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Ballard Spahr LLP

CFPB won’t prioritize BNPL enforcement

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The CFPB will not make enforcement of its Buy Now, Pay Later rule a priority, according to a recent statement....more

Ballard Spahr LLP

FinCEN’s Southwest Border Geographic Targeting Order Faces Challenges in Texas and Southern California

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In March, we wrote about the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issuing a Geographic Targeting Order (GTO) aimed to combat Mexican-based drug cartels. The GTO signals Treasury’s efforts to...more

Cadwalader, Wickersham & Taft LLP

Regulation in Flux, March 2025 - CFTC Staff Withdraws Advisory on Swap Execution Facility Registration Requirement

On March 13, 2025, the Commodities Futures Trading Commission (“CFTC”) issued Letter 25-05, withdrawing controversial and much-criticized Staff Letter 21-19 (“SEF Registration Advisory”), which was issued September 29, 2021...more

Goodwin

2024 Year in Review: Major US Supreme Court and Appellate Cases

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Welcome to the “Major US Supreme Court and Appellate Cases” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. The Supreme Court continues to take a close look at major administrative law...more

Ballard Spahr LLP

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief

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The Trump Administration’s efforts to “effectively shutter the CFPB” amounts to a “total dereliction of all mandatory statutory duties,” that will harm state consumer protection efforts, Democratic state attorneys general...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 3

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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

Carlton Fields

Piecing Alpine Together

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Is FINRA constitutional? According to the D.C. Circuit’s November 2024 opinion in Alpine Securities Corp. v. FINRA, FINRA proceedings may be unconstitutional in one narrow set of circumstances. ...more

Troutman Pepper Locke

CFPB Files “Emergency Notice” in 1071 Final Rule Case and Does Not Oppose Stay of the 1071 Rule; Agency Also Seeking a “Pause” in...

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Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more

Troutman Pepper Locke

Third Circuit Demands Greater Clarity from SEC Regarding Digital Asset Regulation

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After two and a half years, Coinbase, Inc. (Coinbase) and other crypto market participants may finally get an answer for why the Securities and Exchange Commission (SEC) has declined to promulgate rules clarifying how and...more

Akin Gump Strauss Hauer & Feld LLP

“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more

Ballard Spahr LLP

Minnesota Bankers Association and Lake Central Bank sue FDIC over NSF fee guidance

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A complaint filed on July 20, 2023 in Minnesota federal court seeks declaratory and injunctive relief under the Administrative Procedures Act (APA) against defendants Federal Deposit Insurance Corporation (FDIC) and Chairman...more

White & Case LLP

Interagency Statement on Role of Supervisory Guidance to Become a Rule

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In response to a call for a rulemaking by two leading bank industry trade associations, the federal banking agencies have issued a proposed rule to codify an earlier interagency statement that their supervisory...more

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