Consumer Protection Elections & Politics

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Republican Senators Introduce Bill to Restructure the Consumer Financial Protection Bureau

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

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

Financial Services Weekly News - February 2017 #3

Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

Make Cybersecurity Great Again? Cybersecurity Challenges — and Opportunities — for the Trump Administration

The Trump Administration has taken office at a time when cybersecurity has increasingly entered the public consciousness as a major challenge facing both the United States government and the business community. Cyberattacks...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

FDA Devices Center Issues Multiple Guidances in the Obama Administration’s Final Months

A flurry of regulatory activity preceded the transition in administration on January 20. Anticipating that the new administration would impose a regulatory slowdown, the Food and Drug Administration’s (FDA’s or the...more

Has Trump dumped privacy protections for EU citizens?

As President Trump settles into office, his administration has issued a flurry of executive orders aimed at reshaping the U.S. government. One order in particular may have a broader impact on global business than originally...more

Democratic lawmakers/ Democratic state AGs/ consumer advocacy groups seek reconsideration en banc of motions to intervene in PHH...

After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more

Chairman Kaye Steps Down as CPSC Chair; Republican Buerkle Assumes Role of Acting Chair

Late Wednesday evening, Democrat Elliot Kaye resigned as chair of the Consumer Product Safety Commission. Republican Commissioner Ann Marie Buerkle has assumed the position of Acting Chair until a new chair is appointed by...more

CFSAN Director Anticipates “Tweaks,” Not Rollbacks Despite Administration’s De-Regulation Emphasis

Dr. Susan Mayne, Director of FDA’s Center for Food Safety and Applied Nutrition, spoke on Thursday to the DC section of the Institute of Food Technologists. Responding to questions from the audience, Dr. Mayne was asked to...more

CPSC Begins Transition: Ann Marie Buerkle is Now the Acting Chairman of the Agency

February 9th, 2017, it was announced internally at the CPSC that Commissioner Ann Marie Buerkle has become the Acting Chairman of the agency. The CPSC has not yet released a statement concerning the transition of the...more

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

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

Financial Services Weekly News - February 2017 #2

Editor's Note - No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more

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

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

President Trump issues an executive order on core principles for regulating the financial system

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core...more

FDA Issues Proposed Tobacco Product Standard for N-Nitrosonornicotine (NNN) in Finished Smokeless Tobacco Products

On January 23, 2017, the Food and Drug Administration (FDA) issued a proposed tobacco product standard that would establish a limit of N-nitrosonornicotine (NNN) in finished smokeless tobacco products not to exceed 1.0...more

"The Uncertain Future of the Consumer Financial Protection Bureau"

Since its inception in July 2011, the Consumer Financial Protection Bureau (CFPB) has sought to prove itself as a powerful regulator through significant enforcement actions and settlements. In 2016, the CFPB continued to...more

Update: GMO labeling regs get Trumped

The Trump Administration’s latest executive orders have effectively prevented the USDA from promulgating rules on GMO food labeling. The development will likely throw a wrench in the USDA’s anticipated plans to give more...more

Some thoughts on President Trump’s authority to replace Director Cordray

There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President. The Dodd-Frank Act authorizes the CFPB Director to appoint a...more

Ajit Pai and the FCC’s Role in ISP Privacy Regulation under President Trump

On January 23, 2017, President Donald Trump named Ajit Pai as Chairman of the Federal Communications Commission (FCC). In his previous role as the senior Republican on the FCC under President Barack Obama, Mr. Pai was an...more

Text of Senate bill released to replace CFPB leadership with five-person board

Last month, we blogged about reports that a bill (S. 105) has been introduced by three Republican Senators to change the CFPB’s single-director leadership structure to a five-person commission....more

Trump’s New FCC Chairman Ajit Pai May Drain the TCPA Swamp

In one of his first official actions, newly elected President Donald Trump tapped Ajit Pai as the new chairman of the Federal Communications Commission (FCC), replacing outgoing chairman Tom Wheeler. Pai is a sharp critic of...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

President Trump signs executive order to reduce regulations; application to CFPB doubtful

President Trump has signed an executive order entitled “Reducing Regulation and Controlling Regulatory Costs.” Like the regulatory freeze memo issued on Inauguration Day by Reince Priebus, the President’s Chief of Staff,...more

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