Newsletters

06.21.18

NY Federal Judge: CFPB Structure Unconstitutional

Dismissing the CFPB from a suit it joined with the New York attorney general, a federal judge sitting in New York has ruled that the structure of the Bureau of Consumer Financial Protection (formerly known as the Consumer Financial Protection Bureau, or CFPB) is unconstitutional, requiring ...


06.20.18

Supremes: No More Class Action Stacking

A putative class action plaintiff may not launch a new class action lawsuit after an earlier court denies class certification if the applicable statute of limitations has run, says the U.S. Supreme Court, in a unanimous ruling in China Agritech v. Resh.


06.20.18

CFPB News: Mulvaney Replacement, BCFP Signage and Other Musings

As the President nominates the virtually unknown Kathy Kraninger as Director, the Acting Director gets a reprieve while taking a wrecking ball to the status quo at the agency formerly known as the CFPB.


06.20.18

Bill Spurs Buzz on Banking Services to Marijuana Businesses

Federal efforts to reduce the restrictions placed on cannabis businesses that operate legally under state law are picking up, with new legislation proposed and indications from the administration that it will let states take the lead with regard to enforcement.


06.20.18

Payday Lender Wins Over South Dakota Banking Regulator

A payday lender in South Dakota scored a victory in its lawsuit against the state’s banking regulator when a federal court judge agreed that the South Dakota Division of Banking exceeded its authority by revoking the plaintiff’s operating licenses.


06.20.18

Federal Reserve Governor Talks Digital Innovations

How will digital innovations impact the financial system? Speaking at the Decoding Digital Currency Conference sponsored by the San Francisco Federal Reserve Bank, Federal Reserve Board Governor Lael Brainard discussed cryptocurrencies, digital currencies and distributed ledger technologies.


06.06.18

AML News: FinCEN Issues Exceptions to Beneficial Ownership Rule

With FinCEN’s new Beneficial Ownership Rule now in effect, the regulator has quickly provided some important exceptive relief for premium finance lenders.


06.06.18

Fintech Update: Regulators Join Together for Fintech Oversight

A key regulator has announced a cryptocurrency crackdown in conjunction with Canadian as well as U.S. federal and state regulators.


06.06.18

Regulatory Relief Continues With Volcker Rollback Proposal

Just days after enactment of a partial Dodd-Frank rollback that included a substantial loosening of the Volcker Rule prohibitions against proprietary trading, the Federal Reserve Board of Governors kept the ball rolling with new proposals that would further reduce Volcker Rule burdens.


06.06.18

Short-Term Lending: Think Small, as OCC Nudges Banks

Not long after the CFPB’s acting director put the brakes on tough payday lending rules, the Trump administration likewise signaled that banks should move back into the $90 billion business.