• 05.20.24

    Challenging the CFPB After CFPB v. CFSA

    On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding mechanism does not violate the Appropriations Clause of the ...

  • 05.03.24

    CFPB Acts Against Mortgage Servicing Fees

    On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry.

  • 04.16.24

    The Bounds of Silence: Pure Omissions Are Not Actionable Under Rule 10b-5(b)

    In the context of a purchase or sale of a security, Rule 10b-5(b) (17 CFR §240.10b-5(b)) makes it unlawful “[t]o make any untrue statement of a material fact or to omit to state a fact necessary in order to make the statements made, in light of the circumstances under which they were ...

  • 02.05.24

    OCC Proposed Policy Statement Sheds Insight into Thinking on Business Combo Review Process

    In an effort to increase transparency in the Bank Merger Act (BMA) approval process, the Office of the Comptroller of the Currency (OCC) has recently issued a proposed policy statement (the “Policy Statement”) which is intended to provide insight into the principles the OCC would apply ...

  • 11.16.23

    FDIC Proposes Corporate Governance and Risk Management Standards for Select Institutions

    In a significant development for state nonmember banks with assets of at least $10 billion (Covered Institutions), the Federal Deposit Insurance Corporation (FDIC) has recently proposed comprehensive corporate governance and risk management guidelines (NPR) that would impose significant ...

  • 11.14.23

    What the Injunction Against the CFPB’s Small-Business Data Collection Rule Means for You

    On October 26, a Texas District Court issued an expanded injunction preventing the CFPB from implementing and enforcing its small-business data collection rule issued under Section 1071 of the Dodd-Frank Act, so that it now benefits all companies subject to the rule.

  • 11.08.23

    CFPB Proposes Data Rights Rule to Accelerate the Shift to “Open Banking”

    On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act.

  • 09.14.23

    CFPB Loses Major UDAAP Case

    On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and ...

  • 09.11.23

    The CFPB’s Summer 2023 Supervisory Highlights

    The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority.

  • 08.29.23

    SEC Adopts New Private Fund Adviser Rules

    On August 23, 2023, a divided U.S. Securities and Exchange Commission issued new rules relating to the regulation of private fund advisers.

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