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President Trump Releases Infrastructure Proposal

by Downey Brand LLP on

On Monday, February 12, President Trump formally unveiled his proposed infrastructure package entitled “Legislative Outline for Rebuilding Infrastructure in America.” The proposal outlined the following main goals...more

Congressional Leaders Announce Two Year Budget Deal - Votes Still Needed This Week to Avert Government Shutdown

With just one day left before the expiration of the current continuing resolution (CR) that is currently funding federal agencies, House and Senate leaders have announced a two year budget agreement that breaks the spending...more

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

A Regulatory Reform Agenda for FERC

Deregulation was a major theme during the first year of the Trump administration, with President Donald Trump calling on agencies to strike two regulations for each one they added. Many have taken up this call for regulatory...more

NC Legislative Update - January 2018

by Nexsen Pruet, PLLC on

JANUARY UPDATE - As directed in the adjournment resolution from October of last year, lawmakers gathered in Raleigh on January 10th, to gavel in for what became a one day-long session. The anticipated reason for their...more

Acting Director Mulvaney Announces End to Regulation by Enforcement

by Weiner Brodsky Kider PC on

Acting CFPB Director Mick Mulvaney recently informed CFPB employees that the Bureau will no longer “push the envelope” with regards to enforcement of federal consumer financial statutes, presumably ending what has been...more

Four-Term Governor Jerry Brown: One Last Budget

This week, California Governor Jerry Brown, beginning the final year of his unprecedented four terms as governor, unveiled his 16th and last state budget proposal, which projects a $6.1 billion surplus, mostly a result of...more

CFPB and State Consumer Financial Protection Year in Review

In 2017 we saw the first significant resistance to and change in what had been uniformly aggressive action by the Bureau of Consumer Financial Protection to enforce consumer financial protection laws, with resistance and...more

The Battle Over CFPB Leadership Continues

Although the first round in the battle over leadership of the Consumer Financial Protection Bureau went to President Donald Trump’s pick for the position, the fight continues, leaving the CFPB’s ongoing work very unsettled....more

Battle of Acting Directors: Round One to Mulvaney

Earlier this week, a federal judge refused to grant a temporary restraining order preventing Mick Mulvaney from assuming the reins of the Consumer Financial Protection Bureau (CFPB) as acting director....more

Trump’s CFPB Pick: Major Impact for Industry and Consumers?

If recent media reports are accurate, the president intends to name current Office of Management and Budget (OMB) Director Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB). Whether or not...more

Federal court asked to decide who is CFPB Acting Director

by Ballard Spahr LLP on

Last Friday, November 24, effective at midnight, Richard Corday resigned as CFPB Director.  Earlier in the day, the CFPB issued a press release announcing that Mr. Cordray had named Leandra English, the CFPB’s Chief of Staff,...more

New CFPB enforcement chief to be appointed

by Ballard Spahr LLP on

While an official announcement has not yet appeared on the CFPB’s website, it has been widely reported that Kristen Donoghue will be appointed the CFPB’s new Assistant Director of Enforcement, effective November 17, 2017. ...more

Cordray's Departure Will Mean Big Changes at the CFPB

by Pepper Hamilton LLP on

One of two scenarios will likely occur in the near future at the CFPB. Either Director Richard Cordray will be fired by President Trump (for cause), or Cordray will resign to enter the 2018 Ohio gubernatorial race. If either...more

More speculation about Director Cordray’s resignation

by Ballard Spahr LLP on

On July 20, we reported that Director Cordray is scheduled to give a speech at the September 4 Cincinnati AFL-CIO Labor Day picnic.  Assuming the speculation that Director Cordray plans to run for Ohio governor is accurate,...more

Why David Silberman, the CFPB’s Acting Deputy Director, will not succeed Richard Cordray (if and when he resigns)

by Ballard Spahr LLP on

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates,...more

Wealth Management Update - July 2017

by Proskauer Rose LLP on

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Can President Trump appoint an Acting Director upon Director Cordray’s departure?

by Ballard Spahr LLP on

Given the speculation that Director Cordray will soon resign to run for Ohio governor, we have been pondering whether President Trump could appoint an Acting Director upon his resignation or whether David Silberman, the...more

Chairman Clayton Sets New SEC Agenda

On Wednesday July 12, 2017, in his first public speech as Chairman of the SEC, SEC Chairman Jay Clayton laid out a set of eight priorities that will guide his SEC Chairmanship. He said his priorities are consistent with and...more

White House nominee for next FDIC chair bows out

by Ballard Spahr LLP on

Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more

President's Executive Order on Cybersecurity: Impact on Banks Unclear

President Donald Trump has signed an executive order addressing cybersecurity. But for financial institutions, is the executive order much ado about nothing? Not exactly....more

Financial Services Weekly News - June 2017 #3

by Goodwin on

Editor's Note - In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more

IRS Reissues Proposed Regulations for Centralized Partnership Audit Regime

by Morrison & Foerster LLP on

The new rules represent a complete overhaul of partnership audit, assessment, and collection procedures. Taxpayers should review and potentially amend partnership agreements before the new rules are scheduled to take effect...more

Under the Dome: Inside the Maine State House

by Pierce Atwood LLP on

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Budget Negotiations Continue - The Legislature continues its work to develop a compromise budget...more

Treasury's framework to relax and "improve" the Volcker Rule: key recommended changes

by DLA Piper on

On Monday, the US Treasury Department issued a fairly detailed report ("A Financial System That Creates Economic Opportunities – Banks and Credit Unions") of proposed changes to financial regulation primarily stemming from...more

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