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In Major Change, Regulatory Reform Comes to Tax Regulation

For decades, tax regulations have been viewed as exempt from required regulatory review under Executive Order 12866 of October 4, 1993, on Regulatory Planning and Review. That Executive Order (“EO”) directs federal agencies...more

New Momentum for Federal Infrastructure Initiatives and Regulatory Reform

From the earliest days of the Trump Administration, the White House and new leadership in key federal agencies have pushed to increase the volume and pace of infrastructure projects and eliminate regulatory roadblocks. With...more

CFPB is Constitutional, But Makes $100 Million Mistake In Interpreting the Law

The D.C. Circuit Court of Appeals issued its long awaited decision in PHH v. Consumer Financial Protection Bureau, holding by a 7-3 decision that the Consumer Financial Protection Bureau’s (CFPB or Bureau) single-Director...more

The CFPB Takes No Holiday for Thanksgiving Leaving the Leadership of the Agency in Doubt

While the rest of the country was scattering for Thanksgiving celebrations, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB or Bureau) since July 17, 2013, was quietly plotting his own...more

11/28/2017  /  CFPB , Dodd-Frank , OMB , Resignation , Richard Cordray

Will CFPB Director Richard Cordray's Resignation Usher in a New Era of Financial Services Regulation?

On Wednesday, November 15, 2017, Richard Cordray, the confirmed Director of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as of July 16, 2013, revealed that he will leave that position by the end of the month....more

11/17/2017  /  CFPB , Directors , Resignation , Richard Cordray

New Concerns for Companies That Import or Manufacture "Toxic" Chemicals

Inevitably, a change in Administrations leads to changes in policies and priorities of regulatory agencies. Most media coverage has focused on opposition to the Trump Administration's efforts to revise existing or proposed...more

Long-Awaited Commerce Department Regulatory Reform Report Spotlights Priority Targets

In one of its first actions upon taking office, the Trump Administration issued a Presidential Memorandum on Streamlining Permitting and Reducing Regulatory Burdens for Domestic Manufacturing on January 24, 2017. That...more

No Real Surprises in CFPB's Final Rule for the Small Dollar Loan Industry

On October 5, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loans. The Final Rule follows for the most part the Notice of...more

OCC Rescinds Guidance on Small-Dollar Loans: What Do Banks Do Now?

Just one hour after the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loan (CFPB Rule), the Office of the Comptroller of the Currency...more

Streamlining Federal Environmental Reviews for Infrastructure Projects: Real Change is Coming

In recent actions, the Trump Administration reinforced its commitment to making significant changes in the way federal environmental reviews and authorizations are managed for infrastructure projects. As discussed in a...more

Administration Invites Additional Public Comment on "Waters of the United States" Rulemaking

The U.S. Army Corps of Engineers and the Environmental Protection Agency will hold nine teleconferences to solicit public comments and recommendations on revising the definition of "Waters of the United States" under the...more

If the CFPB is Remiss, the Court Must Dismiss: CFPB Must Provide Facts to Support Its Claims

On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more

New Executive Order on Infrastructure Ups the Ante on Streamlining the Environmental Review and Permitting Process

Since its earliest days, the Trump Administration has focused on eliminating delays in infrastructure projects, portraying environmental reviews and permitting as major choke points requiring change. On January 24, 2017, the...more

U.S. Army Corps of Engineers and Environmental Protection Agency Proposal to Rescind "Waters of the United States" Regulatory...

The U.S. Army Corps of Engineers and Environmental Protection Agency recently announced a process for replacing the Obama administration's 2015 promulgation of a revised regulatory definition of "waters of the United States."...more

The CFPB's Final Arbitration Rule: Second Verse, Same as the First

The Consumer Financial Protection Bureau's ["CFPB" or "Bureau"] July 10, 2017 final rule on the use of arbitration clauses in consumer financial products and services demonstrated the Bureau's determination to carry through...more

Interior Department Announces Regulatory Reform Comment Opportunity

In a June 22, 2017 Federal Register notice, the Department of Interior (DOI) became the most recent federal department or agency to initiate a comment cycle to solicit public input on regulations that should be repealed,...more

Treasury Department Issues Long Awaited Report on Regulatory Reform for the Financial Services Industry

Pursuant to Executive Order 13772, issued February 3, 2017, the Department of Treasury has issued a report, A Financial System that Creates Economic Opportunities for Banks and Credit Unions (the "Report"), which sets forth...more

CFPB Announces Changes to its Debt Collection Rulemaking: An Advocacy Win for the Industry

On Thursday, June 8, 2017, during a public session of the Consumer Financial Protection Bureau's (CFPB) Consumer Advisory Board meeting, Director Richard Cordray announced that the CFPB was changing course on one key aspect...more

6/12/2017  /  CFPB , Debt Collection , Debt Collectors

The Next CFPB Regulatory Challenge: Small Business Lending

The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority. Under 12 U.S.C. § 5481(12) of the Dodd-Frank Act, the...more

5/15/2017  /  CFPB , Dodd-Frank , ECOA , SBREFA , Small Business

The Honest Act Inches Forward Amid Controversy

The latest development in the consideration of H.R. 1430, the Honest and Open New EPA Science Treatment Act of 2017" ("HONEST Act"), introduced by Rep. Smith, Lamar [R-TX] and strongly supported by the new Administration,...more

Bipartisan Senate Regulatory Accountability Act Adds Another Important Element to Reform Efforts

On April 26, Senators Rob Portman (R-OH) and Heidi Heitkamp (D-ND) introduced a bipartisan bill, the Regulatory Accountability Act of 2017 that would codify several existing Executive Orders ("EO") and impose new requirements...more

EPA Doubles Down on Regulatory Reform Outreach, But is More Necessarily Better?

EPA continues to create mechanisms for stakeholders to use in submitting rule candidates for repeal, replacement, or modification, in implementation of the Trump Administration's regulatory reform Executive Orders (see...more

EPA Seeks Input on Regulations to be Repealed, Replaced, or Modified

The Trump Administration issued its most recent major Executive Order ("EO") on regulatory reform on February 24, EO 13777 on Enforcing the Regulatory Agenda. That directive added structural and enforcement mechanisms to a...more

CFPB Ordered by a New York Federal Court to "Show Me the Money"

Since the birth of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") well over 150 Consent Orders have been entered against every sector of the financial services industry. Many of these Consent Orders came with a...more

Regulatory Reform: A Closer Look at Opportunities and Challenges

Clark Hill's previous Alerts on the major regulatory reform initiatives launched by the Trump Administration covered the key points of those executive orders and directives. After assessment of the collective orders, this...more

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