On September 11, 2018, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Bureau of Consumer Financial Protection (the “Bureau”, and, collectively, the “Agencies”) issued a statement “clarifying the role of supervisory guidance.” The release … Continue Reading
See our article in BNA’s Banking Report, Defining ‘Abusive’ Acts and Practices, which sheds light on the prohibition on ‘‘abusive’’ acts or practices in the Dodd-Frank Act. The article first appeared in BNA’s Banking Report on February 13, 2017.… Continue Reading
The CFPB issued a compliance bulletin on November 28, 2016 warning supervised companies about the potential compliance risks of production and sales incentives provided to employees and service providers. Although the CFPB “invite[d] further dialogue and discussion,” the bulletin highlights incentive practices as a continued area of scrutiny for the CFPB. In recent testimony to … Continue Reading
The election of Donald J. Trump as President, along with continued Republican control of the Senate and House of Representatives, promises to bring change to the Federal Deposit Insurance Corporation (“FDIC”). The transition at the FDIC should be gradual due to the structure of the agency’s board of directors. The five-person board consists of three … Continue Reading
The D.C. Circuit Court’s decision in PHH Corp., et al. v. Consumer Financial Protection Bureau deals a major blow to the CFPB and represents a victory for financial services industry. Although the Court’s constitutional holding may dominate the headlines, the most significant aspects of the Court’s decision for the industry are the limits on the … Continue Reading
