Consumer Finance Monitor Podcast Episode: What the Recent Developments in Federal Preemption for National and State Banks Mean for Bank and Nonbank Consumer Financial Services Providers
On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more
On the very last day for filing an appeal, the Colorado Attorney General and UCCC Administrator filed a Notice of Appeal to the Tenth Circuit Court of Appeals of the Colorado federal district court’s order in favor of the...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Proposed Settlement Between AGs, DOJ, and NCAA Would...more
The U.S. Supreme Court issued an opinion in Cantero v. Bank of America, N.A., No. 22-529, allowing states to enforce state consumer financial protection laws against both state and national banks. The Court was reviewing the...more
On May 30, 2024, the U.S. Supreme Court held in a unanimous decision that the preemption standard codified in section 1044 (12 U.S.C. § 25b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) requires...more
Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more
August 16, 2023- The U.S. Department of the Treasury's Office of Foreign Assets Control imposed sanctions on three entities tied to a sanctions evasion network attempting to support arms deals between Russia and the...more
In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more
December 13, 2022- State bank supervisors have appointed New York State Department of Financial Services Superintendent Adrienne A. Harris to serve as the state banking supervisor's representative on the Financial Stability...more
NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios. NYDFS has entered into a series of consent...more
September 21, 2022- Under Secretary for Domestic Finance Nellie Liang offered remarks on the three digital assets reports issued pursuant to President Joe Biden's Executive Order 14067 on "Ensuring Responsible Development...more
July 19, 2022- The U.S. House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing entitled, "Oversight of the SEC's Division of Enforcement."...more
July 8, 2022- Federal Reserve Board Vice Chair Lael Brainard gave a speech at the Bank of England Conference entitled, "Crypto-Assets and Decentralized Finance through a Financial Stability Lens."...more
Congress- U.S. Senate- Committee on Banking, Housing, and Urban Affairs- Hearing: The Semiannual Monetary Policy Report to Congress- June 22, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a...more
Federal Agencies- Federal Reserve Board- Speech: Risk in the Crypto Markets- June 3, 2022- Federal Reserve Board Governor Christopher J. Waller gave a speech at the SNB-CIF Conference on Cryptoassets and Financial...more
Like most industries today, Consumer Finance Services businesses are significantly impacted by the novel coronavirus (COVID-19). In response, Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
Three weeks after California, Illinois and New York sued the Office of the Comptroller of the Currency (OCC) to enjoin its final rule purporting to override the Second Circuit’s Madden decision as to national banks and...more