The Leveraged Lending Guidelines are in an uncomfortable state of limbo.  After the GAO ruling that the Guidelines are a “rule” under the Congressional Review Act, they are no longer effective as guidance, but the silence from the OCC, the Federal Reserve, and the FDIC has been deafening.[1] The uncertainty
Continue Reading Leveraged Lending—A New Era for Guidance Issued by the Banking Agencies?

Yesterday afternoon, the CFPB issued a final rule that, once it becomes effective, is designed to prohibit providers of certain consumer financial products or services from using pre-dispute arbitration clauses to bar consumers from participating in class action lawsuits.  Although covered providers will still be permitted to include mandatory arbitration
Continue Reading CFPB Issues Final Rule Limiting Use of Arbitration Clauses in Consumer Financial Contracts

House Speaker Paul Ryan’s A Better Way policy agenda states that “it is time for serious and fundamental reform” of how regulations are made. The House of Representatives is considering a number of bills that would transform the processes by which agencies—particularly the federal financial regulatory agencies—promulgate regulations. The following
Continue Reading Comparison of Legislation in the 115th Congress Affecting the Rulemaking Process

Last week, the House of Representatives passed three bills containing provisions that would require certain of the financial regulatory agencies to conduct cost-benefit analysis as part of the rulemaking process: the Regulatory Accountability Act of 2017 (H.R. 5), the SEC Regulatory Accountability Act (H.R. 78), and the Commodity End-User Relief
Continue Reading Comparison of Cost-Benefit Analysis Legislation