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Court Agrees, Agencies Overstepped Their Authority. What’s Next for CLO Managers?

by White & Case LLP on

Recent Developments in the Application of US Risk Retention to CLOs - On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the "DC Circuit Court") issued an opinion addressing...more

CFPB Issues a Request for Information Regarding Administrative Adjudications

by Weiner Brodsky Kider PC on

The CFPB has issued a Request for Information, seeking comments from the public regarding how it might better improve its administrative adjudication processes, including the Rules of Practice for Adjudication Proceedings...more

CFPB Acting Director Mulvaney Relocates and Removes Supervisory and Enforcement Functions from the Fair Lending Office

by Weiner Brodsky Kider PC on

CFPB Acting Director Mick Mulvaney recently indicated in an e-mail to CFPB staff that the Office of Fair Lending and Equal Opportunity will be transferred from the Supervision, Enforcement, and Fair Lending Division to become...more

The Federal Reserve Imposes Limits on a National Bank’s Growth

by Weiner Brodsky Kider PC on

On February 2, 2018, the Federal Reserve (the “Fed”) announced a consent order with one of the country’s largest banks, that orders the bank to halt growth until it improves its corporate governance and risk management....more

Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

by Ropes & Gray LLP on

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) invalidated the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014)...more

White House Releases Fiscal Year 2019 Budget (Plus an Infrastructure Proposal)

Fiscal Year 2019 Budget - The White House has unveiled President Trump’s budget proposal for Fiscal Year 2019, entitled Efficient, Effective, Accountable: An American Budget. The Administration has worked for...more

Trump Infrastructure Plan Would Expand Use of Private Activity Bonds

On February 12, 2018 the Trump Administration released its long-awaited Infrastructure Plan. The Plan calls for $1.5 Trillion in new infrastructure investment over the next ten years – although only $200 Billion of that will...more

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

by Shearman & Sterling LLP on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Saved by the En Banc: CFPB Appears Here To Stay

by K&L Gates LLP on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has been an agency under fire. Acting Director Mick Mulvaney has begun to institute significant changes at the Bureau. And last year, a panel of the D.C. Circuit...more

Federal Budget Deal Reaffirms Executive Legislative Branch Split in Legalized Medical Marijuana Policy

by Cozen O'Connor on

On February 9, 2018, funding was restored to the federal government through March 23, 2018. The spending legislation is significant for the cannabis industry for two reasons. First, the budget deal extends the...more

Massachusetts Attorney General Fines Servicer Millions over Servicing Practices

by Weiner Brodsky Kider PC on

On January 30, 2018, the office of the Massachusetts Attorney General (the “AG”) announced that the state reached a settlement with a national mortgage servicer (the “Company”) that requires the Company to settle claims that...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

D.C. Circuit Issues Long-awaited Decision in PHH Corp. v. CFPB, Reinstating the Panel’s RESPA Holdings

by Goodwin on

On January 31, 2018, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit), sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act shielding the single...more

An En Banc Panel of the DC Circuit Court of Appeals Upholds the Constitutionality of the CFPB

On October 11, 2016, a panel of the U.S. Court of Appeals for the District of Columbia consisting of Judges Henderson and Kavanaugh and Senior Circuit Judge Randolph decided the case of PHH Corp. v. Consumer Financial...more

CFPB seeks comments on its administrative enforcement proceedings

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on how the CFPB can improve its administrative adjudication processes, including its “Rules of Practice for Adjudication Proceedings” codified at 12 CFR part...more

D.C. Circuit Rules CFPB’s View of RESPA Was Wrong But its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we’ve discussed at length. It held, 7 to 3, that the CFPB’s single-director-removable-only-for-cause structure is...more

PHH’s hidden gem

by Bricker & Eckler LLP on

The long-awaited en banc decision in PHH Corp., v. CFPB has finally been issued. The Court of Appeals for the D.C. Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) and reversed a prior...more

CFPB Starts Review of Administrative Adjudications

by Morrison & Foerster LLP on

In a recent client alert, we reported that the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced that it would issue a series of Requests for Information (RFIs) to “ensure the Bureau is fulfilling its proper...more

PHH v. CFPB: Beyond the Headlines, A Big Win For Industry

by Morrison & Foerster LLP on

There was something for everyone in the long-awaited decision from the en banc D.C. Circuit in PHH Corp. v. CFPB. In the part of the decision that has garnered widespread attention, the D.C. Circuit held that the structure of...more

The CFPB is not going anywhere—Except Maybe the U.S. Supreme Court—Following DC Circuit en banc Decision

by Hinshaw & Culbertson LLP on

We've been following PHH's longstanding challenge of the CFPB's imposition of a fine against it for alleged RESPA kickback violations, through which elemental questions regarding the Bureau's constitutionality were tested....more

Full Panel of D.C. Circuit Upholds CFPB Structure, Reversing Earlier Decision

by Kelley Drye & Warren LLP on

Earlier today, an en banc panel of the U.S. Court of Appeals for the D.C. Circuit ruled that the CFPB was constitutionally structured, reversing an earlier decision by a divided three-judge panel and holding that the...more

Full D.C. Circuit Court, Reversing Decision Below, Holds that CFPB’s Independent Structure is Constitutional; also Reinstates...

by McGuireWoods LLP on

In a long-awaited constitutional decision regarding the Consumer Financial Protection Bureau (“CFPB”), the full D.C. Circuit Court of Appeals today in PHH v. CFPB reversed a prior ruling by a three-judge panel that the CFPB...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

Federal Reserve Board Levies Civil Money Penalties Against Five Banking Organizations

by Weiner Brodsky Kider PC on

The Federal Reserve Board recently terminated enforcement actions against ten banks. In the process, it imposed fines totaling $35.1 million upon five of the banks in connection with alleged residential mortgage loan...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

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