Administrative Agency Finance & Banking

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SEC's Focus on Private Equity Firms Continues with Recent Action

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

Reminder: Comments to revised RAD forms due October 28th and RAD Report out for review

On September 28, 2016, HUD published a notice in the Federal Register to solicit comments to revised form documents used in the Rental Assistance Demonstration (“RAD”). This notice follows a 60-day comment period on...more

PHH v. CFPB, Part I: President of Consumer Finance No More

In response to a challenge from mortgage servicer PHH Corp. regarding the constitutionality of the single director structure of the Consumer Financial Protection Bureau (the CFPB or Bureau), the United States Court of...more

Five Key Takeaways From the D.C. Circuit’s PHH Decision

The legal challenge by PHH Corp. (PHH) to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau (Bureau) in connection with the Bureau’s enforcement proceeding against PHH has captivated the...more

D.C. Circuit Court Finds the CFPB Misinterpreted Section 8 of RESPA and Violated Due Process with Retroactive Application

The D.C. Circuit Court issued its long-awaited opinion in PHH Corporation v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., filed 2015) regarding the constitutionality of the Consumer Financial Protection...more

PHH v. CFPB: Statutes of Limitation Apply To CFPB Administrative Proceedings: What You Need To Know

The D.C. Circuit Court released its highly anticipated opinion in PHH v. Consumer Financial Protection Bureau on October 11. This post addresses one important holding from that opinion. In other posts, we will be analyzing...more

Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

Consumer Financial Protection Bureau Brought Down a Notch

Earlier lastweek the United States Court of Appeals for the DC Circuit issued its 110 page opinion concerning the Consumer Financial Protection Bureau (“CFPB”) and CFPB enforcement action in PHH Corporation Et al vs Consumer...more

Appellate Court Decision Holding CFPB Unconstitutional Promises Significant Implications

In a landmark decision issued last week, the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau’s (CFPB) structure violated the Constitution’s separation-of-powers requirements. In...more

MSRB Responds to Issuer Complaints and Improves Bank Loan Disclosures on EMMA

In late September, the Municipal Securities Rulemaking Board (“MSRB”) announced that it had taken steps to enhance the bank loan disclosure submission process and the display of these documents on MSRB’s Electronic Municipal...more

U.S. Court of Appeals Rules Current Structure of CFPB Unconstitutional

The Consumer Financial Protection Bureau’s (CFPB) reign as an unchecked power just suffered a significant check. On Oct. 11, 2016, the U.S. Court of Appeals for the District of Columbia found that the CFPB’s structure was...more

Court of Appeals Says CFPB Is Unconstitutional; Rejects Agency Effort to Apply New Interpretation of Law Retroactively

The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals...more

What Happens When My Company Receives a National Security Letter? A Primer

Even today, most companies—even technology companies—do not think they have information that the U.S. Government wants or needs, particularly as it might relate to a national security investigation. The reality is that as...more

CFPB Hit by Major Setback in D.C. Circuit

In a decision eagerly awaited by the financial services industry, the D.C. Circuit this week handed the Consumer Financial Protection Bureau (CFPB) a major defeat, throwing out a mortgage lender’s $109 million disgorgement...more

D.C. Circuit Rules CFPB’s Structure Unconstitutional

In a news-making decision with significant political implications, but probably limited near-term business or legal effects, the United States Court of Appeals for the District of Columbia Circuit held on Tuesday, October 11,...more

Implications of the 2016 Election for Banks, Systemically Important Financial Institutions and Their Investors

Campaign promises rarely turn into specific actions, but when they do, they are necessarily impacted by the dynamics of the legislative process. History suggests, however, that the policies of candidates can be a predictor of...more

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

D.C. Circuit Rules CFPB Unconstitutional, and Wrong on RESPA

The D.C. Circuit held today that the single-director structure of the CFPB violates Article II of the United States Constitution, and added important substantive rulings on the Real Estate Settlement Procedures Act (RESPA)....more

In Long-awaited Decision, D.C. Circuit Reverses CFPB Enforcement Ruling and Finds CFPB Structure Unconstitutional In Part

On October 11, 2016, the D.C. Circuit issued its opinion in PHH Corporation v. Consumer Financial Protection Bureau. In the long-anticipated decision, the court found the CFPB’s structure unconstitutional in insulating the...more

SEC Announces Record Number of Investment Adviser Cases for FY 2016

The Securities and Exchange Commission today announced its enforcement results for fiscal year 2016, reaching new highs in the number of actions filed and money ordered forfeited through disgorgement and penalties. The SEC...more

CFPB Declared Unconstitutional

The United States Court of Appeals for the District of Columbia Circuit today ruled on a critical case “about executive power and individual liberty.” In the matter of PHH Corporation, et. al., v. the Consumer Financial...more

CFPB Single-Director Structure Deemed Unconstitutional

Yesterday—in PHH Corp. v. CFPB—the U.S. Court of Appeals for the District of Columbia (the “D.C. Circuit”) held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) is unconstitutional,...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 10

FINRA Revises its Proposed Amendments to Rule 2210 - In our recent Client Alert, we wrote about the Financial Industry Regulatory Authority, Inc.’s proposed changes to Rule 2210, Communications with the Public. One of...more

Alberto Musalem to Resign from Federal Reserve Bank of New York

The Federal Reserve Bank of New York announced that Alberto G. Musalem, executive vice president and head of the Integrated Policy Analysis Group (IPA), will resign from the New York Fed effective January 6, 2017. On October...more

Ninth Circuit Holds that Fannie Mae and Freddie Mac Are Not Agents of the Government Under the False Claims Act

In United States ex rel. Adams v. Aurora Loan Servs., 813 F.3d 1259 (9th Cir. 2016), the Ninth Circuit affirmed the district court’s dismissal of Relators False Claims Act (“FCA”) complaint, holding that the Federal National...more

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