Popular, Congressional Review Act, Financial Services Industry

President Trump Signs Congressional Review Act Resolution Overturning CFPB Overdraft Rule

Troutman Pepper Locke on 5/13/2025

On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the...more

President Trump Revokes Regulations Applicable for Front-End Service Providers Facilitating Digital Asset and Cryptocurrency...

Wilson Sonsini Goodrich & Rosati on 4/16/2025

On April 10, 2025, President Trump signed into law a measure1 that repeals the final regulations relating primarily to persons who are front-end service providers that operate decentralized finance (DeFi) platforms, which...more

Resolutions to nullify CFPB overdraft rule introduced in House, Senate

Ballard Spahr LLP on 2/28/2025

The Chairmen of the House and Senate committees with jurisdiction over banking issues have introduced Congressional Review Act resolutions to nullify the CFPB’s overdraft rule. House Financial Services Committee Chairman Rep....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

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

Morrison & Foerster LLP on 1/8/2025

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

What's New In Washington - March 2018

Akin Gump Strauss Hauer & Feld LLP on 6/7/2018

Washington saw a flurry of bipartisan activity over the last few weeks. Most notably, Republican and Democratic negotiators reached a long-awaited deal on sequestration budget caps. The compromise, announced on February 7 as...more

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

Polsinelli on 11/28/2017

President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

Senate Strikes Down CFPB Arbitration Rule

Troutman Pepper Locke on 10/26/2017

The short-lived rule will likely be remembered as part of the Trump Administration’s dismantling of the Obama Administration’s legacy, and as continuing the trend of courts strictly enforcing agreements to arbitrate as...more

Congress Overrides CFPB Arbitration Rule

Ballard Spahr LLP on 10/25/2017

We are pleased to report that the U.S. Senate voted last night, 51 to 50, to override the Consumer Financial Protection Bureau's final arbitration rule. The rule would have prohibited the use of class action waivers in...more

Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

Ballard Spahr LLP on 10/18/2017

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

Ballard Spahr LLP on 10/2/2017

In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

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