Financial Institutions, Statutory Interpretation, Enforcement Actions

States May Not Obtain Civil Money Penalties Under the Consumer Financial Protection Act

McGuireWoods LLP on 5/19/2025

There has been much speculation that States will fill the void created by the Trump Administration’s drastic scaling back of the Consumer Financial Protection Bureau. Congress authorized both state attorneys general and state...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

Fraud by Omission? How Thompson v. United States Could Narrow the Reach of the Federal Wire, Mail, and Bank Fraud Statutes

Benesch on 4/4/2025

The vast majority of federal white-collar fraud enforcement actions are prosecuted under the wire, mail, or bank fraud statutes. 18 U.S.C. §§ 1341, 1343, and 1344. The Supreme Court’s recent decision in Thompson v. United...more

Bank responds to CFPB’s amended complaint and alleges improper delay tactics

Orrick, Herrington & Sutcliffe LLP on 3/21/2025

On March 17, a bank again asked the U.S. District Court for the Northern District of Texas to dismiss the CFPB’s suit against the bank. As previously covered by InfoBytes, the Bureau filed an amended complaint after the...more

Implications of the SEC’s stance that meme coins are not securities

A&O Shearman on 3/5/2025

On February 27, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a formal Staff Statement on “meme coins.” In this statement, the SEC staff took the position that typical meme...more