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Financial Institutions › Statutory Interpretation › Regulatory Authority

Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

Ballard Spahr LLP on

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

McGuireWoods LLP

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

McGuireWoods LLP on

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

Morrison & Foerster LLP

CFPB Reverses Course, Withdrawing “Unprecedented” EFTA Interpretation

Morrison & Foerster LLP on

Following a brief pause under new leadership, the Consumer Financial Protection Bureau (CFPB) has resumed activities, albeit significantly in retreat from the positions taken by the prior administration. In a case involving...more

Troutman Pepper Locke

Court Rules Against Banco San Juan Internacional, Inc. in Master Account Dispute

Troutman Pepper Locke on

On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Opens the Door to More Rule Challenges by Extending Accrual Date for APA Cases

Skadden, Arps, Slate, Meagher & Flom LLP on

In Corner Post v. Board of Governors of the Federal Reserve System, the U.S. Supreme Court held the six-year statute of limitations under 28 U.S.C. §2401 for challenging federal agency action under the Administrative...more

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