The New York Department of Financial Services (NYDFS) recently surprised financial services’ compliance and legal professionals by announcing the creation of a “Consumer Protection and Financial Enforcement Division.”...more
In a case of first impression, the D.C. Circuit Court struck down the Dodd-Frank-mandated risk retention requirements for managers of open market collateralized loan obligations (CLOs). ...more
On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more