Jun 29, 2020 | Federal Regulation, Litigation, News
SCOTUS Rules that President Can Remove CFPB Director at Will, But Bureau Can Remain This morning, the Supreme Court issued its long-awaited decision in Seila Law LLC v. CFPB, ruling that the Consumer Financial Protection Bureau can remain in place, although the...
Jun 26, 2020 | Federal Regulation, News
Fed Adds Coronavirus-Related Scenarios to Annual Bank Stress Tests As part of the Federal Reserve’s annual stress tests, it is also assessing large banks’ abilities to handle recession scenarios related to the COVID-19 pandemic. According to a press release announcing...
Jun 24, 2020 | Federal Regulation, News
CFPB Launches Pilot Advisory Opinion Program Last week, the Consumer Financial Protection Bureau launched a pilot advisory opinion (AO) program to better assess regulatory uncertainty with current regulations. The proposed program adds to previous efforts to improve...
Jun 5, 2020 | Banks & Credit Unions, Federal Regulation, News
Acting OCC Head Calls for Ending Coronavirus-Related Shutdowns to Boost Economy Brian Brooks, who became acting Comptroller of the Currency after former Comptroller Joseph Otting stepped down last week, has called for states to end the shutdown orders that were put in...
May 27, 2020 | Federal Regulation
Otting Steps Down as Head of OCC Comptroller of the Currency Joseph M. Otting announced that he will resign from office at the end of this week, just over halfway through his five-year term. First Deputy and Chief Operating Officer Brian P. Brooks will become Acting...
May 25, 2020 | Federal Regulation, News
Financial Regulators Issue Guidance for Offering Responsible Small-Dollar Loans Last week, four federal financial regulatory agencies released guidance titled “Interagency Lending Principles for Offering Responsible Small-Dollar Loans,” encouraging credit unions,...
