Popular, Rulemaking Process

New FDIC Recordkeeping Requirements: Director Chopra Cautions Against a New Form of “Rent-a-Bank”

Bradley Arant Boult Cummings LLP on 9/24/2024

On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) rulemaking board proposed new recordkeeping rules intended to bolster the FDIC’s ability to make deposit insurance determinations for accounts that are...more

ESG Update: Five Considerations Driving Environmental Regulation (No Matter Who Wins the Election)

ArentFox Schiff on 9/12/2024

Come September in a presidential election year, the policy world feels like a “winner take all” scenario with the election’s outcome determining how — or this year whether — we are regulated. While, of course, the election...more

Challenges to LDT Final Rule Continue as Rule Goes into Effect

Polsinelli on 7/29/2024

As discussed in our May 6, 2024, Client Alert, earlier this year FDA issued its Final Rule for the regulation of laboratory-developed tests (LDTs) that the FDA has historically treated with enforcement discretion. A week...more

Six Agencies Finalize Rule on Safeguards for AI Real Estate Valuation Models — AI: The Washington Report

Mintz - Antitrust Viewpoints on 7/9/2024

On June 24, 2024, six federal agencies — the Department of the Treasury (Treasury), the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the...more

Payday Lending Rule Slated to Take Effect, 7 Years Later

Sheppard Mullin Richter & Hampton LLP on 6/24/2024

On June 14, the CFPB published a press release announcing that its 2017 Payday, Vehicle Title and Certain High-Cost Installment Loans Rule (“Payday Lending Rule”) will go into effect on or about March 30, 2025. According to...more

FTC Announces Final Rule Sweeping Consumer Digital Health Tech Under the Health Breach Notification Rule

King & Spalding on 6/5/2024

On April 26, the Federal Trade Commission (FTC) approved its Final Rule revising the Health Breach Notification Rule (HBNR) (“Final Rule”) by a 3-2 vote. The HBNR requires vendors of personal health records (PHR) and related...more

DOJ Proposes to Reschedule Marijuana (Cannabis) to Schedule III

McDermott Will & Emery on 5/30/2024

On May 21, 2024, the US Department of Justice (DOJ) published the highly anticipated notice of proposed rulemaking (NPRM) to reschedule marijuana (cannabis) from a Schedule I controlled substance to Schedule III, taking the...more

With Federal Efforts Stalled, States Take the Lead in Regulating the Use of Artificial Intelligence in Political Advertising

Pillsbury Winthrop Shaw Pittman LLP on 3/11/2024

In the two months since we published our article on the use of artificial intelligence in political advertising, efforts to legislate and regulate the use of such media at the federal level in Congress and at the Federal...more

2023 Year in Review: Credit, Debit, or Prepaid Cards and Consumer Banking

Goodwin on 2/15/2024

Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We expect continued focus by the CFPB on “junk”...more

CFPB Continues War on Fees, Even Rare Ones

Troutman Pepper on 1/29/2024

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule with request for public comment to prohibit covered financial institutions from charging nonsufficient funds fees (NSF) for payment...more

2024 Privacy Law Preview

WilmerHale on 1/17/2024

As we have detailed previously, 2023 was a landmark year for privacy law, featuring numerous developments at the federal, state and international levels, ranging from newly enacted statutes to massive regulatory enforcement...more

SEC Rulemaking 2023 - An Overview

Harris Beach PLLC on 12/20/2023

In 2023, the Securities and Exchange Commission (SEC) continued its trend of recent years of robust and significant rulemaking that affects the range of players in the securities industry — public companies, broker-dealers,...more

SEC Rule 192: Prohibition against conflicts of interest in certain securitizations

A&O Shearman on 12/12/2023

Seven months after our initial note on the subject, the United States Securities and Exchange Commission (the SEC) on November 27, 2023 adopted Rule 192 (Rule 192 or the Final Rule)1 pursuant to Section 27B of the Securities...more

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

Ballard Spahr LLP on 12/11/2023

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI

Troutman Pepper on 11/2/2023

On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of...more

CFPB Bites of the Month - October 2023 - Bewitching the CFPB

Hudson Cook, LLP on 10/23/2023

In this month's article, we share some of our top "bites" for the prior month covered during the October 2023 webinar. Bite 10: New Report on NSF Fees at Banks and Credit Unions On October 11, 2023, the CFPB issued a data...more

California – First State to Enact Climate Reporting Legislation

Proskauer Rose LLP on 10/16/2023

On October 7, 2023, California Governor Gavin Newsom signed into law two expansive climate disclosure bills (SB 253 and SB 261), making California the first state in the U.S. to impose requirements on greenhouse gas (“GHG”)...more

The Consumer Financial Protection Bureau Announces Sweeping Rulemaking for Companies That Collect and Furnish Personal Data

Jones Day on 8/28/2023

On August 15, 2023, the Consumer Financial Protection Bureau ("CFPB") announced it was launching a rulemaking aimed at subjecting any company or entity that collects and sells consumer data to the Fair Credit Reporting Act...more

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