During the first Trump Administration, in response to federal financial agencies adopting a deregulatory approach, several states became more active in the enforcement of consumer financial statutes and regulations to fill...more
5/21/2025
/ California ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Department of Justice (DOJ) ,
Deregulation ,
Earned Wage Access ,
Enforcement Actions ,
Financial Institutions ,
Small Business ,
Trump Administration ,
Unfair Competition Law (UCL)
Despite the tone and tint of recent headlines, President Trump's February 18, 2025, "Ensuring Accountability for All Agencies" Executive Order (the "Accountability EO") appears to be the latest in a long line of efforts to...more
2/24/2025
/ Administrative Procedure Act ,
Constitutional Challenges ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
OIRA ,
OMB ,
Popular ,
SCOTUS ,
Statutory Interpretation
We have previously analyzed the recent history of Executive Orders ("EOs") controlling the issuance and content of regulations. As we saw on Inauguration Day 2025, and continue to see, the second Trump Administration is...more
Efforts by the Executive Branch to shape and control regulatory output is nothing new. Beginning with the Nixon Administration, several administrations have issued Executive Orders (EOs) to limit or otherwise influence how...more
During the Biden-Harris Administration, the relationship between financial institutions and their regulators chilled considerably. The financial services industry works daily with its regulators—especially through the...more
11/20/2024
/ Banks ,
Buy Now Pay Later (BNPL) ,
Chevron Deference ,
Community Reinvestment Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Dodd-Frank ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Popular ,
Proposed Regulation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statutory Authority ,
Truth in Lending Act (TILA) ,
UDAAP
Generative artificial intelligence (AI) holds tremendous promise for financial institutions and their customers. But that promise comes with potential peril, as highlighted in a recent alert issued by the U.S. Treasury...more
11/19/2024
/ Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
Deep Fake ,
Financial Institutions ,
FinCEN ,
Fraud ,
Machine Learning ,
Reporting Requirements ,
Risk Mitigation ,
Suspicious Activity Reports (SARs)
As part of a larger effort to address risks related to third-party deposit relationships, on October 2, 2024, the Federal Deposit Insurance Corporation (FDIC) announced and published a notice of proposed rulemaking (Proposed...more
After two decades and three proposed rulemakings on whether investment advisers should have anti-money laundering (AML) and countering the financing of terrorism (CFT) program requirements and attempting to identify the...more
10/8/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
Corporate Counsel ,
Exempt Reporting Advisers (ERAs) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
One of the most fundamental activities of an insured depository institution (IDI) is taking and safekeeping customer deposits. However, a recent proposed rulemaking by the Federal Deposit Insurance Corporation (FDIC) poses...more
8/16/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Brokered Deposits ,
Deposit Insurance ,
FDI Act ,
FDIC ,
Final Rules ,
Liquidity ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Reversal ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that would extend Truth in Lending Act (TILA) and Regulation Z (Reg Z) compliance requirements to many existing earned wage access (EWA) products....more