Tag Archives: Dodd-Frank Act

CFPB Proposes to Ease HMDA Reporting Requirements for Community Banks and Credit Unions

On July 14, 2017, the Consumer Financial Protection Bureau (“CFPB”) issued a proposal to ease, at least temporarily, the reporting requirements for community banks and credit unions under the Home Mortgage Disclosure Act (“HMDA”). The proposed rule would raise the threshold at which financial institutions have to report on home equity lines of credit for … Continue Reading

Trump Directs Treasury to Review Dodd-Frank Orderly Liquidation Authority and FSOC Processes

On Friday, April 21, President Donald Trump signed two presidential memoranda, directing the Secretary of the Treasury (the “Secretary”), Steve Mnuchin, to review two major provisions of the Dodd-Frank Act: orderly liquidation authority (“OLA”) for financial companies under Title II, and the decision-making processes of the Financial Stability Oversight Council (“FSOC”). Consistent with the Trump … Continue Reading

D.C. Circuit Panel Rules that CFPB Civil Investigative Demand is Overly Broad and Unenforceable

On April 21, 2017, a panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled that a civil investigative demand (“CID”) issued by the Consumer Financial Protection Bureau against the Accrediting Council for Independent Colleges and Schools (“ACICS”) was overly broad and unenforceable.  The D.C. Circuit’s decision sets an important precedent … Continue Reading

Governor Tarullo Outlines Path to Regulatory Relief in Final Speech as Federal Reserve Board Member

On April 4, 2017, Federal Reserve Board Governor Daniel K. Tarullo gave his final speech as a governor before his departure from the Board the next day.  Governor Tarullo, widely considered the “most influential Wall Street regulator” during his term as governor, took the lead for the Federal Reserve in developing the agency’s most significant … Continue Reading

Senate Banking Committee Holds Hearing on The Role of Financial Companies in Fostering Economic Growth

On March 28, 2017, the Senate Banking Committee held a hearing entitled “Fostering Economic Growth: The Role of Financial Companies.” Sen. Mike Crapo (R-Idaho), the Chairman of the Committee, delivered opening remarks emphasizing the contribution of financial companies to the economy. He noted that smaller financial companies are underperforming compared to larger companies in part … Continue Reading

Europe and American Financial Regulatory Outlooks Could Diverge

As reported by Law360, European Central Bank (“ECB”) Executive Board Member and Supervisory Board Vice-Chair Sabine Lautenschläger suggested in a February 19 interview that the ECB intends to keep “European [banking] institutions on a tighter rein” than the United States appears to intend to do with domestic banks. Ms. Lautenschläger noted “it is imperative that … Continue Reading

Circuit Split May Affect PHH Appeal

As we discussed in a recent client alert, the U.S. Court of Appeals for the Tenth Circuit held on December 27, 2016, in Bandimere v. SEC, that the Securities and Exchange Commission’s use of administrative law judges (“ALJs”) to adjudicate enforcement actions is unconstitutional.  The decision has created a circuit split that breathes new life … Continue Reading

Congress and Advocacy Organizations Weigh in on PHH Case, SG to Follow

As we noted in a recent post, the CFPB has sought reconsideration of the D.C. Circuit Court of Appeals’ decision in PHH Corp., et al. v. Consumer Financial Protection Bureau. In that decision, the D.C. Circuit ruled unconstitutional the provision of the Dodd-Frank Act establishing that the CFPB Director could be fired only “for cause,” … Continue Reading

Post-Election Outlook for Financial Regulatory Agencies: The Consumer Financial Protection Bureau

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

GAO Issues Report on Fed Stress Tests

On Tuesday, the Government Accountability Office (“GAO”) issued a report to the House Financial Services Committee (the “Report”) regarding stress tests conducted by the Board of Governors of the Federal Reserve System (the “Fed”). The Report grew out of a 2014 request from Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, for the … Continue Reading

CFPB Proposed Confidentiality Rule Revisions Prompt Comments and Criticism

On August 24, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rule Making that proposed amendments to the CFPB’s Freedom of Information Act (FOIA), confidentiality rules, and Privacy Act regulations codified at 12 C.F.R. Part 1070.  The proposed changes to the confidentiality rules include, but are not limited to:  (i)  allowing … Continue Reading
LexBlog