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
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
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
Organizations in many instances no longer must spend money on compliance with the Consumer Financial Protection Bureau’s (CFPB) interpretation of its UDAAP authority announced in the March 2022 update to its Supervision and...more
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
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
8/4/2023
/ Anti-Money Laundering ,
Auditors ,
Audits ,
Board of Directors ,
Chief Compliance Officers ,
Environmental Policies ,
Financial Statements ,
Noncompliance ,
Proposed Amendments ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholders
“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
On July 14, 2023, the U.S. Supreme Court announced it would hear oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) on October 3, 2023. The court will...more
Federal agencies look to expand regulatory reach using sweeping UDAAP and UDAP authority -
With active regulatory agendas at several federal agencies and what seems like back-to-back hearings considering legislative...more
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
The Telephone Consumer Protection Act (“TCPA”) and implementing rules by the Federal Communications Commission (“Commission”) bar many types of calls or texts without first having obtained the consent of the called party....more
Stemming from the Federal Housing Finance Agency’s (FHFA) 2019 validation and approval of credit score models final rule, the FHFA announced in October 2022 that Fannie Mae and Freddie Mac, the government-sponsored...more
6/1/2023
/ Banking Sector ,
Congressional Committees ,
Credit Scores ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages
Supreme Court to hear case that could change landmark precedent -
Earlier this month, the U.S. Supreme Court announced that during its next term it will hear a case that could overturn Chevron, U.S.A., Inc. v. NRDC, 467...more
On April 26, the House Financial Services Committee held a markup of 15 bills, including H.R. 2798, the CFPB Transparency and Accountability Reform Act, sponsored by Rep. Andy Barr (R-KY). The bill includes provisions from...more
This week the U.S. Department of Housing and Urban Development (HUD) announced plans for additional steps it plans to take related to criminal history screening. This comes on the heels of the Consumer Financial Protection...more
Trade associations, the U.S. Small Business Administration (SBA) Office of Advocacy and Congress criticized Consumer Financial Protection Bureau (CFPB) overreach during the comment period for two proposals regarding public...more
The crypto industry is at a critical juncture: As it continues to operate absent clear regulatory guidance (other than by enforcement) and prospects dim for legislation that would create a roadmap for regulation—the...more
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
Blocking Texts Highly Likely to Be Illegal -
Until now, the FCC has focused on curbing illegal robocalls. It has now turned its attention to illegal robotexts, which the agency notes have been increasing rapidly. In an...more
On Monday, March 13, the Federal Home Loan Bank (FHLBank) system issued a single-day record of $88.7 billion in short-term, floating-rate notes with maturities ranging from three months to one year. The system originally...more
The failure of two large banks in California and New York and the historic fallout has left a quagmire of unanswered questions and crises for businesses who had worked with them—and those who may feel the ricocheting effects...more
On Thursday, Feb. 23, the Federal Housing Finance Agency (FHFA) announced a proposed rule to amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). FHFA indicated that the...more
On Monday, the U.S. Supreme Court announced that it has agreed to review the Fifth Circuit’s decision in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA). The decision...more
On Feb. 1, 2023, the Biden administration released a fact sheet describing actions taken by the White House that continue a focus on so called “junk fees.” The announcement, which was done along with several independent...more
On Jan. 25, 2023, the Biden administration announced new federal actions impacting renters and housing market participants throughout the nation. In connection with this announcement, the Biden administration released its...more