In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB. With the Bureau’s enforcement and supervisory activities on hold, state attorneys general are stepping in to fill the regulatory void.… Continue Reading

Today’s podcast show features a discussion with Julie Andersen Hill about her law review article titled “Regulating Bank Reputation Risk”, 54 GA. L. Rev. 523 (2023). Professor Hill is the Dean and Wyoming Excellence Chair of the University of Wyoming College of Law.

The abstract to Professor Hill’s article does an excellent job of summarizing her thesis:

This Article surveys reputation risk guidance and enforcement efforts.… Continue Reading

President Trump on Monday issued an Executive Order that prohibits most federal agencies from issuing proposed rules until an administration-appointed agency head reviews the regulation.

The President also imposed a hiring freeze at most federal agencies through another Executive Order.

The Executive Orders do not expressly exclude independent agencies, such as the CFPB.… Continue Reading

In a letter to President-Elect Donald Trump, the American Bankers Association and its 52 affiliates are calling for a halt to all regulatory actions affecting banks and an extension of all effective dates for final regulations impacting financial institutions.

Such a pause is needed “to ensure that the incoming teams in each of these [financial regulatory] agencies has the time and opportunity to review years of rulemaking, guidance, and other policy actions that have the effect of constraining market participants,” the 50 state banking associations and ones representing the District of Columbia and Puerto Rico, wrote, in their letter.… Continue Reading

Today’s podcast episode is part two of our December 16th webinar, where we discussed the impact of the election on CFPB rulemaking. Part one consisted of a “fireside chat” with David Silberman, who held several senior-level positions at the CFPB for almost ten years under both Democratic and Republican administrations.

In part two, Ballard Spahr partners John Culhane and Joseph Schuster address the following questions:

  1. What will happen to CFPB regulations issued before January 20, such as the CFPB’s credit card late fee rule, which is currently being challenged in a Texas federal court?
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As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Act), enacted in 2018, directs the CFPB to prescribe regulations that apply Truth in Lending Act (TILA) ability-to-repay (ATR) requirements to Property Assessed Clean Energy (PACE) transactions, and apply the TILA civil liability provisions to violations of the requirements.… Continue Reading

The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA).

Banks, savings associations and credit unions are not subject to the mortgage loan data collection and reporting requirements under HMDA for a calendar year if their assets as of December 31 of the prior calendar year did not exceed an asset threshold.… Continue Reading

The CFPB recently issued a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan (HPML).

Regulation Z, which implements the TILA, generally requires creditors to maintain an escrow account for the payment of taxes and insurance on a first lien HPML.… Continue Reading

In this podcast show, we explore with our repeat guest, Professor Dan Awrey of Cornell University Law School, his working paper “Money and Federalism” in which he advocates for the enactment of Federal legislation creating a Federal charter for non-banks engaged in the payments business, like PayPal and Venmo. The article may be accessed online at SSRN and will likely be published in a law review at some time in the future.… Continue Reading

On October 16, 2024, the Bank Policy Institute and the Clearing House Association filed a motion to intervene in Corner Post, Inc. v Board of Governors of the Federal Reserve System. On July 1, 2024, the Supreme Court sided with Corner Post in holding that a Section 702 claim under the Administrative Procedure Act (APA) to challenge a final agency action first accrues when the plaintiff is injured by final agency action and has the right to assert it in court.… Continue Reading