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Dodd-Frank Wall Street Reform and Consumer Protection Act Rulemaking Process

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Bradley Arant Boult Cummings LLP

Bradley Comment Letter Highlights Questions Regarding the CFPB’s Statutory Authority to Issue Contemplated Mortgage Servicing...

On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposal to amend the existing mortgage servicing rules in Regulation X. The substance of the proposal has attracted a lot of attention and...more

Sheppard Mullin Richter & Hampton LLP

Federal Court Upholds CFPB’s Small Business Lending Rule

On August 26, the United States District Court for the Southern District of Texas issued a decision upholding the legality of the CFPB Small Business Lending Rule (the “Rule”) (designed to implement section 1071 of the...more

Seyfarth Shaw LLP

Fifth Circuit Set to Weigh Challenge to FTC’s CARS Rule - Seyfarth's Future of Automotive Series

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The administrative challenge brought by the National Automobile Dealers Association (NADA) and another trade association against the Combating Auto Retail Scams (“CARS”) Trade Regulation Rule, issued last year by the Federal...more

Mintz - Antitrust Viewpoints

Six Agencies Finalize Rule on Safeguards for AI Real Estate Valuation Models — AI: The Washington Report

On June 24, 2024, six federal agencies — the Department of the Treasury (Treasury), the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Finalize Rule Enacting Safeguards for AI-Driven Home Valuations

On June 24, the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, and FHFA approved a final rule to implement the quality control standards mandated by the Dodd-Frank Act to address the use of artificial intelligence in...more

Foley Hoag LLP

Fifth Circuit Vacates New Private Funds Rules

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In a 3-0 decision issued today, June 5, 2024, the Fifth Circuit Court of Appeals (the “Court”) vacated the new private funds rule adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “Rule”)....more

Seward & Kissel LLP

Fifth Circuit Vacates the Private Fund Advisers Rules in their Entirety

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On June 5th, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) vacated the Securities and Exchange Commission’s (the “SEC”) final rule regarding the regulation of private fund advisers (the “Final...more

Goodwin

Key Questions for the Upcoming Private Funds Rules Fifth Circuit Decision

Goodwin on

As a reminder, the Securities and Exchange Commission (SEC) and the National Association of Private Fund Managers (NAPFM) and the other Petitioners in the Private Funds Rules Litigation1 requested that the three-judge panel...more

Bradley Arant Boult Cummings LLP

Supreme Court Upholds Constitutionality of CFPB’s Funding Mechanism

“Although there may be other constitutional checks on Congress’ authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires.” With these...more

Foley & Lardner LLP

Supreme Court Rules That the CFPB Is Constitutionally Funded

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On May 16, 2024, the Supreme Court reversed a Fifth Circuit decision which held that the funding for the Consumer Financial Protection Bureau (CFPB) violated the Appropriations Clause. This case was viewed as pivotal to the...more

Ballard Spahr LLP

Lawmakers and AFSA oppose future arbitration rulemaking

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In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,”...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 22: Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez

Ramon Gomez — Managing Director, Regulatory Affairs at JPMorgan Chase — joins RegFi cohosts Jerry Buckley and Sasha Leonhardt for a conversation about Section 1033 of the Dodd-Frank Act and its implications for consumer data...more

WilmerHale

CFTC Year in Review: 23 Takeaways From 2023 and Predictions for 2024

WilmerHale on

At an industry event in early 2023, Commodity Futures Trading Commission (CFTC or the Commission) Chairman Rostin Behnam set out a comprehensive agenda to include nearly three dozen rulemaking proposals as well as “business...more

DarrowEverett LLP

Actions vs. J.P. Morgan, Monolith Serve as SEC Compliance Check Reminders

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The Securities and Exchange Commission (SEC) recently settled charges against J.P. Morgan Securities LLC (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law...more

Ballard Spahr LLP

CFPB proposes rule to ban “rarely charged” NSF fees for declined transactions based on wildly expansive view of “abusive” prong

Ballard Spahr LLP on

On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more

Sheppard Mullin Richter & Hampton LLP

President Biden Vetoes Congressional Review Act Disapproval of CFPB’s Small Business Lending Data Collection Rule

On December 19, President Biden vetoed the joint resolution (S. J. Res. 32) the US Senate and House of Representatives passed under the Congressional Review Act that would have repealed the CFPB’s small business data...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

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On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of...more

Hinshaw & Culbertson - Consumer Financial...

CFPB Provides an Update on its Long Awaited and Highly Anticipated Financial Data Rights Rule

Whether your company is a new fintech or a traditional financial institution with deep roots, you should be taking notice of the Consumer Financial Protection Bureau's (CFPB) October 27, 2022 announcement concerning Section...more

Goodwin

Reviewing the Industry Groups’ Opening Brief Challenging the Private Funds Rules

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On November 1, 2023, the industry groups (the Petitioners) challenging the new Private Fund Adviser Rules filed in the US Court of Appeals for the Fifth Circuit their opening brief (the Brief) setting forth their legal...more

BCLP

Lower Debit Card Fees for Merchants

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The Federal Reserve Board (“FRB”) proposes to lower fees for debit card purchases. The FRB announced proposed rulemaking to reset its Durbin Amendment cap on interchange fees to 17.7 cents on an average transaction from 24.5...more

Sheppard Mullin Richter & Hampton LLP

Senate Votes to Repeal CFPB Small Business Lending Rule

On October 18, the Senate voted 53-44 to approve S.J. Res. 32, a resolution sponsored by Sen. Kennedy (R-LA) to overturn the implementation of the CFPB’s final rule under Section 1071 of the Dodd-Frank Act requiring lenders...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - October 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Mintz - Antitrust Viewpoints

Financial Protection and Autonomous Systems: Recent CFPB Actions Focused on AI — AI: The Washington Report

Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more

Alston & Bird

Opportunistic Credit Default Swap Strategies in the Crosshairs: SEC Finalizes Rule 9j-1

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The Dodd–Frank Act continues to spawn new rules more than a decade after its passage. Our Financial Services & Products Group reviews a rule finalized 10 years after its proposal that protects security-based swaps from fraud...more

Buchalter

CFPB Issues Spring 2023 Agency Rule List

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As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its...more

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