A Brief Primer on Tariffs Under the Trump Administration
Consumer Finance Monitor Podcast Episode: The Impact of the Election on the CFPB: What to Expect on Key Regulatory Issues During Trump 2.0
The Congressional Review Act – A Critical Tool for the New Administration
Consumer Finance Monitor Podcast Episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry
Consumer Finance Monitor Podcast Episode: What Banking Leaders Need to Know About the U.S. Supreme Court Ruling That the CFPB’s Funding Mechanism is Constitutional Part II
On May 20, federal merger policy took a sharp turn as the FDIC voted to rescind its 2024 merger guidelines, and the U.S. House passed a Congressional Review Act (CRA) resolution to repeal the OCC’s 2024 merger rule....more
U.S. Department of the Treasury Secretary Scott Bessent was appointed as acting director of the Consumer Financial Protection Bureau (CFPB or the Bureau) on Feb. 3, 2025. In his capacity as acting director, Bessent reportedly...more
A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry....more
2024 has been an eventful year for the CFPB. As we detailed in June, the CFPB survived its second constitutional challenge at the Supreme Court in CFSA v. CFPB, and “[n]ewly emboldened, the CFPB’s already robust policy agenda...more
The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more
Congress has voted to overturn the Office of the Comptroller of the Currency’s (“OCC’s”) “true lender” rule under the Congressional Review Act (“CRA”), and the President has signed the resolution. Repeal of the “true lender”...more
Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On June 30, 2021, President Biden signed a Congressional Review Act (CRA) resolution rescinding the OCC True Lender Rule, a bright-line rule issued in October 2020 to simplify the standards governing when a traditional bank...more
On June 24, the US House of Representatives voted to join the US Senate in a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender”...more
The U.S. House of Representatives on June 24th voted 218 to 208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). As discussed in earlier alerts, the...more
Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor - A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more
In this Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) invited public comment on proposed changes to Regulation II, better known as the Durbin Amendment, regarding network availability for...more
Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more
The US Board of Governors of the Federal Reserve System, and the US Federal Deposit Insurance Corporation sent letters to Representative Blaine Luetkemeyer stating that they are considering seeking public input regarding...more
On October 19, 2017, the United States Government Accountability Office (GAO) issued an opinion determining that the 2013 Interagency Guidance on Leveraged Lending (the “2013 Guidance”), issued jointly by the Office of the...more
CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits - The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more