of the finance department...more

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