In response to a request from the Conference of State Bank Supervisors (“CSBS”), Acting Comptroller of the Currency, Rodney E. Hood, decisively defended OCC regulations regarding the ability of national banks and Federal...more
Since our last report on what is happening with the Consumer Financial Protection Bureau (“CFPB”) during this administration, we have seen the Trump nominee for Director of the CFPB retracted from consideration in front of...more
As we reported previously, the Maryland Office of Financial Regulation (“OFR”) issued emergency regulations this past January which indicated that passive trusts holding residential mortgage loans, even those used as part of...more
We have been waiting to see how things are shaking out for the now-beleaguered Consumer Financial Protection Bureau (“CFPB”). A month out from Trump’s inauguration, we are still in a position of wondering if there will be a...more
On February 5, the Federal Deposit Insurance Corporation (“FDIC”) released 175 documents related to supervision of banks it oversees that either engaged in or sought to engage in crypto-related activities. Acting Chairman...more
The volume of news coming out from regulatory Washington, spurred by Executive Orders and new agency heads has been impressive since Trump took office on January 20. But, the amount of movement regarding regulation of crypto...more
On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more
On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more
While many Federal agencies, including the prudential bank regulators, have decided to hold back moving forward with initiatives until after the inauguration in January, the Consumer Financial Protection Bureau ("CFPB") has...more
12/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Data Brokers ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Regulatory Oversight ,
Student Loans
On November 12, the Consumer Financial Protection Bureau (“CFPB”) published a report called “State Consumer Privacy Laws and the Monetization of Consumer Financial Data” that took an uneven look at how Federal financial...more
On July 25, 2024, the Fed, the OCC and the FDIC (the “Banking Regulators”) released a “Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses” (the...more
While we reported in our last Cabinet News & Views on the final rule regarding quality control standards for AVMs which will take effect one year after publication in the Federal Register (i.e., it has not yet been...more
The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance:
Acting Comptroller of the Office of the Comptroller of the Currency (OCC),...more
7/26/2024
/ Anti-Fraud Provisions ,
Banking Regulators ,
Banking Sector ,
Banks ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
NCUA ,
OCC ,
Regulatory Oversight ,
Risk Assessment ,
Risk Management
On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more
6/28/2024
/ Algorithms ,
Appraisal ,
Automated Systems ,
Collateral ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
GSE ,
Mortgage-Backed Securities ,
Mortgages ,
NCUA ,
Secondary Markets ,
Securitization ,
Valuation
As we discussed in the fall over a series of articles (Part 1, Part 2, Part 3, and Part 4) and reported on further in January, the Consumer Financial Protection Bureau (“CFPB”) is on a mission to allow consumers to more...more
The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more
5/17/2024
/ Colorado ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
DIDMCA ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Information Governance ,
Interest Rates ,
Loans ,
Surveillance ,
UK
On April 30, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a report called “Price Complexity in Laboratory Markets” that concluded that the financial services industry should keep pricing for financial...more
On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more
3/7/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Regulation Z ,
Rulemaking Process
The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more
2/23/2024
/ Appraisal ,
Banks ,
Bias ,
Consumer Financial Products ,
Discrimination ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FIRREA ,
Industry Examinations ,
NCUA ,
OCC ,
Property Valuation ,
Residential Property Owners ,
Supervision
In January 2024, the Consumer Financial Protection Bureau ("CFPB") issued two proposed rules that, if implemented as written, would result in further whittling down overdraft or non-sufficient funds ("NSF") fees charged by...more
2/12/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process ,
Truth in Lending Act (TILA)
On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published its final rule setting forth the circumstances under which beneficial ownership information reported to FinCEN pursuant to the Corporate...more
2/9/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements
The financial services regulatory agencies have rolled into 2024 as busy as ever. This list hits on some quick takes of developments in the last month; a summit, a meeting and a symposium involving hot topics such as...more
1/26/2024
/ Artificial Intelligence ,
CFTC ,
ETFs ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inflation Adjustments ,
Machine Learning ,
OCC ,
Regulatory Agenda ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
From January 18th to 20th, the American Bar Association’s Banking Law Committee of the Business Law Section held its winter meeting in Washington, DC. This meeting not only provides an excellent retrospective of the previous...more
Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more
1/15/2024
/ American Bar Association (ABA) ,
Buy Now Pay Later (BNPL) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Security ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Opt-In
This final installment of our coverage on the Consumer Financial Protection Bureau’s proposed rule regarding “personal financial data rights” builds upon concepts and concerns covered in our earlier posts. For an overview of...more