Newsletters

09.12.19

Fifth Circuit Declares FHFA Structure Unconstitutional: Is CFPB Next?

In a significant ruling with broad financial services repercussions, the U.S. Court of Appeals for the Fifth Circuit, sitting en banc, has ruled that the Federal Housing Finance Agency (FHFA), the conservator for both Fannie Mae and Freddie Mac, is unconstitutionally structured because its director ...


09.12.19

SEC Proposes Rule Changes for Business Description, Legal Proceedings and Risk Factors Disclosures

Aiming to modernize the description of business, legal proceedings and risk factor disclosures that registrants are required to make pursuant to Regulation S-K, the Securities and Exchange Commission (SEC) recently proposed a number of important rule changes which affect periodic reports.


09.12.19

Credit Union News: Favorable NCUA Decision on Final Rule, Hemp Gets Go-Ahead

In a major win for credit unions, the D.C. Circuit has largely reversed a ruling that would have prevented credit unions from promulgating rules greatly expanding the field of membership, that is, the persons eligible to join a specific credit union.


09.12.19

FASB Proposes CECL Delay for Smaller Banks

Deciding that the benefit to smaller banks and other smaller financial institutions outweighs the lessening of transparency, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update to delay the effective date to implement standards on current expected credit ...


09.12.19

CFPB News: Enforcement Actions, Card Report and Tax Study

The Consumer Financial Protection Bureau (CFPB) reached a pair of settlement agreements, the first with a debt collector and the second in its first enforcement action based on alleged violations of the Remittance Transfer Rule.


08.28.19

Federal Reserve Warns of D&O Policy Exclusion Concerns

In a new letter to all financial institutions supervised by the Board of Governors of the Federal Reserve System, the Federal Reserve cautioned directors and officers about the potential limitations of director and officer (D&O) liability insurance policies.


08.28.19

Payroll Advance Industry in Regulators’ Crosshairs

The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business.


08.28.19

CFPB: Settlement Agreements, Call for Payday Lending Rule, New Ombudsman

In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button issue and Sen. Sherrod Brown (D-Ohio) called for the CFPB to move forward ...


08.28.19

Could California’s McGill Problem Be Solved on Appeal?

The battle over arbitration in California continues, with two defendants in a recent U.S. Court of Appeals, Ninth Circuit decision appealing the court’s reaffirmation of McGill v. Citibank.


08.28.19

Federal Reserve Banks Report On Small Businesses Nonemployer Firms

In a pair of new reports, the 12 Federal Reserve Banks provided data on the financing needs, decisions and outcomes of (i) small businesses (fewer than 500 employees) and (ii) nonemployer firms.