Financial Institutions, Financial Services Industry, Statutory Interpretation

CFPB's Guidance Withdrawal Deepens Industry Uncertainty

Bradley Arant Boult Cummings LLP on 6/12/2025

Effective May 12, the Consumer Financial Protection Bureau formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB's action covers various guidance documents, interpretive...more

CFPB states the Section 1033 Open Banking rule exceeds its authority

Ballard Spahr LLP on 6/5/2025

In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more

Takeaways from the CFPB’s Withdrawal of Guidance

Bradley Arant Boult Cummings LLP on 5/15/2025

Effective May 12, 2025, the Consumer Financial Protection Bureau (CFPB) formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB’s action covers various guidance documents,...more

CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift

Troutman Pepper Locke on 5/12/2025

The Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the...more

The Demise of Chevron: End of an Era or More of the Same?

Quarles & Brady LLP on 7/3/2024

In a pair of 6-3 decisions issued Friday and Monday, the U.S. Supreme Court dealt back-to-back blows to the administrative state. First, it ruled on Friday in Loper Bright that federal courts can no longer defer to federal...more

The Supreme Court’s Overruling of Chevron is a Sea Change

Ballard Spahr LLP on 7/3/2024

We already have published a short blog about the Supreme Court’s opinion issued on Friday, July 28 in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce, et al, No. 22-451....more

Consumer Finance Monitor Podcast Episode: Supreme Court Hears Two Cases in Which the Plaintiffs Seek to Overturn the Chevron...

Ballard Spahr LLP on 3/14/2024

On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That...more

SCOTUS agrees to hear second case challenging Chevron deference

Ballard Spahr LLP on 10/16/2023

Last Friday, the U.S. Supreme Court agreed to hear a second case, Relentless, Inc. v. U.S. Department of Commerce, in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A.,...more

Conflicting Opinions: District Court Concludes EFTA and Regulation E Do Not Apply to Digital Asset Accounts Established for...

Troutman Pepper Locke on 8/24/2023

On August 11, in the case of Yuille v. Uphold HQ Inc., the Southern District of New York was tasked with determining whether the Electronic Funds Transfer Act (EFTA) applies to digital asset-based accounts. The court...more

District Court Upholds OCC and FDIC ‘Valid When Made’ Rules

Skadden, Arps, Slate, Meagher & Flom LLP on 2/15/2022

On February 8, 2022, a federal district court in California issued two opinions, granting summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) and...more

Will Regulatory Rollback in the Nation’s Capital Work?

Morgan Lewis on 3/6/2020

At a meeting with a group of state attorneys general in Washington, DC, earlier this week, Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathy Kraninger expressed her strong desire to provide more consistent...more

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