Alan S. Kaplinsky

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We recently wrote about the new policy statement issued by the Securities and Exchange Commission (SEC) “that the presence of an issuer-investor mandatory arbitration provision will not impact decisions whether to accelerate the effectiveness of a registration statement under the Securities Act.” This reverses the agency’s previous position that it would not use its authority to accelerate the effective date of a company’s registration statement when the company’s governing documents contained a mandatory arbitration provision covering disputes under the federal securities laws.… Continue Reading

Despite President Trump’s efforts to fire her, the Supreme Court has ruled that Lisa D. Cook can remain on the Federal Reserve Board at least until the court hears oral arguments in January 2026.

The administration had asked the Supreme Court for a stay of a preliminary injunction issued by the U.S.… Continue Reading

Contending that the decision of a divided three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia would lead to a shutdown of the CFPB by the Trump Administration, plaintiffs in a lawsuit challenging proposed Reductions-in-Force at the bureau are asking for an en banc rehearing in the case before all of the active judges of the D.C… Continue Reading

President Trump correctly removed Lisa D. Cook from the Federal Reserve Board for improperly claiming on mortgage applications that residences in Michigan and Georgia both were her primary residences, the Trump Administration said in a brief filed with the Supreme Court.

“Following the statute, President Trump duly removed respondent Lisa Cook for ‘deceitful and potentially criminal conduct in a financial matter’ that renders her unfit to serve on the Nation’s preeminent financial policymaking and regulatory body—a quintessential cause for removal,” Solicitor General D.… Continue Reading

Allowing President Trump to fire Lisa D. Cook from the Fed would “signal to the financial markets that the Federal Reserve no longer enjoys its traditional independence, risking chaos and disruption,” Cook told the Supreme Court, in her opposition for a stay in her case.

“For decades, the Board’s insulation from direct presidential control has allowed the American markets and economy to thrive,” she wrote, adding, “the legislative record is abundantly clear that Congress did not mean for Federal Reserve Board governors to serve at the President’s pleasure.”… Continue Reading

The American College is now inviting nominations of outstanding lawyers who have achieved preeminence in consumer financial services law. Nominees must:

  • Have 10+ years of experience practicing consumer financial services law;
  • Have a U.S. consumer financial services law practice;
  • Have achieved preeminence in the field through repeated and substantial contributions (e.g.,
… Continue Reading

HERE IS A LINK TO OUR SPECIAL PODCAST SHOW ABOUT THIS CASE AND ITS ENORMOUS IMPLICATIONS RELEASED ON WEDNESDAY, OCTOBER 1.

On September 22, 2025, a panel of the First Circuit Court of Appeals issued a significant opinion in Conti v. Citizens Bank, N.A., holding unanimously that the National Bank Act does not preempt a Rhode Island statute requiring mortgage lenders to pay interest on mortgage escrow accounts.… Continue Reading

For now, the Supreme Court is allowing President Trump to fire Democratic FTC Commissioner Rebecca Slaughter, in a case that could upend a 1935 court precedent.

Significantly, in an unsigned order, the Court agreed to hear the case, even though there has been no final decision on the merits by a lower court.… Continue Reading

Citing a host of recent U.S. Supreme Court rulings interpreting the Federal Arbitration Act (FAA), the Securities and Exchange Commission (SEC) has “determined that the presence of an issuer-investor mandatory arbitration provision will not impact decisions whether to accelerate the effectiveness of a registration statement under the Securities Act.” This new policy statement reverses the agency’s previous position that it would not use its authority to accelerate the effective date of a company’s registration statement when the company’s governing documents contained a mandatory arbitration provision covering disputes under the federal securities laws.… Continue Reading

President Trump is asking the Supreme Court to allow him to fire Lisa D. Cook from the Federal Reserve Board.

“This application involves yet another case of improper judicial interference with the President’s removal authority—here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause,” Solicitor General D.… Continue Reading