Popular, Biden Administration, Financial Institutions

CFPB will kill Section 1033 Open Banking Rule

Ballard Spahr LLP on 5/29/2025

The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

President Trump Signs Resolution Nullifying CFPB Overdraft Fee Rule

Sheppard Mullin Richter & Hampton LLP on 5/16/2025

On May 9, President Trump signed a Congressional Review Act resolution repealing the CFPB’s final rule restricting overdraft fees at large financial institutions. The rule, originally finalized under the Biden administration,...more

CFPB Overdraft and Digital Payment Rules Repealed by Trump Administration

Holland & Knight LLP on 5/14/2025

President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more

Trump signs resolution nullifying CFPB overdraft rule

Ballard Spahr LLP on 5/13/2025

President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule. ...more

House Republicans may start Congressional Review Act process to nullify overdraft rule

Ballard Spahr LLP on 2/10/2025

House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more

FinCEN Issues Final Rule on AML/CFT Requirements for Investment Adviser Sector

Holland & Knight LLP on 9/6/2024

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Aug. 28, 2024, issued a final rule to help safeguard the investment adviser sector from illicit finance activity (Final Rule). The Final...more

U.S. Imposes Sweeping New Sanctions and Export Controls on Russia and Belarus, including on Certain Software and Related Services

Fenwick & West LLP on 6/13/2024

Citing Russia’s “transition to a full war economy,” the United States imposed sweeping new sanctions and export controls on Russia and Belarus today, including companies and individuals that continue to supply Russia’s...more

U.S. Congress Mandates Wide Range Of Sanctions In Ukraine, Israel, And Taiwan Aid Bill

K2 Integrity on 5/14/2024

On 24 April 2024, President Biden signed into law H.R. 815, “Making Emergency Supplemental Appropriations for the Fiscal Year Ending September 30, 2024, and for Other Purposes” (the Act). The long-awaited piece of legislation...more

Risk to Israeli Entities Posed by International Sanctions – What Is the Exposure and What Are the Dangers?

Barnea Jaffa Lande & Co. on 2/23/2024

The executive order signed by United States President Joseph Biden in February 2024 states that the violence being committed by Israeli settlers has reached intolerable levels; poses a serious threat to peace, security, and...more

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on 1/25/2024

In response to Russia’s invasion of Ukraine, the U.S. government has deployed a whole-of-government approach to impose sanctions and tighter export controls on Russia. This alert summarizes key economic sanctions imposed by...more

New Russia Sanctions Target Foreign Financial Institutions, Expand Import Bans

Williams Mullen on 1/17/2024

On December 22, 2023, President Biden issued Executive Order (EO) 14114, imposing significant new economic sanctions against Russia to address the ongoing national security threat posed by the country’s invasion of Ukraine...more

Cybersecurity: What to Watch for in 2024

Wilson Sonsini Goodrich & Rosati on 1/4/2024

In 2024, businesses will continue to face an evolving landscape of cyber threats, along with an increasingly complex regulatory environment. With heightened scrutiny from regulators, consumers, and investors, the need to...more

AI Insights: How Regulators Worldwide Are Addressing the Adoption of AI in Financial Services

Skadden, Arps, Slate, Meagher & Flom LLP on 12/13/2023

Following the declaration of the international artificial intelligence (AI) “Safety Summit” at Bletchley Park (Bletchley Summit) on November 1, 2023, and the White House’s October 30, 2023, Executive Order on AI (Executive...more

October 11 Was a Red-Letter Day in the Growing Federal-State War on Fees

Troutman Pepper Locke on 10/13/2023

On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more

Bipartisan Calls for Congressional Investigations in the Wake of Silicon Valley Bank Collapse

Wilson Sonsini Goodrich & Rosati on 3/15/2023

As Congress and the White House continue to grapple with the fallout of Silicon Valley Bank’s (SVB) collapse, both parties are united on one thing: Congress must investigate what happened. Following news that regulators...more

Biden Administration Announces Crackdown on “Junk Fees”

Brownstein Hyatt Farber Schreck on 2/7/2023

On Feb. 1, 2023, the Biden administration released a fact sheet describing actions taken by the White House that continue a focus on so called “junk fees.” The announcement, which was done along with several independent...more

Decoded: Technology Law Insights - V 4, Issue 1, January 2023

Spilman Thomas & Battle, PLLC on 2/1/2023

Big Boosts to Cybersecurity and Tech Funding in $1.7T Omnibus Bill Signed by Biden - “The bipartisan fiscal 2023 omnibus spending agreement includes $2.9 billion for the Cybersecurity and Infrastructure Security Agency, a...more

SAFE Banking Tweak Would Be Huge ‘Plus’ for Financial, Cannabis Industries

DarrowEverett LLP on 11/22/2022

As the regulated sale of cannabis increasingly becomes sanctioned under state law, federal implications arising from its classification as a controlled substance continue to frustrate those in the banking industry who view...more

The U.S., UK, and EU Provide a Joint Response to Russian Aggression in Ukraine

K2 Integrity on 2/28/2022

Over the past week, the Russian Federation has taken a number of aggressive steps toward Ukraine in furtherance of its ultimate invasion—steps that were immediately condemned by the international community as a blatant...more

FinCEN Announces National AML/CFT Policy Priorities

Holland & Knight LLP on 7/7/2021

The Financial Crimes Enforcement Network (FinCEN) on June 30, 2021, issued national priorities for anti-money laundering (AML) and countering the financing of terrorism (CFT) policy (the Priorities), as required by the...more

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

Goodwin on 6/25/2021

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

CFPB, The Roadmap Forward - Part One

Hudson Cook, LLP on 3/19/2021

This article is the first of an exclusive three-part series interview with Jean Noonan, member of the CFPB Taskforce on Federal Consumer Law. In January 2020, the Consumer Financial Protection Bureau (CFPB) appointed a...more

Pumping the Brakes: FinCEN Reopens Comment Period for Controversial Crypto Reporting & Recordkeeping Rules

King & Spalding on 1/18/2021

After Widespread Market Opposition in an Expedited First Round of Comments, FinCEN Solicits More Feedback on Rule Seeking to “Close Gaps” in Virtual Currency Anti-Money Laundering Rules On January 14, in a surprise move,...more

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