CFPB, Federal Agencies, State Agencies, and Attorneys General
The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. Comments on the proposal are due by January 4, 2021.
The rule would apply to national banks and federal savings associations with a market position that allows them…
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 plaintiffs in Cohen v. Capital One Funding, LLC and Petersen v. Chase Card Funding, LLC have filed appeals with the Second Circuit from the decisions of two New York federal district courts that held the National Bank Act (NBA) preempts their claims that the interest charged on credit card receivables assigned to affiliated securitization…
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…
The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The final rule, adopted only 54 days after the close of the comment period, is effective 60 days after the date it…
After reviewing the legal foundation for federal preemption of state law limits on interest, we discuss the OCC’s proposed approach for determining when a bank is the “true lender” in programs with non-bank agents, our arguments in support of the proposal made in our comment letter to the OCC, key arguments made in support…
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…
