As required by the President’s Executive Order 13772 setting forth the core principles that should be taken into account in connection with the regulation of the U.S. financial system, the U.S. Treasury Department published a report identifying regulations inconsistent with the seven principles articulated in the order. The report is the first of series of… Read More
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… Read More
In December 2011, Morrison & Foerster published “The Dodd-Frank Act: An Operational Response for Non-US Banks” in Operational Risk & Regulation. Click here for the full article.
In December 2010, Morrison & Foerster published the client alert “Proposed Increase in Dollar Threshold for Coverage by Regulation Z.” Summary: On December 13, 2010, the Federal Reserve Board (“Board”) proposed an amendment to Regulation Z to increase the threshold for exempt consumer credit transactions from $25,000 to $50,000. Under the proposal, future increases in… Read More
In August 2010, Morrison & Foerster published the client alert “Dodd-Frank, Title II: Where the FDIC and the ‘Orderly Liquidation Authority’ Meet the Bankruptcy Code.” Click here to read the full alert.
Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly anticipated rulemaking activities. This alert lays out the highlights to consider between doses of turkey, football, and family…. Read More
The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto Financing Guidance Act, H.R. 1737, “[d]eclares without force or effect” the CFPB’s Bulletin 2013-02 (Indirect Auto Lending and Compliance with the… Read More
December 3, 2015 1:00 pm – 2:30 pm EST Morrison & Foerster partners Nancy Thomas and Angela Kleine will speak on the “Consumer Protection Provisions in the Dodd-Frank Act: Adjusting to the New Paradigm” Lorman webinar on December 3. Click here to register.
In June 2014, Morrison & Foerster published the client alert, “CFPB & DOJ Consent Orders with Former GE Capital Retail Bank: Something Old and Something New.” Summary: Yesterday, the CFPB announced a $225 million settlement of two major credit card enforcement matters with Synchrony Bank, formerly known as GE Capital Retail Bank. First, the “Add-On… Read More
Morrison & Foerster Partner Donald Lampe is featured in the Law360 article, “Litigation Tops Lenders’ Fears in Home Closing Overhaul.” To read the article, click here (subscription required).
On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Newark, New Jersey, on March 10, 2015, to discuss the topic of arbitration. We anticipate that the CFPB will use the field hearing to announce the release of its report to Congress regarding the use of… Read More
On January 22, 2015, Donald Lamp, Nancy Thomas, and James Nguyen will participate on this West LegalEdcenter Webinar. About the webinar: Institutions regulated by the Consumer Financial Protection Bureau (CFPB) and subject to its enforcement authority are dealing with of the agency’s sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP). To… Read More
Last week, the Bureau announced a $730,000 settlement with Franklin Loan Corporation (Franklin) based on alleged violations of the loan originator compensation rule in Regulation Z. That rule prohibits mortgage lenders from paying loan originators based on the terms and conditions of the loan. It is designed to eliminate loan originators’ incentives to steer borrowers… Read More