Financial Regulatory Reform in the Trump Administration

by Goodwin


Since the election, House Financial Services Committee Chairman Jeb Hensarling (R-TX) has reiterated that he views the CHOICE Act as a “blueprint” for financial regulatory reform in a Trump administration and indicated that financial regulatory reform is “going to happen in the first year” of the Trump administration. Further, Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (R-MO) has indicated that the full committee is planning a mid-February mark-up of the CHOICE Act in order to push financial regulatory reform forward.  It therefore seems likely that the CHOICE Act will provide a useful guide for future proposals from the new Congress and administration. Among other things, the CHOICE Act would have restructured the Consumer Financial Protection Bureau (the CFPB) and modified or repealed certain aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Although it is impossible, at this time, to anticipate the full scope of possible reforms, we believe that the CHOICE Act is the best place to start. This client alert summarizes certain key provisions of the CHOICE Act intended to provide regulatory relief to financial institutions from certain bank regulatory and consumer financial protection requirements. The legislation also contains a number of provisions proposing capital markets reforms and provisions intended to promote capital raising that are not summarized here.

While not part of the CHOICE Act, President-elect Trump has also called for a “temporary moratorium on new agency regulations that are not compelled by Congress or public safety in order to give our American companies the certainty they need to reinvest in our community, get cash off of the sidelines, start hiring again, and expanding businesses.” As part of this moratorium, Mr. Trump has called for a systematic review of federal regulation, whereby he would ask “every federal agency to prepare a list of all of the regulations they impose on Americans which are not necessary.” A moratorium and systematic review of financial regulations would mean not only a lack of new regulations but also that pending rules, in areas such as arbitration, would be unlikely to go into effect soon or at all.

Consumer Financial Protection Bureau

The CHOICE Act did not provide for the elimination of the CFPB. However, it would have altered the CFPB’s structure to a five-person, bipartisan commission renamed the “Consumer Financial Opportunity Commission” (the Commission). Other key proposals to reform the CFPB included in the CHOICE Act were the following:

  • Subjecting the new Commission to the Congressional appropriations process and oversight;
  • Increasing the current threshold for banks, thrifts and credit unions to be subject to the Commission’s supervisory authority from $10 billion in assets to $50 billion;
  • Establishing a dual mission for the Commission consisting of both enforcing consumer protection laws and strengthening participation in markets to increase competition and enhance consumer choice;
  • Creating an Office of Economic Analysis within the Commission to perform cost-benefit analyses on all of the Commission’s proposed rules and regulations;
  • Establishing an independent Senate-confirmed Inspector General for the Commission;
  • Repealing the Commission’s authority to regulate consumer arbitration clauses and “abusive” conduct;
  • Repealing the Commission’s prior indirect auto-lending guidance;
  • Permitting individuals and institutions to seek relief from civil investigative demands in federal court;
  • Providing defendants the right to remove enforcement actions to federal court;
  • Forming a mechanism for interested parties to request and receive advisory opinions; and
  • Requiring the Commission to verify information in its complaint database before releasing it to the general public.

Mortgage Regulation

The CHOICE Act would have provided regulatory relief to parties engaged in residential mortgage lending and related activities by incorporating the following reforms:

  • Clarifying that a retailer of a manufactured home is not a “mortgage originator” for purposes of the Truth in Lending Act unless such person receives compensation or gain for assisting the customer in obtaining a residential mortgage loan;
  • Amending the definition of a “high cost” mortgage under the Home Ownership and Equity Protection Act (HOEPA) to modify the interest rate and points and fees cap in order to preserve access to mortgage credit for low and moderate-income consumers who are seeking to buy a manufactured home;
  • Changing the way points and fees are calculated under the Ability-to-Repay/Qualified Mortgage rule by excluding fees paid for affiliated title charges and escrow charges for insurance and taxes;
  • Creating a legal safe harbor from ability-to-repay requirements for mortgage loans that are kept on a depository institution’s balance sheet (automatic QM status);
  • Creating a legal safe harbor from escrow requirements for residential mortgage loans held in portfolio for three years for banks with less than $10 billion in assets and exempting small firms that annually service 20,000 or fewer mortgage loans from certain escrow requirements;
  • Requiring GAO to study whether the additional Home Mortgage Disclosure Act data required to be collected and reported by CFPB rule exposes consumers to identity theft or the loss of sensitive personal financial information; and
  • Exempting a depository institution that has originated 100 or fewer closed-end mortgage loans for each of the past two years from the Home Mortgage Disclosure Act’s (HMDA’s) reporting and recordkeeping requirements on closed-end mortgages and exempting a depository institution that has originated 200 or fewer open-end mortgage loans for each of the past two years from HMDA’s reporting and recordkeeping requirements on open-end mortgages.

Banking Regulation

The CHOICE Act would have provided regulatory relief to certain banks and credit unions as follows:

Repeal of the Volcker Rule and Durbin Amendment.  The CHOICE Act would have repealed the Volcker Rule and repealed the “Durbin Amendment” price controls on debit interchange transactions.

The Qualifying Capital Election.  The CHOICE Act offered banks significant regulatory relief in exchange for maintaining higher capital than is required by current law and regulation. Specifically, the CHOICE Act offered all depository institutions, regardless of size, making a “qualifying capital election” an “off-ramp” from certain requirements of Dodd-Frank. Institutions that maintain a leverage ratio of at least 10% and have a composite CAMELS rating of 1 or 2, would be permitted to elect to be exempted from a number of regulatory requirements, including the Basel III capital and liquidity standards and the “heightened prudential standards” applicable to larger institutions under Section 165 of Dodd-Frank. Banks that make the qualifying capital election would also be exempt from any limitations on mergers, consolidations or acquisitions that relate to capital, liquidity or concentration of assets or deposits (including the 10% deposit concentration limit and 10% total liabilities limit). Qualifying banking organizations would be subject to stress testing, but stress test results could not be used to limit capital distributions. Any bank that fails to maintain the specified, non-risk weighted leverage ratio will face restrictions on distributions and be required to submit a capital restoration plan. If the bank does not restore its leverage ratio within one year, it will lose its status as a qualifying banking organization and lose the regulatory relief provided by the election.    

According to the House Financial Services Committee’s comprehensive summary of the bill, the eight largest U.S. banks currently have an estimated average leverage ratio of approximately 6.6% and would be required to raise significant additional capital in order to receive the regulatory relief contemplated by the “qualifying capital election.” On the other hand, such regulatory relief “would be well within reach” for many community banks. 

Amendments to Title II of Dodd-Frank.  The CHOICE Act was based on the premise that Dodd-Frank did not end “too big to fail” due to the explicit or implicit federal guarantees of financial system liabilities and Dodd-Frank’s Orderly Liquidation Authority. In order to end “too big to fail” and prevent future taxpayer bailouts of financial firms, the CHOICE Act would have implemented the following policy changes:

  • Repealing Title II’s Orderly Liquidation Authority and replacing it with a new chapter of the federal bankruptcy code designed to accommodate the failure of a large, complex financial institution;
  • Imposing new limitations on the Federal Reserve’s emergency lending authority under Section 13(3) of the Federal Reserve Act;
  • Further limiting the Federal Reserve’s emergency lending by:
    • permitting the Federal Reserve to invoke its emergency lending powers only upon a finding that “unusual and exigent circumstances exist that pose a threat to the financial stability of the United States”;
    • requiring that that five of seven Federal Reserve Board Governors and nine of the 12 district Federal Reserve Bank Presidents approve the Section 13(3) facility;
    • limiting eligible recipients of Section13(3) assistance to financial institutions as opposed to commercial entities (defined as those entities that derive 85% or more of their annual gross revenues from activities that are “financial in nature”); and
    • restricting the use of Section13(3) facilities to solvent borrowers, against good collateral, and at penalty rates.
  • Prohibiting the future use of the Treasury Department’s Exchange Stabilization Fund to bail out a financial firm or its creditors;
  • Repealing the FDIC’s authority to establish a widely available program to guarantee obligations of banks during times of severe economic stress;
  • Repealing certain authority vested in the Financial Stability Oversight Council (FSOC) by Titles I and VIII of Dodd-Frank, including the authority of the FSOC to:
    • designate nonbank financial companies as SIFIs (and retroactively repealing the FSOC’s previous designations of certain nonbank financial companies as SIFI’s);
    • designate particular financial activities for heightened prudential standards or safeguards, which include the power to mandate that an activity be conducted in a certain way or be prohibited altogether; and
    • break up a large financial institution if the Federal Reserve finds that the firm “poses a grave threat to the financial stability of the United States.”

The CHOICE Act also would have repealed Title VIII of Dodd-Frank, which empowers the FSOC to designate so-called “financial market utilities” as “systemically important,” and provide those organizations access to the Federal Reserve discount window. 

Community Bank Regulatory Relief.  The CHOICE Act was based, in part, on the premise that Dodd-Frank disproportionately burdens community financial institutions. Many provisions of the CHOICE Act reflect the concern that regulations promulgated under Dodd-Frank will result in more rapid industry consolidation, fewer smaller banks, and further growth of large banks. In addition, increasing regulatory costs are often passed on to customers in the form of higher prices and diminished credit availability. In order to address these problems, the CHOICE Act included the following regulatory relief for community banks, although a number of the regulatory relief provisions would benefit institutions of all sizes:

  • Requiring financial regulatory agencies to appropriately tailor regulations to fit an institution’s business model and risk profile, thereby reducing compliance costs and allowing banks to devote more of their operating budgets to meeting customer needs;
  • Reducing reporting burdens for highly rated and well-managed institutions, such as by eliminating redundancies in the data collection demands made by different regulators and allowing well-capitalized community banks to file short-form call reports in the first and third quarters of each year;
  • Providing greater procedural due process protections for institutions and individuals and an enhanced ability to challenge arbitrary supervisory or enforcement actions;
  • Reforming the examination process by requiring agencies to make examination reports available for a depository institution’s review on a timely basis, and affording the institution a right to appeal material supervisory determinations to an independent arbiter;
  • Repealing the small business data collection requirements of Section 1071 of Dodd-Frank;
  • Exempting banks with assets of $1 billion or less from the reporting and attestation requirements of Section 404(b) of the Sarbanes-Oxley Act;
  • Raising the threshold for the Federal Reserve’s “Small Bank Holding Company Policy Statement” from $1 billion to $5 billion in consolidated assets, thereby expanding the institutions covered by the policy statement that can temporarily use debt to finance acquisitions;
  • Permitting thrifts to elect to be regulated as “Covered Savings Associations” with the authority to exercise the full range of national bank powers; and
  • Prohibiting a federal banking agency from formally or informally suggesting, requesting or ordering a depository institution to terminate specific customer accounts (anti-Choke Point provision).

Credit Union Regulatory Relief.  The CHOICE Act also would have provided credit unions with significant regulatory relief. In addition to benefiting from many of the same reforms applicable to community banks (described above), credit unions would have been afforded relief unique to their charters, including but not limited to the following reforms: 

  • Requiring the National Credit Union Administration (NCUA) to hold annual budget hearings that are open to the public, and to include in each annual budget a report detailing the NCUA’s “overhead transfer rate”; 
  • Making certain well-managed and well-capitalized credit unions eligible for an examination cycle of 18 months or longer; and
  • Establishing a new Credit Union Advisory Council to advise the NCUA Board on the “big picture” of regulatory impact across federal law and regulation.

Federal Reserve Reform.  The Federal Reserve provisions of the CHOICE Act were designed to (1) scale back the Federal Reserve’s regulatory and supervisory powers and subject them to greater congressional oversight and accountability and (2) promote a more predictable, rules-based monetary policy, which the authors believe provides a stronger foundation for economic growth. Specifically, the CHOICE Act would require banking organizations that currently submit living wills to continue to submit “living wills” until they make an effective capital election and would permit the banking agencies to conduct stress tests (but not limit capital distributions) of a banking organization that has made a qualifying capital election. For banking organizations that do not make a qualifying capital election and continue to submit living wills, the CHOICE Act would have:

  • Provided that living wills can only be requested once every two years;
  • Required banking agencies to provide feedback on living wills within six months of their submission; and
  • Required banking agencies to publicly disclose their assessment frameworks. 

Making Agencies Accountable to Congress

The authors of the CHOICE Act believed that Dodd-Frank’s new regulatory authorities have largely immunized regulatory agencies from accountability to Congress, the president, and the courts. To address this problem, the CHOICE Act would have:

  • Required all financial regulators to conduct a meaningful cost-benefit analysis before issuing rules or regulations;
  • Required all major regulations (defined as those that produce $100 million or more in impacts on the U.S. economy, spur major increases in costs or prices on consumers or have certain other significant adverse effects on the economy) to be approved by Congress and signed by the president in order to become effective;
  • Funded all financial regulators through the congressional appropriations process (the Federal Reserve’s independence in conducting monetary policy would be protected by leaving this function off budget);
  • Converted each financial regulatory agency currently headed by a single director (the CFPB, the Federal Housing Finance Agency and the Office of the Comptroller of the Currency) into a commission; and
  • Statutorily repealed the Chevron Doctrine, which requires courts to give deference to an agency’s interpretation of the law unless such interpretation is arbitrary or manifestly contrary to a statute.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Goodwin | Attorney Advertising

Written by:


Goodwin on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.