On June 30, President Biden signed into law a joint resolution to repeal the Office of the Comptroller of the Currency’s (OCC) so-called true lender rule. The rule was repealed under the Congressional Review Act (CRA), which allows Congress to
Cov Financial Services
Developments in the Financial Services Industry
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Supreme Court Finds FHFA For-Cause Removal Structure Unconstitutional; Decision May Have Implications for CFPB
On June 23, the Supreme Court issued a decision in Collins v. Yellen, a case which concerned the Federal Housing Finance Agency (“FHFA”) and the two government sponsored enterprises (“GSEs”) which the FHFA regulates and currently holds in conservatorship—the…
Second Circuit Rejects New York State Department of Financial Services’ Lawsuit Against the Office of the Comptroller of the Currency
On June 3, 2021, in Lacewell v. OCC, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) dismissed the New York State Department of Financial Services’ (“DFS”) lawsuit against the Office of the Comptroller of…
Rescissions of Policy Statements Illustrate Continued About-Face at CFPB
On March 31, 2021, the Consumer Financial Protection Bureau (“CFPB”) rescinded a range of policy statements issued under the leadership of former Director Kathleen L. Kraninger. These rescissions concerned one policy statement governing communications between institutions subject to CFPB supervision…
OCC to Reconsider June 2020 Community Reinvestment Act Final Rule
On Tuesday, May 18, 2021, the Office of the Comptroller of the Currency (“OCC”) announced that it will reconsider its June 5, 2020 final rule (“final rule”) overhauling its regulations implementing the Community Reinvestment Act (the “CRA”). The final rule,…
The EU’s Green Capitalism Takes Shape: Taxonomy Screening Criteria and Corporate Sustainability Reporting
The European Commission has presented a package of key enabling legislation on sustainable finance (the “Sustainable Finance Package”). This includes the much-awaited first technical screening criteria under the Taxonomy Regulation — outlined in the Taxonomy Climate Delegated Act (“TCDA”) —…
FDIC Issues Request for Information on Digital Assets
On Monday, May 17, 2021, the Federal Deposit Insurance Corporation (“FDIC”) issued a request for information and comment (“RFI”) regarding the current and potential digital asset activities of insured depository institutions (“IDIs”). The RFI is intended to inform the FDIC’s…
Federal Reserve Proposes Guidelines on Requests for Accounts and Payment Services at Federal Reserve Banks
On Wednesday, May 5, 2021, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued a notice requesting public comment on proposed guidelines articulating a series of principles to be used by Federal Reserve Banks in evaluating requests…
Treasury Secretary Yellen to Appoint Acting Comptroller of the Currency
On May 3, 2021, media outlets reported that Treasury Secretary Janet Yellen will appoint Michael Hsu to serve as Acting Comptroller of the Currency. Mr. Hsu currently serves as an Associate Director of the Division of Supervision and Regulation at…
Supreme Court Ruling Complicates FTC’s Ability to Obtain Consumer Redress
On April 22, the Supreme Court unanimously ruled in AMG Capital Management v. Federal Trade Commission that § 13(b) of the Federal Trade Commission (“FTC”) Act does not authorize the FTC to obtain equitable monetary relief, such as restitution for…