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Recently, I came across an article written by Senator Elizabeth Warren entitled “Don’t Make Bad Bill on Bank Deregulation Worse.”  In this article, the Senator warned against efforts by the House to add additional deregulation measures to the bill that was approved by the Senate (S-2155, “The Economic Growth, Regulatory Relief and Consumer Protection Act”), opining that such efforts, if successful, would make the Senate bill even more dangerous than it already was.…
On March 27, 2018, the New Jersey Attorney General, Gurbir S. Grewal, announced the appointment of Paul R. Rodriguez to be the new Director of the New Jersey Division of Consumer Affairs.  Mr. Rodriguez, a New Jersey native, previously served as Acting Council for New York City Mayor, Bill de Blasio, and a member of his senior management team.  Before that, he was an associate at Simpson, Thatcher & Bartlett, LLP in New York City. …
The CFPB recently issued a formal invitation (a Request for Information [RFI] for you to do just that, as well as to comment about any of the new regulatory authorities given to the CFPB by the Dodd-Frank Act.  In its March 14 press release about the RFI, the CFPB indicates that the RFI’s purpose to assist the CFPB in considering whether it should amend any rules it has issued since its creation or issue rules…
On Tuesday December 12, 2017, a federal judge dismissed without prejudice a suit filed by the New York Department of Financial Services (NYDFS) against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s proposed new special-purpose fintech charter.  Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York held that the NYDFS suit required dismissal because the OCC has not yet reached a final decision…
The Consumer Financial Protection Bureau (CFPB) finally moved forward today to ban class action waivers in mandatory arbitration clauses found in certain consumer financial services contracts. In October 2015, the CFPB published its multiyear study on arbitration provisions in consumer financial contracts and an outline of the proposal under consideration. It then convened a Small Business Review Panel to gather feedback. The Bureau also sought comments from stakeholders — the public, consumer groups, and…
The Consumer Financial Protection Bureau (CFPB) finally moved forward today to ban class action waivers in mandatory arbitration clauses found in certain consumer financial services contracts. In October 2015, the CFPB published its multiyear study on arbitration provisions in consumer financial contracts and an outline of the proposal under consideration. It then convened a Small Business Review Panel to gather feedback. The Bureau also sought comments from stakeholders — the public, consumer groups, and…
Recently, the State of New Jersey has taken a small step in the direction of less regulation over home mortgage lenders and, virtually at the same time, a potentially more significant step in the opposite direction. Details are set forth below. NJDOBI Proposes to Eliminate a Regulation Yes, you read that right! On June 5, 2017, the New Jersey Department of Banking and Insurance (“Department”) published a proposal to repeal a regulation first adopted in…
On May 19, 2017, at the Annual Meeting of the New Jersey State Bar Association, Travis Nelson was elected Chair of the Banking Law Section. Travis, who is resident in the firm’s Princeton and New York offices, previously served as Vice Chair and Secretary of the Banking Law Section.  Upon his election, Travis noted: “I am honored by my peers in the New Jersey banking bar to serve in this unique role.  I hope to…
On April 26, 2017, the Conference of State Bank Supervisors (“CSBS”), the trade association that represents state banking regulators, initiated a lawsuit against the Office of the Comptroller of the Currency (“OCC”) in the U.S. District Court for the District of Columbia. The lawsuit seeks declaratory and injunctive relief to prevent the OCC from moving forward with its proposal for granting special-purpose national bank charters to fintech companies.…
On November 30, 2016, the Illinois Department of Financial and Professional Regulation (IDFPR) issued a proposed “Digital Currency Regulatory Guidance” (the Guidance) regarding the application of the Illinois Transmitters of Money Act (TOMA) to various digital currency activities. The Guidance applies only to “decentralized digital currencies,” which are not issued by a particular person or entity, do not have a central administrator, and do not have a central repository.  Therefore, the Guidance would apply to…