News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Mayer Brown

OCC Proposes Higher Threshold for Applying Heightened Standards

Mayer Brown on

On December 23, 2025, the Office of the Comptroller of the Currency (“OCC”) issued a Proposal to increase the threshold for applying its specialized standards for safety and soundness at larger banks (“Heightened Standards”)....more

Kelley Drye & Warren LLP

22 State AGs Sue CFPB Acting Director for Loss of Access to CFPB Resources

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In 2025, we wrote how Democrat state attorneys general opposed CFPB’s ANPRs reducing CFPB oversight, a bipartisan group of AGs urged the CFPB to distribute consumer refunds, and a Democratic group of AGs filed an amicus brief...more

Baker Botts L.L.P.

Commodity Futures Trading Commission (“CFTC”) Seeks to Expand Hedging Options for Energy End-Users

Baker Botts L.L.P. on

On December 21, 2025, the CFTC’s Market Participants Division (“MPD”) issued a no‑action letter that could materially expand hedging options for commercial energy companies by allowing firms to exclude certain “Energy...more

Husch Blackwell LLP

Alternative Commercial Finance Monthly | December 2025

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The compliance calendar just got complicated. Welcome to 2026. If you're hoping for regulatory clarity, we have bad news. The compliance calendar we'd all been planning around has turned into something closer to a...more

Ballard Spahr LLP

CFPB Does An About-Face On Its Funding From Fed

Ballard Spahr LLP on

On January 9, CFPB Acting Director Vought notified Judge Amy Berman Jackson that, in response to her December 30, 2025 opinion in National Treasury Employees Union v. CFPB (DDC), he had just requested $145 Million from the...more

Davis Wright Tremaine LLP

OCC Unveils Aggressive State Banking Law Preemption Moves

Davis Wright Tremaine LLP on

Federal preemption of state banking law is a cornerstone of the national-banking system. But it is not always clear when a federal law preempts a state law that affects national banks....more

Cooley LLP

Judge Rules CFPB’s Refusal to Request Funding Violates Preliminary Injunction

Cooley LLP on

In a case deciding the fate of the Consumer Financial Protection Bureau (CFPB), National Treasury Employees Union, et al. v. Russell Vought, the US District Court for the District of Columbia declared that the CFPB’s refusal...more

Orrick, Herrington & Sutcliffe LLP

State attorneys general file new complaint against lack of CFPB funding

Orrick, Herrington & Sutcliffe LLP on

On December 22, the attorneys general from 22 states and territories filed a complaint in an Oregon federal district court for declaratory and injunctive relief against the CFPB, the Fed, and the acting director of the CFPB....more

Orrick, Herrington & Sutcliffe LLP

District court clarifies CFPB must request funding from the Fed

Orrick, Herrington & Sutcliffe LLP on

On December 30, the U.S. District Court for the District of Columbia granted the CFPB union’s motion to clarify the scope of a preliminary injunction in the ongoing litigation regarding the CFPB’s funding and operations. ...more

Cozen O'Connor

Democrats Fight to Keep the CFPB Running

Cozen O'Connor on

A group of twenty-two Democratic AGs sued Russell Vought, in his official capacity as Acting Director of the CFPB, alleging that his actions to dismantle the agency are unlawful. ...more

Sheppard Mullin Richter & Hampton LLP

Federal Court Orders CFPB to Continue Requesting Funding Operations Amid Defunding Dispute

Sheppard Mullin Richter & Hampton LLP on

On December 30, the U.S. District Court for the District of Columbia ordered that the CFPB must continue requesting funding from the Board of Governors of the Federal Reserve System under the statutory funding framework...more

Morrison & Foerster LLP

U.S. SEC Further Delays Compliance Dates for Institutional Money Manager Short Sale and Securities Lending Reporting Rules

Morrison & Foerster LLP on

On December 3, 2025, the United States Securities and Exchange Commission (SEC) issued an exemptive order (the “Order”) further delaying the implementation and compliance for short-sale and securities-lending reporting rules...more

Cadwalader, Wickersham & Taft LLP

CFTC Energy End-User Swaps Pilot Program Reflects Renewed Reassessment of Dodd-Frank Energy Market Constraints

Cadwalader, Wickersham & Taft LLP on

I. Executive Summary - On December 19, 2025, the CFTC’s Market Participants Division (“MPD”) issued Staff No-Action Letter No. 25-51, establishing a three-month pilot program under which certain energy commodity end-user...more

Moore & Van Allen PLLC

The Desk: January

Moore & Van Allen PLLC on

Enforcement Round-up - Wells and Investigative Process Enhancements.  On December 1, 2025, former Acting Chair Pham announced another significant enforcement-related policy change in what was a transformative year for the...more

Ballard Spahr LLP

Why Judge Jackson Is Wrong: The CFPB Cannot Be Lawfully Funded When the Federal Reserve Has No Profits

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In her December 30, 2025 opinion in National Treasury Employees Union v. Vought (which we blogged about here), Judge Amy Berman Jackson concluded that the CFPB may continue to draw funding from the Federal Reserve System even...more

Ballard Spahr LLP

District Court Refuses To Modify Preliminary Injunction Against CFPB While Clarifying That CFPB Is Not Precluded From Requesting...

Ballard Spahr LLP on

In a case of first impression, in clarifying her injunction issued in the lawsuit brought by the National Treasury Employees Union and others challenging the planned reductions in force and other efforts to reduce functions...more

Troutman Pepper Locke

Federal District Court Clarifies CFPB Injunction, Rejects OLC Funding Theory

Troutman Pepper Locke on

Another significant decision was issued in the ongoing battle over the fate of the Consumer Financial Protection Bureau (CFPB or Bureau). In National Treasury Employees Union (NTEU) v. Vought, the D.C. federal district court...more

Ballard Spahr LLP

State AGs File Suit To Force CFPB To Request Funding From The Federal Reserve 

Ballard Spahr LLP on

Charging that Acting CFPB Director Russell Vought has been attempting to close down the CFPB by any means necessary, Democratic Attorneys Generals (AGs) from 21 states and the District of Columbia have filed suit, asking a...more

McDermott Will & Schulte

CFTC restores registration exemption for many private fund managers

McDermott Will & Schulte on

The regulatory framework governing the intersection of derivatives markets and the private fund industry has reached a pivotal inflection point. On December 19, 2025, the Market Participants Division of the Commodity Futures...more

Cadwalader, Wickersham & Taft LLP

A Year of Change Across Financial Regulation – and What Comes Next, December 2025 - CFTC Staff Issue Broad No-Action Relief...

Cadwalader, Wickersham & Taft LLP on

On December 9, 2025, the Market Participants Division, the Division of Clearing and Risk, and the Division of Market Oversight (the “Divisions”) of the U.S. Commodity Futures Trading Commission (“CFTC”) issued Staff Letter...more

Orrick, Herrington & Sutcliffe LLP

Fed and CFPB Set 2026 Exemption Thresholds for Consumer Credit and Lease Transactions

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On December 15, the Fed and CFPB announced two final rules published in the Federal Register: one amending Regulation M, which implements the Consumer Leasing Act; and the second amending Regulation Z, which implements TILA,...more

Orrick, Herrington & Sutcliffe LLP

D.C. Circuit Grants en Banc Review, Maintains District Court Injunction as CFPB Union and Bureau Continue Funding Dispute

Orrick, Herrington & Sutcliffe LLP on

On December 17, the U.S. Court of Appeals for the D.C. Circuit granted rehearing en banc, vacated the panel opinion (covered here), and ordered that the district court’s injunction remain in effect — subject to the U.S....more

Orrick, Herrington & Sutcliffe LLP

Congressmembers File Amicus Brief Detailing the CFPB’s Unique Funding Structure

Orrick, Herrington & Sutcliffe LLP on

On December 15, the U.S. District Court for the Northern District of California received an amicus brief from current and former members of Congress supporting a motion for summary judgment in a case concerning the funding of...more

Alston & Bird

CFTC Issues No-Action Relief on Cross-Border Swap Definitions for Investment Managers

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The Commodity Futures Trading Commission (CFTC) has issued no-action relief permitting reliance on the 2020 Cross-Border Rule’s definitions of “U.S. person” and “guarantee” for certain cross-border swap requirements. Our...more

Ballard Spahr LLP

Circuit Court grants union’s request for en banc rehearing in CFPB employees’ firing case

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The Court of Appeals for the District of Columbia has granted a request for an en banc rehearing in the National Treasury Employees Union’s (NTEU) and others’ challenge to the firing of more than 1,400 CFPB employees and the...more

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