Newsletters

11.21.17

Trump’s CFPB Pick: Major Impact for Industry and Consumers?

If recent media reports are accurate, the president intends to name current Office of Management and Budget (OMB) Director Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB).


11.21.17

OCC’s Otting Confirmed: Another Former OneWest Executive Takes Reins

On a largely party-line vote, the Senate has confirmed former OneWest president Joseph Otting as Comptroller of the Currency.


11.16.17

SEC Provides Greater Deference to Public Company Boards

On Nov. 1, 2017, the Securities and Exchange Commission (SEC) issued Staff Legal Bulletin No. 14I(CF), which articulates important interpretive guidance relating to shareholder proposals submitted to public companies for inclusion in proxy statements.


11.09.17

OCC’s Noreika Continues Conversation on Innovation, Fintechs

Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Keith Noreika continued speaking out on changes in the financial services industry—and the potential for fintech charters—in recent remarks.


11.09.17

Exclusion Precludes Coverage for Bank’s $24M Settlement

In a blow to a bank that settled overdraft litigation for $24 million, the U.S. Court of Appeals, Seventh Circuit affirmed that the financial institution’s liability policy did not provide coverage for the deal.


10.26.17

Multi-Plaintiff Suit Challenges CFPB’s Arbitration Rule

With no progress in Congress repealing the Consumer Financial Protection Bureau’s (CFPB or Bureau) arbitration rule, a coalition of 18 organizations filed suit in Texas federal court seeking to halt implementation of the prohibition on the use of mandatory predispute arbitration clauses.


10.12.17

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit against a company offering a biweekly payment program, modified the Equal ...


10.12.17

Bank Compels Arbitration of Overdraft Class Action

Reversing a Florida district court action, the U.S. Court of Appeals, Eleventh Circuit agreed with a national bank that a class action challenging overdraft fees should be moved to arbitration.


09.28.17

Regulators Repudiate Operation Choke Point at Lawmakers’ Request

Sounding the likely death knell for Operation Choke Point, federal regulators formally repudiated the program after receiving a letter from Republican legislators inviting them to do so.


09.28.17

Bank Pays $1.5M for Ancillary Products Issues

The Office of the Comptroller of the Currency (OCC) has levied a $1.5 million civil money penalty against a Missouri-based bank for alleged violations of Section 5 of the Federal Trade Commission Act.