On Monday, the FRB, FDIC, and OCC issued a “Statement on LIBOR Transition” that encourages banks to transition away from the London Inter-Bank Offered Rate (LIBOR) as soon as possible, and in any event by December 31, 2021.    

The agencies indicate that the LIBOR administrator has announced it will consult on its intention

The Biden transition has announced the members of its agency review teams.

The team leaders include the following individuals:

CFPB.  The team will be led by Leandra English, who is currently with the New York Department of Financial Services.  As our blog readers may recall, Ms. English was appointed CFPB Deputy Director by

The Fed, FDIC, and OCC have issued a “Statement on Reference Rates for Loans” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR).  LIBOR, which many creditors currently use as the index for calculating the interest rate on credit cards and other variable-rate consumer credit products, is expected to be discontinued

PLI’s 25th Annual Consumer Financial Services Institute will take place on December 7-8, 2020 by live webcast.

The Institute is considered the country’s premier consumer financial services CLE program and this year’s Institute will once again explore in detail important developments in consumer financial services regulation and litigation.  I am again co-chairing the event, as

On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”

On November 12, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions during the Pandemic.”

The scheduled witnesses at both hearings are:

The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance.

In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.”  In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject.  The proposed

For our webinar last week, “What a Blue Wave in the November 2020 Elections Could Mean for the Consumer Financial Services Industry,” we were joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading.  The webinar examined the potential implications for the consumer financial services industry should Joe Biden

The two lawsuits filed in federal district court in California by state attorneys general challenging the OCC and FDICMadden fix” final rules will both be heard by Judge Jeffrey S. White.  Judge White was appointed to the federal bench in 2002 by President George W. Bush.

When the lawsuits were filed, the lawsuit

Three weeks after California, Illinois and New York sued the Office of the Comptroller of the Currency (OCC) to enjoin its final rule purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations, in a complaint filed on August 20, 2020 in the same California federal district court, California,

We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank.   These lawsuits challenged on Madden and “true lender” grounds the interest rates charged under the defendants’ loan programs. The AG has now settled with the defendants and