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What the Future May Hold for the Consumer Financial Protection Bureau's Open Banking Rule

Will the Consumer Financial Protection Bureau’s (CFPB) recently promulgated open banking rule survive under the new Congress and incoming presidential administration? Two upcoming proceedings may hold the answer....more

Complying With the New "Open Banking" Regime: Primer and Fact Sheet

The Consumer Financial Protection Bureau (CFPB) finalized its “open banking” rule in late 2024. As required by Section 1033 of the Consumer Financial Protection Act, the CFPB promulgated the rule to require certain financial...more

Massachusetts Revamps Its Money Transmission Law

On 2 January 2025, Massachusetts went from being one of the least regulated states for money transmission to becoming one of the more highly regulated states. Formerly, only entities engaging in foreign money transmission...more

Rollbacks and Repeals: How a New Administration Effectuates Policy Changes

When a new president is elected, the incoming administration often engages in an intense review of its predecessor’s policy actions, particularly when there has been a shift in party control. This process typically begins...more

Federal Court Vacates SEC’s Expanded Dealer Definition

On 21 November 2024, the US District Court for the Northern District of Texas (Court) ruled against the US Securities and Exchange Commission (SEC) in two separate cases, vacating its rule which expanded the definition of...more

The Post-Chevron Toolkit: The New Era for Regulatory Review

In a landmark ruling on 28 June 2024, the US Supreme Court expressly overruled the 40-year-old Chevron doctrine with its decision in Loper Bright Enterprises v. Raimondo, eliminating the requirement that courts defer to...more

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Corner Post Magnifies Regulatory Uncertainty After Loper Bright

In its last opinion of this term, the US Supreme Court in Corner Post v. Board of Governors of the Federal Reserve System significantly extended the timeframe in which courts can review certain current and future regulations....more

Overview of the CFPB's Proposed Open Banking Rule and Final Industry Standard Setting Rule

The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more

Does the Dapper Settlement Offer Rules of the Road for NFT Issuers?

Dapper Labs (Dapper) has agreed to settle a putative class action suit brought by private plaintiffs, subject to court approval, putting to rest allegations that its NBA-endorsed nonfungible tokens (NFTs) were offered and...more

US Supreme Court Holds that the CFPB's Funding Structure Is Constitutional

On 16 May 2024, in a much-anticipated decision, the US Supreme Court held the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is constitutional. The decision, Consumer Financial Protection Bureau v....more

SEC's Settlement with BarnBridge DAO: Implications for the Future of DeFi

The BarnBridge decentralized autonomous organization (the DAO), along with its founders, agreed to a cease-and-desist order (Order), settling charges brought by the US Securities and Exchange Commission (SEC) finding that its...more

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