Tag Archives: Regulatory Reform

House Passes CHOICE Act 2.0

The House of Representatives voted this afternoon to pass the Financial CHOICE Act (“CHOICE 2.0”), its comprehensive financial regulatory reform bill.  The key provisions of CHOICE 2.0 are summarized in our client alert of April 24, 2017, available here, although the bill has evolved somewhat since April.  As we wrote late last month, Representative Jeb … Continue Reading

CFTC Launches FinTech Initiative “LabCFTC”

On May 17, 2017, the Commodity Futures Trading Commission (“CFTC”) announced the launch of its financial technology (“FinTech”) initiative, LabCFTC.  Per the agency, the initiative is designed to “promot[e] responsible FinTech innovation to improve the quality, resiliency, and competitiveness of the markets the CFTC oversees.”  According to Acting Chair J. Christopher Giancarlo, LabCFTC is “intended … 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

CFPB Director Richard Cordray Spars with Republicans at House Financial Services Committee Hearing

On April 5, 2017, the House Financial Services Committee held a hearing at which Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray was the sole witness.  During the five hours of the hearing, a wide partisan split over the performance of the CFPB  and Director Cordray  was on full display.  Throughout, Republicans characterized the CFPB … 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

FDIC Vice Chairman Hoenig’s Proposal for Regulation of Financial Holding Companies

As has been widely reported, FDIC Vice Chairman Thomas Hoenig put forward in remarks to the Institute of International Bankers on Monday, March 13, a “Market-Based Proposal for Regulatory Relief and Accountability” (the “Hoenig Proposal” or the “Proposal”).  If adopted, the Hoenig Proposal would substantially change the regulation of large and complex banking organizations doing … Continue Reading

Pence’s Chief Economist Previews CFPB Changes, Predicts Agency’s Continued Existence

On March 7, 2017, Mark Calabria, chief economist to Vice President Mike Pence, commented on the Trump administration’s likely approach to the CFPB during a panel at the National Association for Business Economics’ annual economic policy conference. The comments provide rare insight given that President Trump has not publicly detailed his thinking on reforming the … Continue Reading

Trump Administration Issues Executive Order For Implementation of Regulatory Reforms

Having released executive orders directing federal agencies to curb the issuance of new regulations and requiring a regulatory review of financial regulations, President Trump issued a new executive order on February 24, 2017 (the “Order”) to create a process within the federal agencies for implementing his administration’s deregulatory agenda. The Order contains two general requirements.  … Continue Reading

Trump Administration Issues Executive Order to Curb New Regulations

On January 30, 2017, President Trump issued an Executive Order to reduce the number of federal regulations and control regulatory costs (the “Order”). The Order, which applies to any “executive department or agency”— forbids any such department or agency from issuing a new regulation unless it identifies two existing regulations to be rescinded, unless prohibited … Continue Reading

CFTC Commissioner Giancarlo Forecasts Swap Market Reforms

On January 18, 2017, Commodity Futures Trading Commission (“CFTC”) Commissioner J. Christopher Giancarlo delivered a keynote address at SEFCON VII in which he gave an indication of the types of reforms in the swap markets he plans to implement as Acting Chair and, if nominated and confirmed, as permanent Chair.  His comments echoed a theme … Continue Reading
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