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On March 29, 2018, the CFPB issued a Request for Information on the CFPB’s guidance and implementation support. The RFI is the tenth in a series that solicits public feedback on the Bureau’s operations and the regulations for which it is responsible. A press release accompanying the RFI states that the Bureau will be “assessing the overall effectiveness and accessibility of its guidance materials and activities” and “considering whether it would be appropriate to make…
On March 26, 2018, the CFPB published a Request for Information on the CFPB’s inherited regulations and inherited rulemaking authorities. The RFI is the ninth in a series that solicits public feedback on the Bureau’s operations, and the regulations for which it is responsible. Comments on the RFI regarding inherited regulations are due by June 24, 2018. Read our client alert.…
On March 7, 2018, the CFPB released a Request for Information regarding the Bureau’s rulemaking process, the seventh RFI in its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. Through this latest RFI, the Bureau seeks feedback “on all discretionary aspects of the Bureau’s [rulemaking] processes, including current practices, timelines, and potential improvements in each stage of these processes.” Read our client alert.…
On March 7, 2018, the staff of the Divisions of Enforcement and Trading and Markets of the SEC issued a public statement regarding exchanges and other secondary trading platforms that list and/or facilitate the trading of coins and tokens online. The statement emphasizes that platforms offering the trading of digital assets that are securities, including many (if not all) coins and tokens issued through initial coin offerings (ICOs), must register with the SEC as a…
On January 26, 2018, the CFPB published a Request for Information in the Federal Register regarding the Bureau’s Civil Investigative Demand processes. According to the Bureau’s related press release, the RFI is the first part of Acting Director Mick Mulvaney’s “call for evidence” about the Bureau’s functions. As presaged in the Bureau’s press release, the RFI is designed to “ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers” and to…
On January 25, 2018, the CFPB finalized amendments to its final Prepaid Accounts Rule, which was published in November 2016. The Bureau stated that the 2018 Amendments finalize revisions proposed in June 2017 “generally as proposed, with certain modifications.” The 2018 Amendments address some of the issues raised by industry and delay the effective date for all provisions of the Final Rule until April 1, 2019. Read our client alert.…
On August 4, 2017, the CFPB released four “prototype” model overdraft disclosure forms styled under its “Know Before You Owe” initiatives with a press release. The CFPB said the forms were designed to clarify the risks and costs of overdraft coverage for consumers. The press release and forms were accompanied by a report entitled Data Point: Frequent Overdrafters, highlighting the habits of the small group of consumers who initiated the most overdrafts per year. Read our…
On March 29, 2017, the U.S. Supreme Court held that a New York law restricting the way merchants may communicate prices to their customers regulates speech and, thus, is subject to review under the First Amendment. Specifically, the Court held that New York General Business Law § 518 (“Section 518”) should not be viewed as regulating prices, which is permissible regulation of conduct, because Section 518 does not require merchants to sell products or services at any…
On November 17, 2016, the CFPB held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account data. Through the RFI, the CFPB is seeking information regarding consumers’ ability to access, control and share personal financial data relating to them in a usable electronic form. Such access includes access by a third party authorized by the consumer in connection with a product or service…
Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about specific actions the new administration will pursue after inauguration. There is, however, a template for reform, namely, the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, H.R. 5983, a substitute version of which was approved by the…