The expansive final rule overhauls how banks are evaluated for lending to low- and moderate-income customers.
The federal banking regulators issued a joint final rule that will govern Community Reinvestment Act (CRA)...more
Recent actions by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB), with support from the Biden administration, signal that protecting consumers from so-called “junk fees” remains a key...more
10/23/2023
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Excessive Fees ,
Federal Trade Commission (FTC) ,
Fees ,
Hidden Fees ,
Misleading Statements ,
Notice of Proposed Rulemaking (NOPR) ,
Overdraft Fees ,
Price Inflation ,
Unfair or Deceptive Trade Practices
The grant program will be authorized and appropriated through the Infrastructure Investment and Jobs Act.
The State and Local Cybersecurity Grant Program will provide a “first-of-its-kind” investment to state, local and...more
The Act includes significant funding to ensure long-term U.S. competitiveness in the advanced nuclear sector.
Investment in existing and new university nuclear infrastructure will support next-generation nuclear...more
Regulators took a first step toward modernizing CRA regulations with a joint Notice of Proposed Rulemaking.
The proposed rule would add more standardized metrics for regulators’ CRA examinations and more clearly delineate...more
Under the new law, critical infrastructure owners and operators will be required to report significant cyber incidents to the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA)...more
3/31/2022
/ Critical Infrastructure Sectors ,
Cyber Incident Reporting ,
Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA) ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
FBI ,
FOIA ,
Homeland Security Cybersecurity & Infrastructure Security Agency (CISA) ,
Penalties ,
Ransomware ,
Reporting Requirements ,
Transportation Security Administration ,
Virtual Currency
In response to increasingly frequent and sophisticated cybersecurity attacks on banks and bank service providers, the federal prudential banking regulators—the Office of the Comptroller of the Currency (OCC), the Board of...more
12/2/2021
/ Banking Sector ,
Banks ,
Breach Notification Rule ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Popular ,
Regulatory Oversight ,
Reporting Requirements
Enactment of the massive infrastructure package creates funding opportunities as federal agencies prepare to award funds across a large swath of U.S. sectors and industries, including energy, broadband, water, transportation,...more
11/9/2021
/ Affordable Housing ,
Biden Administration ,
Broadband ,
Child Care ,
Cybersecurity ,
Education Reform ,
Electric Vehicles ,
Energy Sector ,
Green Energy ,
Healthcare Reform ,
Infrastructure ,
Legislative Agendas ,
Paid Leave ,
SALT ,
Tax Increases ,
Water
As CFPB Director, Rohit Chopra will vigorously apply the CFPB’s authority to promulgate rules, conduct examinations, and bring enforcement actions.
CFPB Acting Director Uejio has laid the groundwork for Director Chopra to...more
10/4/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Federal Trade Commission (FTC) ,
Senate Confirmation Hearings ,
Small Business Loans ,
Small Dollar Lenders ,
UDAAP
The Senate action sets the stage for weeks of fierce negotiation and tough compromises, including for those seeking infrastructure funding “wins” and the targets of new “pay-for” measures to fund the bill, including through...more
The President’s new Executive Order on Improving the Nation’s Cybersecurity includes wide-ranging measures intended to strengthen security standards for the federal government and federal government contractors in response to...more
5/20/2021
/ Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Department of Homeland Security (DHS) ,
DFARS ,
Encryption ,
Executive Orders ,
Federal Acquisition Regulations (FAR) ,
Federal Contractors ,
FedRAMP ,
Joe Biden ,
Multi-Factor Authentication ,
National Security Agency (NSA) ,
NIST ,
OMB ,
Popular ,
Ransomware ,
Software ,
Supply Chain
The Senate has voted to repeal the True Lender Rule using the Congressional Review Act, a measure allowing Congress to disapprove of agency actions and nullify recently adopted administrative rules.
The True Lender Rule...more
President Biden’s American Jobs Plan includes ambitious spending proposals and modifications of the tax code that will affect businesses in all sectors of the U.S. economy.
President Biden announced the American Jobs Plan...more
4/20/2021
/ Affordable Housing ,
Airports ,
Biden Administration ,
Bridges ,
Broadband ,
Carbon Capture and Sequestration ,
Clean Energy ,
Electric Vehicles ,
Energy Efficiency ,
Energy Storage ,
Highways ,
Infrastructure ,
Manufacturers ,
Power Grid ,
Public Transit ,
Railways ,
Research and Development ,
Roads ,
Supply Chain ,
Tax Code ,
Water
President Biden signs relief bill into law and begins implementation.
President Biden has now signed the American Rescue Plan Act, a $1.9 trillion investment and stimulus package designed to address the ongoing COVID-19...more
3/12/2021
/ Affordable Housing ,
American Rescue Plan Act of 2021 ,
Child Care ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Families First Coronavirus Response Act (FFCRA) ,
Immigrants ,
Joe Biden ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Public Health ,
Public Schools ,
Relief Measures ,
Rental Assistance Programs ,
Restaurant Industry ,
State Aid ,
Vaccinations ,
Virus Testing
As savvy investigators in Congress and the Biden-Harris Administration prepare for new and expanded government investigations, it is time for potential targets to assess and address their vulnerabilities.
Investigators in...more
1/28/2021
/ Biden Administration ,
CARES Act ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Department of Justice (DOJ) ,
Diversity and Inclusion Standards (D&I) ,
Environmental Policies ,
Federal Contractors ,
Financial Services Industry ,
Fraud and Abuse ,
GAO ,
Government Investigations ,
National Security ,
Oversight Committee ,
Pharmaceutical Industry ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
TARP ,
Technology Sector
Last week, President Biden released a fact sheet summarizing a proposed $1.9 trillion COVID-19 stimulus package, which promises to have a broad reaching impact on U.S. businesses.
The proposal includes a $15 billion grant...more
1/21/2021
/ Biden Administration ,
Budget Reconciliation ,
Clean Energy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Economic Stimulus ,
Educational Institutions ,
Families First Coronavirus Response Act (FFCRA) ,
Popular ,
Public Utility ,
Relief Measures ,
Sick Leave ,
Small Business ,
Small Business Loans ,
Technology Sector ,
Tenants ,
Vaccinations ,
Venture Capital
New federal requirements in the annual national defense budget reauthorization effectively will end anonymous U.S. shell companies by requiring businesses to disclose 25 percent owners and control persons to a newly created...more
1/6/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Drug Trafficking ,
Financial Institutions ,
FinCEN ,
Fraud ,
Guidance Update ,
Human Trafficking ,
Law Enforcement ,
Patriot Act ,
Penalties ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations ,
Terrorist Acts ,
U.S. Treasury ,
Virtual Currency ,
Whistleblowers
After months of deadlock, a $900 billion stimulus package promises direct payments, unemployment benefits and small business aid.
On December 27, President Trump signed into law a $900 billion COVID relief package and a...more
1/4/2021
/ CARES Act ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Economic Impact Payments ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Employee Retention ,
Eviction ,
Fraud ,
Moratorium ,
Pandemic Unemployment Assistance (PUA) ,
Pandemic Unemployment Emergency Compensation (PUEC) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SNAP Program ,
Tax Credits ,
Unemployment Benefits ,
Vaccinations
With potential gridlock in Congress and a national public health and economic crisis requiring immediate action, businesses can expect President-elect Biden to take swift action by using his executive power upon taking...more
12/23/2020
/ Biden Administration ,
Climate Change ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Defense Production Act ,
Executive Powers ,
Foreign Policy ,
Immigration Reform ,
Loan Forgiveness ,
OSHA ,
Popular ,
Public Health Emergency ,
Public Policy ,
Student Loans
A closely divided Congress will limit financial services legislation but Biden appointees in key regulatory positions will have a large impact on the financial services policy agenda.
The Biden administration is likely to...more
12/10/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Biden Administration ,
CFTC ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Fair Lending ,
FDIC ,
Financial Products ,
Financial Services Industry ,
FinTech ,
National Bank Act ,
OCC ,
Popular ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Special Purpose National Bank Charter
President-Elect Biden won a mandate to bring normalcy back to government and to seek bipartisan compromise where possible.
The makeup of the U.S. Senate may limit the Biden Administration’s ability to deliver its most...more
11/10/2020
/ Biden Administration ,
Coronavirus/COVID-19 ,
Education Reform ,
Energy Sector ,
Environmental Policies ,
Ethics ,
Executive Powers ,
Financial Services Industry ,
Foreign Policy ,
Gig Economy ,
Healthcare Reform ,
Infrastructure ,
Political Campaigns ,
Popular ,
Social Media Policy ,
Tax Reform ,
Trade Policy
Senator Mitch McConnell expresses new interest in passing a COVID-19 relief package in the lame-duck session.
Despite agreeing on the need for a COVID-19 relief package, Republicans in the Senate and Democrats in the House...more
11/10/2020
/ Business Losses ,
CARES Act ,
Coronavirus/COVID-19 ,
Defense Production Act ,
Economic Stimulus ,
Federal Aid ,
Government Shutdown ,
Paycheck Protection Program (PPP) ,
Small Business ,
Unemployment Benefits ,
Virus Testing
In this election cycle, technology and internet policy is a persistent factor across multiple issue areas. With implications for national security, economic equality, infrastructure and market regulation, the next...more
11/4/2020
/ California Consumer Privacy Act (CCPA) ,
China ,
Communications Decency Act ,
Data Privacy ,
Data Protection ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Donald Trump ,
Fair Labor Standards Act (FLSA) ,
FCC ,
Federal Trade Commission (FTC) ,
General Data Protection Regulation (GDPR) ,
Gig Economy ,
Internet ,
Joe Biden ,
PACT Act ,
Popular ,
Remote Learning ,
Research and Development ,
SHIELD Act ,
Standard Contractual Clauses ,
Telehealth
Pillsbury’s political law and public policy groups break down the need-to-know numbers for this year’s election. Pillsbury’s Election Night Guide examines the potential outcomes for the 2020 Presidential election, as well as...more
Commerce Department’s Economic Development Administration has started disbursing some of its allocated $1.5 billion in recovery assistance for local communities to address the impacts of the COVID-19 pandemic.
The U.S....more