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Polsinelli Podcasts: Cloud Computing, From Cybersecurity to Confidentiality Issues
On April 11, the U.S. Court of Appeals for the District of Columbia Circuit issued an order partially staying the district court’s preliminary injunction in the ongoing legal dispute between the National Treasury Employees...more
Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”...more
Amid media reports that the administration may be considering a plan to consolidate the FDIC, the supervisory functions of the Federal Reserve, and the OCC into a single agency, President Trump issued an executive order...more
Acting CFPB Director Russell Vought has temporarily put a halt to virtually all of the agency’s work. ...more
In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more
Although many pundits speculated that President Trump would appoint Russell Vought as Acting Director once Vought is confirmed by the Senate to be Director of OMB, the CFPB reported today that, on January 31, Trump actually...more
In the final days of the US Supreme Court’s session, the Court issued four rulings taking the side of the regulated community against federal agencies. While the implications of these cases could take several years to fully...more
A bi-partisan group of House members has sent a letter to CFPB Director Chopra to express concern about the CFPB’s rule setting forth its procedures for establishing supervisory authority over nonbanks engaged in conduct that...more
On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...more
On October 3, the U.S. Supreme Court heard oral arguments in the Consumer Financial Protection Bureau v. Community Financial Services Association of America, the latest in a long line of cases targeting the constitutionality...more
On October 5, the CFPB published the list of new members appointed to serve on the Consumer Advisory Board and each Council group....more
On September 8, a federal court in the Eastern District of Texas granted summary judgment in favor of the U.S. Chamber of Commerce (Chamber) and several other trade associations, holding that the Consumer Financial Protection...more
The U.S. Chamber of Commerce, joined by six other trade groups, filed a lawsuit on September 28, 2022 in a Texas federal district court against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or...more
On August 10, two credit union trade associations — Credit Union National Association (CUNA) and Cornerstone Credit Union League — and Rally Credit Union (collectively, Proposed Intervenors) filed an Unopposed Emergency...more
As discussed here, on April 26, the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of...more
On July 27, 2023, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, FBAs) issued their long-awaited...more
Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed...more
On May 24, the CFPB launched a new office, the Office of Competition and Innovation. The stated purpose of the new office is to promote competition and innovation that benefits consumers in the financial products and services...more
On July 9, 2021, President Biden signed the Executive Order on Promoting Competition in the American Economy. The Order, breathtaking in scope, asserts as a key goal the desire to improve the lives of consumers through...more
In a recently settled SEC enforcement action, the defendant asked employees to sign an acknowledgement, upon hire and on an annual basis, that they had received, read, and would adhere to the defendant’s employee manual. ...more
On January 30, 2020, five federal regulatory agencies, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board, the Office of the Comptroller of the Currency,...more
House Financial Services Committee Chairwoman Maxine Waters has introduced the “Consumers First Act” (to be designated H.R. 1500), a modified version of a bill she introduced in the last session of Congress when Mr. Mulvaney...more
On July 17, the five main federal financial regulatory bodies — the Board of Governors of the Federal Reserve System (the Fed), the Securities and Exchange Commission, the Federal Deposit Insurance Corp., the Commodities...more
The Board of Governors of the Federal Reserve System (FRB) unveiled a Notice of Proposed Rulemaking (NPRM) seeking comment on proposed revisions to the regulations implementing Section 13 of the Bank Holding Company Act,...more
A political crisis in Rome has economics [at least partially] and EU commitment at its core and is reminding some observers of the Greece morass of a few years back. The uncertainty the situation’s creating is not expected to...more