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Financial Regulatory Reform Regulatory Agencies

Troutman Pepper

FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A

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Some advisers suggested the bank regulatory agencies could join forces without this proposed rule, though they have not always coordinated on various works in the past. Although the agencies could collaborate informally,...more

Ballard Spahr LLP

House members urge CFPB to define “risk to consumers” in procedural rule on risk-based supervisory authority

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A bi-partisan group of House members has sent a letter to CFPB Director Chopra to express concern about the CFPB’s rule setting forth its procedures for establishing supervisory authority over nonbanks engaged in conduct that...more

Troutman Pepper

Applications for Georgia Merchant Acquirer Limited Purpose Bank Charter: A Positive Sign for Fintech and Nonbank Direct Access to...

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On January 12, Fiserv announced that it filed an application with the state of Georgia for a merchant acquirer limited purpose bank (MALPB) charter. This application is a seismic development and positive sign for those in the...more

Jones Day

CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities

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On November 7, 2023, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule that would grant it supervisory authority over major nonbank technology companies in the consumer digital payments space....more

Burr & Forman

The Assault on the SEC’s Administrative Citadel Continues

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A panel of the D.C. Circuit recently relied on Lucia and Cochran to enjoin a FINRA regulatory enforcement action pending appeal of an Appointments Clause challenge....more

Cadwalader, Wickersham & Taft LLP

CFPB Launches Office of Competition and Innovation

On May 24, the CFPB launched a new office, the Office of Competition and Innovation. The stated purpose of the new office is to promote competition and innovation that benefits consumers in the financial products and services...more

Jones Day

Is COVID-19 Guidance a Sword or Shield in Regulatory Enforcement and Litigation?

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The Issue: Federal agencies have issued subregulatory guidance affecting every industry during the COVID-19 pandemic. The Situation: The federal government has issued executive orders and memoranda on the proper role of...more

Ballard Spahr LLP

Chairwoman Waters introduces bill to reverse Mulvaney actions

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House Financial Services Committee Chairwoman Maxine Waters has introduced the “Consumers First Act” (to be designated H.R. 1500), a modified version of a bill she introduced in the last session of Congress when Mr. Mulvaney...more

A&O Shearman

Final Report on Incentives to Clear OTC Derivatives Published by Global Standard Setting Bodies

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A final joint report on the incentives to clear OTC derivatives has been published by the Financial Stability Board, the International Organization of Securities Commissions, the Basel Committee on Banking Supervision and the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A political crisis in Rome has economics [at least partially] and EU commitment at its core and is reminding some observers of the Greece morass of a few years back. The uncertainty the situation’s creating is not expected to...more

Ballard Spahr LLP

Top CFPB officials describe recent changes at the Bureau

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On May 7, 2018, at the Practicing Law Institute’s 23rd Annual Consumer Financial Services Institute in Chicago, panel members Kristen Donoghue, the CFPB’s top enforcement official, and Allison Brown, from the Bureau’s Office...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Takeda has officially emerged victorious in the battle for Shire. The Japanese drug giant will pay more than $66/share to acquire Shire in a deal valued at $62 billion....more

Ballard Spahr LLP

Mulvaney reorganizes CFPB Office of Fair Lending

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In an email to CFPB staff, Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has indicated that he plans to make changes to the CFPB’s organizational structure to best enable the CFPB to fulfill its...more

Ballard Spahr LLP

OIG finds incomplete CFPB response to unaccounted-for-laptops

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The CFPB’s Office of Inspector General has issued a report indicating that, in performing an audit of the CFPB’s encryption of data on mobile devices issued to staff members, the OIG found the CFPB had not yet completed all...more

Seyfarth Shaw LLP

Under New Leadership, CFPB No Longer Interested In Pushing The Envelope On Consumer Protection Laws

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On January 23, 2018, the Consumer Financial Protection Bureau’s (“CFPB”) Acting Director, Mick Mulvaney, issued a mission statement to the CFPB redirecting the agency’s mission and focus. Mulvaney emphasized that the law...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Systemic Risk Council—a heady group of “former top financial regulators, regulators, policymakers and academics”—is warning that the rollback of Dodd-Frank and other financial regulators could lead to bank failures and...more

Dechert LLP

An Open Letter to President-Elect Trump: Seven Financial Services Regulation Priorities

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Dechert partner Thomas P. Vartanian published an article entitled, "Open Letter to Trump: Weigh the Costs of Regulation," in the November 11 issue of the American Banker. While noting that it is undisputed that federally...more

Troutman Pepper

Looking Back: Delaware's Comprehensive Unclaimed Property Program Reform

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The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more

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