The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” and the “Act”) establishes a regulatory infrastructure for defining, managing, custodying and issuing a specific kind of...more
6/24/2025
/ Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment ,
OCC ,
Payment Systems ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Service Professionals ,
Stablecoins ,
U.S. Treasury
On June 11, 2025, the New York State Senate passed a bill adopting the 2022 Amendments to the Uniform Commercial Code (UCC). The 2022 Amendments have now been passed by both houses of the New York legislature, and can be...more
In the two weeks since our last update on what is happening with the Consumer Financial Protection Bureau ("CFPB"), the Trump administration has continued to take actions that make it seem as though they are intending to wind...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
Effective January 30, the Securities & Exchange Commission ("SEC") rescinded the Staff Accounting Bulleting ("SAB") that has made engaging in crypto-related activities so perilous over the last couple of years, SAB-121,...more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
The Congressional Review Act (“CRA”) is an interesting law that we really only think about when there is a change of party affiliation of an incoming President. Effectively, the CRA allows Congress to overturn rules that have...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
Checking in on what the Consumer Financial Protection Bureau (“CFPB”) has been up to for the last month, in case you missed it (and with some commentary)...more
10/10/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Mortgages ,
Regulation M ,
Regulation Z
As we reported in June, the Supreme Court handed down a decision in Cantero v. Bank of America on bank pre-emption matters that remanded cases decided by three different Circuit Courts, finding that the courts did not apply...more
9/16/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
Preemption ,
SCOTUS ,
Truth in Lending Act (TILA)
On August 16th, the Consumer Financial Protection Bureau ("CFPB") Director, Rohit Chopra, published a blog post entitled “What Buy Now, Pay Later lenders are doing to be upfront with borrowers” that follows up on its proposed...more
In this report on the solar financing marketplace, which is characterized as an “Issue Spotlight”, the CFPB identifies four areas that they view to present risks to consumers. In the press release accompanying the report,...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
On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more
7/29/2024
/ Chevron Deference ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Mortgages ,
Preemption ,
Proposed Rules ,
Regulatory Agenda
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
On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more
6/13/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
New York ,
Preemption ,
SCOTUS
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
In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more
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
The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously:
With respect to the...more