MoFoReEnforcement

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In the words of Willie Wonka: “Wait a minute — strike that, reverse it!” As loyal readers will recall, in our last issue, we tried to stay current in referring to the CFPB by what Mick Mulvaney declared would be its new name: the Bureau of Consumer Financial Protection. Well, what a difference a director makes. Shortly after Kathy Kraninger was confirmed by the Senate as the second Director of the agency, she scrapped the…
In between holiday shopping and merriment, we here at the Financial Services Report are pondering what’s in a name. Not much, said Shakespeare. Isaac Asimov begged to differ in a mystery story about who killed one of the library twins (we won’t give away the twist that hinges on a name). So do companies that spend millions of dollars identifying names to reflect their brands, and parents-to-be who spend countless hours poring over baby-naming books…
So much for the lazy days of summer. It’s been a busy couple of months on both coasts. In a case of déjà vu all over again, a New York federal court found that the CFPB structure is unconstitutional and that the defects infected Title X of the Dodd-Frank Act as a whole. The Judge rejected the D.C. Circuit’s conclusion otherwise in PHH Corp. v. CFPB, and granted the CFPB’s request to enter final judgment…
No more pencils, no more books. No more CFPB indirect auto lending guidance. No more CFPB Consumer Advisory Board. No more Volcker Rule and risk-based capital for community banks. No more Eric Schneiderman. It’s the end of the school year, and we’ve seen enormous changes on the financial services regulatory landscape since our last Report. Hope you are hanging on to your seat, because there could be more to come: No more payday lending rule?…
On May 22, 2018, the U.S. House of Representatives passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” The bill was passed on a bipartisan basis with a vote of 258-159. The bill was previously passed by the U.S. Senate on March 14, 2018. Now that identical legislation has passed both houses of Congress, the bill will go to President Trump for his signature, which is expected in the coming days. Once…
Wednesday, May 16, 2018 3:00 p.m. – 3:30 p.m. EDT Please join Morrison & Foerster attorneys Trevor Salter and Crystal Kaldjob as they speak on key elements of strategic partnership agreements. The speakers will discuss the benefits and drawbacks of partnerships, getting the legals right in your partnership agreements, and best practices from their experience advising major financial institutions and merchants in these transactions. Please note this call is only open to Electronic Transactions Association
Wednesday, April 18, 2018 4:30 p.m. – 5:00 p.m. Mandalay Bay Convention Center 3950 Las Vegas Boulevard South Las Vegas, NV 89119 As the adoption of blockchain technology becomes a worldwide phenomenon heading towards mass adoption, it is not surprising that regulators are monitoring all market participants. Since tokens are not a homogeneous asset class – they may feature characteristics of securities, commodities, currency units, or a combination thereof, there is uncertainty and a critical…
On March 14, 2018, the U.S. Senate passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” If enacted into law, S. 2155 would provide modest regulatory relief to regional and community banks, among other things. The bill passed the Senate with bipartisan support through a vote of 67 to 31. In this Client Alert, we provide a general summary of some of the principal components of S. 2155. Read our client alert
The 2018 Winter Olympics are over. We watched two 17-year-olds win gold medals in sports that didn’t exist when we were 17. The Garlic Girls, with nicknames from their favorite breakfasts, and the U.S. men’s team won medals in curling. No Miracle on Ice for the U.S. men’s hockey team, but the U.S. women’s team won gold. With almost 3,000 athletes representing 90 countries plus the Olympic Athletes of Russia, it was three weeks of…