News & Analysis as of

Regulatory Oversight Biden Administration Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

Committee chairman asks Fed inspector general to investigate CFPB, Chopra for potential abuses

On June 26, the Chairman of the House Committee on Financial Services Subcommittee on Oversight and Investigations, Rep. Don Meuser (R-PA), sent a letter to the acting inspector general for the Fed and CFPB to investigate...more

Orrick, Herrington & Sutcliffe LLP

Congress overturns two CFPB rules via congressional review

On April 9, the House of Representatives passed two resolutions that it received from the Senate, overturning two CFPB rules from the Biden administration. The House considered S.J. Res. 18, disapproving the CFPB’s final rule...more

Ballard Spahr LLP

A deep dive into Judge Jackson’s preliminary injunction order against CFPB Acting Director Vought

Ballard Spahr LLP on

On Friday, March 28, Judge Amy Berman Jackson issued a 112-page opinion and 3-page order in National Treasury Employees Union, et al. v. Russell Vought, in his official capacity as Acting Director of the Consumer Financial...more

Ballard Spahr LLP

House Subcommittee Chairman pushes legislation to convert CFPB into a commission, make it subject to appropriations

Ballard Spahr LLP on

House Financial Institutions Subcommittee Chairman Rep. Andy Barr, R-Ky., said last week that his subcommittee will place a high priority on changing the CFPB’s structure and funding....more

Ballard Spahr LLP

Republican leaders of House Financial Services Committee tell CFPB to stop issuing final rules

Ballard Spahr LLP on

The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks....more

Ballard Spahr LLP

Sen. Scott: CFPB ignoring call to pause rulemaking until Trump takes office

Ballard Spahr LLP on

Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more

Latham & Watkins LLP

President Biden’s Executive Order on Artificial Intelligence - Initial Analysis of Private Sector Implications

Latham & Watkins LLP on

The Order marks an ambitious effort to stand up a whole-of-government approach to encouraging the benefits and managing the risks of artificial intelligence, with many of its most significant private-sector implications...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: Issue 12, December 2022

US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more

Womble Bond Dickinson

President Biden Signs Executive Order Revitalizing Regulatory Oversight of Banks and Encouraging New Consumer-Friendly Portability...

Womble Bond Dickinson on

On July 9, 2021, President Biden signed the wide-ranging Executive Order on Promoting Competition in the American Economy, aimed at increasing competition in all sectors of the American economy, including banking and consumer...more

Morgan Lewis

CFPB’s New Acting Director Signals Significant Shifts in Agency Direction, Policies, and Priorities

Morgan Lewis on

Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more

Rumberger | Kirk

Financial Services Industry Regulation in The Biden Era

Rumberger | Kirk on

As the Biden administration takes shape, many are foreseeing changes to the regulation and conduct of the financial services industry in keeping with themes of the Biden/Harris campaign. Originally published by Business...more

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