The ruling allows implementation of the laws while First Amendment litigation proceeds on the merits....more
Regulators are directed to avoid reputation risk, identify banks that have engaged in unlawful debanking, and take appropriate remedial actions. ...more
8/15/2025
/ Anti-Discrimination Policies ,
Banking Sector ,
Banks ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Agencies ,
FTC Act ,
Regulatory Oversight ,
Regulatory Reform ,
Reputation Management ,
Trump Administration
The SEC has stated that a ruling would help it determine the relevance of future rulemaking.
On July 23, 2025 the US Securities and Exchange Commission (SEC or Commission) submitted a status report ordered by the Eighth...more
The Department of Labor has taken two recent actions that indicate where the approach to retirement investment policy may go under the new administration....more
7/1/2025
/ Biden Administration ,
Cryptocurrency ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment Funds ,
Pensions ,
Plan Participants ,
Regulatory Reform ,
Retirement Plan ,
Trump Administration
The withdrawal aligns with the SEC’s “back to basics” approach, but it does not preclude scrutiny of ESG in asset managers’ strategies, marketing, and fund documentation....more
6/27/2025
/ Asset Management ,
Corporate Governance ,
Disclosure Requirements ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Greenwashing ,
Investment Companies ,
Investment Funds ,
Investment Management ,
Proposed Rules ,
Registered Investment Advisors ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
A preliminary injunction motion is set for May, the judge issued a scheduling order, and CARB announced a public workshop to kick off a rulemaking to implement the laws....more
5/22/2025
/ California ,
Climate Change ,
Commercial Litigation ,
Constitutional Challenges ,
Disclosure Requirements ,
Environmental Litigation ,
Government Agencies ,
Greenhouse Gas Emissions ,
Greenwashing ,
Litigation Strategies ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process
On March 26, 2025, the New York State Department of Environmental Conservation (NYSDEC) announced proposed regulations that would establish a mandatory greenhouse gas (GHG) reporting program for fuel suppliers, waste haulers...more
On April 8, 2025, President Trump issued an executive order titled “Protecting American Energy From State Overreach” (the Order). The Order asserts that state and local laws and policies covering various aspects of energy...more
In light of ongoing litigation and the Trump administration’s new policy approach, federal banking agencies intend to rescind the 2023 CRA final rule and revert to pre-2023 standards....more
4/8/2025
/ Banking Regulators ,
Banking Sector ,
Biden Administration ,
Community Reinvestment Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Judicial Authority ,
OCC ,
Regulatory Reform ,
Trump Administration
Paramount to the ruling in the upcoming May 5, 2025, hearing is the likelihood that strict scrutiny will apply to the plaintiffs’ First Amendment claims against SB 253 and SB 261....more
3/10/2025
/ California ,
CARB ,
Chamber of Commerce ,
Climate Change ,
Constitutional Challenges ,
Disclosure Requirements ,
Environmental Policies ,
First Amendment ,
Greenhouse Gas Emissions ,
Preliminary Injunctions ,
Regulatory Requirements ,
Strict Scrutiny Standard
Supremacy Clause and Dormant Commerce Clause claims against SB 253 and SB 261 were dismissed, while claims under the First Amendment proceed to discovery....more
2/27/2025
/ California ,
California Air Resources Board ,
Carbon Emissions ,
Climate Change ,
Constitutional Challenges ,
Discovery ,
Dormant Commerce Clause ,
Environmental Policies ,
First Amendment ,
Greenhouse Gas Emissions ,
Reporting Requirements ,
Supremacy Clause
Fair access banking laws, at the epicenter of the debates between ESG and so-called antiwoke regulation and federal/state preemption, may see a resurgence under the new presidential administration.
In recent years, the...more
Through the course of 2024, the development of the ESG and sustainability landscape was dynamic. We anticipate that this dynamism will intensify in 2025, given the implementation and potential amendment of ESG-related...more
“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration.
In recent years, the landscape of...more
1/8/2025
/ Banking Sector ,
Biden Administration ,
Compliance ,
Consumer Protection Laws ,
Dodd-Frank ,
Environmental Social & Governance (ESG) ,
Fair Access to Credit ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
OCC ,
Preemption ,
Regulatory Agenda ,
Regulatory Freeze ,
State and Local Government ,
Trump Administration
CARB will not penalize reporting entities for incomplete Scope 1 and 2 emissions disclosures under SB 253, irritating lawmakers and raising the specter of oversight hearings....more
1/2/2025
/ CARB ,
Climate Change ,
Comment Period ,
Corporate Governance ,
Disclosure Requirements ,
Financial Reporting ,
Governor Newsom ,
Greenhouse Gas Emissions ,
Proposed Amendments ,
Risk Assessment ,
Rulemaking Process ,
Time Extensions
In-scope entities should keep preparing for compliance with Senate Bills 253 and 261 as the lawsuit proceeds past an initial summary judgment motion....more
11/19/2024
/ CARB ,
Chamber of Commerce ,
Clean Air Act ,
Climate Change ,
Constitutional Challenges ,
Corporate Governance ,
Disclosure Requirements ,
Discovery ,
First Amendment ,
Greenhouse Gas Emissions ,
Motion for Judgment ,
Pending Litigation ,
Risk Assessment ,
Supremacy Clause ,
Task Force on Climate-related Financial Disclosures (TCFD)
In the December 2023 edition of Regulatory Updates in Asia ESG we provided an update on how jurisdictions across Asia are responding to the International Sustainability Standards Board (ISSB) standards. Several regulators in...more
9/3/2024
/ Asia ,
Climate Change ,
Consultation ,
COP ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
Hong Kong ,
IFRS ,
International Regulatory Standards ,
International Sustainability Standards Board (ISSB) ,
IOSCO ,
Regulatory Standards ,
Sustainability ,
Sustainable Business Practices
Artificial intelligence (AI) has become an indispensable tool, but with the rapid advancement in the technology has come a rise in electricity demand, drawing regulatory attention on the natural resources that AI requires....more
7/22/2024
/ Artificial Intelligence ,
Biden Administration ,
Climate Change ,
Electricity ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Infrastructure ,
NIST ,
Proposed Legislation ,
Regulatory Oversight ,
Risk Management
Private capital providers, investors, asset managers, and financial institutions will likely continue to face a fragmented regulatory landscape on ESG matters.
Various US states have taken and continue to take action on...more
6/24/2024
/ Asset Management ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investors ,
New Legislation ,
Private Equity ,
Proposed Legislation ,
Sustainability ,
Sustainable Business Practices
With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector.
On May 9, 2024, the Board of Governors of the Federal...more
Questions around the governance of artificial intelligence (AI) have come to the fore via recent, prominent US shareholder proposals and first-of-their kind enforcement actions, which we describe in depth here. It is in this...more
The Eighth Circuit is poised to determine the fate of the SEC’s final climate regulation, potentially by the end of the year.
On March 21, 2024, the US Court of Appeals for the Eighth Circuit was selected as the court that...more
4/9/2024
/ Administrative Procedure Act ,
Case Consolidation ,
Chevron Deference ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Final Rules ,
Greenhouse Gas Emissions ,
Rules of Civil Procedure ,
Securities and Exchange Commission (SEC) ,
Statutory Interpretation ,
Sustainable Business Practices
The long-awaited rules, already at the center of political debate and litigation, represent another global regulatory effort to integrate climate considerations into financial reporting.
On March 6, 2024, nearly two years...more
The court’s decision is the latest development in the litigation over the SEC’s final rules, which have faced numerous legal challenges since their adoption.
On March 15, 2024, the US Court of Appeals for the Fifth Circuit...more
3/21/2024
/ Administrative Procedure Act ,
Annual Reports ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On March 6, 2024, in a 3-2 vote, the US Securities and Exchange Commission (SEC) adopted final rules requiring registrants to disclose certain climate-related information in registration statements and annual reports. ...more
3/7/2024
/ Annual Reports ,
Climate Change ,
Compliance ,
Compliance Dates ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Greenhouse Gas Emissions ,
Publicly-Traded Companies ,
Registration Statement ,
Regulation S-K ,
Regulation S-X ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Task Force on Climate-related Financial Disclosures (TCFD)