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Major Changes Ahead at the SEC in the Trump Administration

Under the second Trump administration, the Securities and Exchange Commission (SEC) is likely to see broad changes in regulatory and enforcement initiatives once Chairman Gary Gensler leaves the commission, as is expected....more

CFPB and FHFA on List of Agencies to See Course Change Under Trump

As we continue to analyze the strength of former President Trump’s red wave, one thing is clear: a number of federal agencies are poised for a major shift in their rulemaking agendas, priorities, staffing and approach to...more

Biden Calls for Restrictions on Rent Increases

On July 16, President Biden called on Congress to enact legislation to temporarily cap annual residential rent increases. Under the proposal, rental property owners with over 50 residential units in their portfolio would not...more

Supreme Court Strikes Down Chevron, Reshapes Administrative Law

In a series of rulings at the end of its term, the Supreme Court fundamentally changed administrative law precedents, including some that have held firm for more than 40 years. The decisions will curtail federal agencies’...more

FHFA Asks for Input on FHLBanks

In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more

CFPB Publishes Final Nonbank Registry Rule

On June 3, the Consumer Financial Protection Bureau (CFPB) published a final rule to create a registry of nonbank companies that have entered into consent agreements or who have otherwise been found by the bureau to be in...more

House Passes Landmark Crypto Bill

After much anticipation, the House passed House Financial Services Chairman Patrick McHenry (R-NC) and House Agriculture Chairman GT Thompson’s (R-PA) crypto regulatory legislation, the Financial Innovation and Technology for...more

SCOTUS Upholds CFPB Funding Mechanism

In a landmark decision issued on May 16, the Supreme Court held that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is constitutionally sound, as it does not violate the Appropriations Clause. The...more

Fiduciary Rule 4.0 Released

On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more

Data Privacy Strikes Back: American Privacy Rights Act

On April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA) released the text of the American Privacy Rights Act (APRA), a bipartisan and...more

The SEC Stays Its Own Climate Rule—What’s Next?

On March 6, 2024, the U.S. Securities and Exchange Commission (SEC) finalized a historic set of climate disclosure rules, which stand to be the most significant disclosure regime change since the Sarbanes-Oxley Act. The rule...more

SEC Approves Scaled-Back but Highly Impactful Climate Disclosure Final Rule

On March 6, the Securities and Exchange Commission (“SEC”) voted along party lines to adopt its long-awaited climate-related disclosure framework for registrants. This “Final Rule” largely reflects the proposed rule put...more

CFPB Final Rule Caps Credit Card Late Fees at $8

In a move that aligns with conservative arguments that the Consumer Financial Protection Bureau (CFPB) has become a political arm of the White House, the agency finalized its controversial credit card late fee rule just two...more

CFPB Targets Banks and Credit Unions in Controversial Overdraft Proposal

The Consumer Financial Protection Bureau (CFPB) released a long-anticipated notice of proposed rulemaking on Jan. 17 that would fundamentally alter how overdraft services are provided by banks and credit unions. The CFPB is...more

Reality Check: U.S. Department of Labor Finalizes Worker Classification Rule

On Jan. 9, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division announced its final rule on Employee or Independent Contractor Classification. The announcement marks the end of a rulemaking process that started...more

A Look Ahead into Financial Services Policy in 2024

House Financial Services Committee Chair Patrick McHenry’s (R-NC) announcement to retire at the end of the 118th Congress on Dec. 5 sent shockwaves throughout the financial services space, setting up a potentially...more

White House Releases Wide-Ranging Executive Order on Artificial Intelligence

On Monday, Oct. 30, President Biden signed an Executive Order (EO) on the Safe, Secure and Trustworthy Development and Use of Artificial Intelligence (AI). The EO is intended to establish safety standards for leading...more

CFPB Proposes Long-Awaited Data Sharing Rule

On Oct. 19, 2023, the Consumer Financial Protection Bureau (CFPB) released a Notice of Proposed Rulemaking (NPRM) on Personal Financial Data Rights, which would change the way financial institutions hold and distribute...more

White House, CFPB, FTC Advance "Junk Fee" Crackdown

On Oct. 11, 2023, the White House released a fact sheet describing new and forthcoming actions taken by the Biden administration that continue its focus on so-called “junk fees.” The announcement highlighted efforts between...more

DOL Proposes Changes to Employees’ Overtime Pay

On Aug. 30, 2023, the Department of Labor (DOL) announced a Notice of Proposed Rulemaking (NPRM) about employer obligations related to overtime pay. The NPRM would put significant new burdens on a variety of industries,...more

PCAOB Standards Amendments Could Increase Auditor Responsibilities

In early June, the Public Company Accounting Oversight Board (“PCAOB” or “the Board”) proposed comprehensive amendments that impact how auditors consider noncompliance with laws and regulations, creating the possibility of a...more

SEC Releases Aggressive New Cybersecurity Disclosure Requirements

“Material Cybersecurity Incident” Standard Will Have a Monumental Impact on Current Cyber Disclosure Requirements - On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) adopted the Cybersecurity Risk...more

Treasury’s FIO Releases Report: ‘Insurance Supervision and Regulation of Climate-Related Risks’

The Treasury Department’s Federal Insurance Office (FIO) released a report on June 26 calling on state regulators to refine efforts to evaluate climate change risks in insurance markets. The report comes amid some insurers...more

OMB Contemplates Changes to Buy America Guidance

The Office of Management and Budget (OMB) received nearly 2,000 comments on its proposed revisions to the guidance that will govern how Build America, Buy America Act (BABA) requirements codified in the Infrastructure...more

FTC Extends Comment Deadline on Noncompete Rule

Comments on the Federal Trade Commission’s proposed noncompete clause rulemaking will now be accepted until April 19. The FTC voted 4-0 yesterday to extend the public comment window by roughly 30 days; it was initially set to...more

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