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
On August 29, 2018, the U.S. Senate confirmed Dawn Stump and Dan Berkovitz as Commissioners of the Commodity Futures Trading Commissioner (“CFTC” or “Commission”). Each has extensive experience in the derivatives markets. Ms. Stump, among other things, has served as Executive Director and Senior Vice President of U.S. Policy for the Futures Industry Association. Mr. … Continue Reading
The Office of the Comptroller of the Currency (“OCC”) announced yesterday that a nondepository financial technology (“fintech”) company that engages in a core banking activity, such as paying checks or lending money, can now apply for a special purpose national bank (“SPNB”) charter. This announcement followed shortly after the release of the Treasury Department’s report … Continue Reading
On July 2, 2018, All American Check Cashing, Inc., Mid-State Finance, Inc., and the president and owner of both companies (collectively, “All American”) filed a brief asking the U.S. Court of Appeals for the Fifth Circuit to find the Bureau of Consumer Financial Protection (“BCFP” or the “Bureau”) (formerly known as the CFPB) unconstitutionally structured … Continue Reading
On Friday, November 24, Richard Cordray left the CFPB — but not before appointing his Chief of Staff, Leandra English, as Deputy Director of the Bureau. Under the Dodd-Frank Act, the Deputy Director “shall . . . serve as acting Director in the absence or unavailability of the Director.” Hours later, President Trump named Mick … Continue Reading
Richard Cordray, the first and only Director of the Consumer Financial Protection Bureau, announced today that he will resign from the Bureau by the end of November–presumably in order to explore a run for governor in his home state of Ohio. Cordray, a Democrat, was appointed to serve as the agency’s first Director in a … Continue Reading
On October 13, 2017, the Consumer Financial Protection Bureau announced the upcoming departure of its enforcement chief, Assistant Director of Enforcement Anthony “Tony” Alexis. Assistant Director Alexis has been with the CFPB since 2012, and in a statement (paywall) to The Wall Street Journal, CFPB Director Richard Cordray described him as “my strong right arm.” … Continue Reading
The D.C. Circuit today granted rehearing en banc in PHH Corp., et al. v. Consumer Financial Protection Bureau (“PHH”), vacating the prior order that, among other things, found the Consumer Financial Protection Bureau’s (“CFPB”) structure unconstitutional. The court directed the parties to brief a set of questions related to: the constitutionality of the Bureau’s structure; … Continue Reading
Today Senators Chuck Schumer (D-NY), Sherrod Brown (D-OH), Elizabeth Warren (D-MA) and others voiced their opposition to any attempt by President-elect Donald Trump to oust Richard Cordray, the current Director of the Consumer Financial Protection Bureau (“CFPB”), before Cordray’s term ends in July 2018. They also sent a letter to Cordray outlining and praising his … Continue Reading
On January 3, 2017, Timothy G. Massad announced that he will step down as chairman of the Commodity Futures Trading Commission (“CFTC” or “Commission”) on Inauguration Day, January 20, 2017. Chairman Massad’s announcement also notes that he will also step down as a Commissioner after a few weeks. President Barack Obama nominated Chairman Massad to … Continue Reading
Republican president-elect Donald J. Trump, with the support of a Republican controlled Senate and House of Representatives, promises to bring in a new era of limited government, rolling back legislation enacted under President Obama’s administration. This transition to a new administration will have a significant impact on each of the federal financial regulatory agencies, including … Continue Reading
In a speech delivered to The Clearing House on November 30, 2016, Comptroller of the Currency Thomas J. Curry argued against weakening the capital, leverage, liquidity and supervisory standards that were put in place in response to the 2008 financial crisis. Throughout his remarks, Comptroller Curry rejected the notion that the current standards are unduly … 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 transition to a new administration with the election of Republican Donald J. Trump as President, along with continued Republican control of the Senate and House of Representatives, promises to bring substantial change to each of the federal financial regulatory agencies. Changes in leadership at those agencies will likely result in substantial changes in policy … Continue Reading
The transition to a new administration with the election of Republican Donald J. Trump as President, along with continued Republican control of the Senate and House of Representatives, promises to bring substantial change to each of the federal financial regulatory agencies. Changes in leadership at the federal financial regulatory agencies will likely result in substantial … Continue Reading
On the campaign trail, President-elect Trump said little about his plans for the Federal Trade Commission (“FTC” or “Commission”), but he has a unique opportunity to remake the FTC early in his term, because of an unusual number of Commissioner vacancies, one expired term, and his presidential prerogative to designate one Commissioner as the Chair.… Continue Reading
President-Elect Donald J. Trump has said little about his plans for money laundering and terrorist financing enforcement, or his plans for the agency responsible for many of the Federal government’s anti-money laundering (“AML”) initiatives, the Financial Crimes Enforcement Network (“FinCEN”). FinCEN is a bureau within the Treasury Department and not a fully independent agency. Its … Continue Reading
The transition to a new administration with the election of Republican Donald J. Trump as President, along with continued Republican control of the Senate and House of Representatives, promises to bring change to each of the federal financial regulatory agencies. Changes in leadership at the federal financial regulatory agencies will likely result in changes in … Continue Reading
