The CRA was put in place over 40 years ago and bears the heavy hand of the woeful history of redlining upon any attempt to change it. But, it is long overdue for a rethink, especially in light of the major changes that have taken place in the banking sector, … Read More
Margaret E. Tahyar
Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]
Visual Memorandum: Senate Bipartisan Banking Bill to Rebalance the Financial Regulatory Landscape
The Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) on March 14 by a filibuster-proof vote of 67 – 31. The Senate bill still must pass the House, where Rep. Jeb Hensarling (R-TX) and other representatives have said they plan to propose a series of amendments … Read More
Senate Passes the Bipartisan Banking Bill
The Senate has passed the Bipartisan Banking Bill, which would raise the generally applicable statutory threshold for most enhanced prudential standards (EPS) from $50 billion to $250 billion in total consolidated assets and would provide other targeted relief to regional and community banks. It would also make a … Read More
Davis Polk Comments on Federal Reserve’s Proposed Guidance on Board Governance
Davis Polk has submitted a comment letter on the Federal Reserve’s proposed supervisory guidance on board governance (which we summarized in a previous blog post). Consistent with our previous blog posts on the proposed board guidance and separate management guidance issued by the Federal Reserve for large financial institutions, … Read More
D.C. Circuit Decides PHH v. CFPB–Is the Supreme Court Next?
By Randall D. Guynn & Margaret E. Tahyar on
Posted in CFPB, PHH v. CFPB
The question we are being asked most often is whether PHH v. CFPB is headed to the Supreme Court. The D.C. Circuit’s en banc decision that the current structure of the CFPB—an agency headed by a single director, removable by the President only for “inefficiency, neglect of duty or malfeasance … Read More
The CFPB and the Rule of Law
The Mulvaney Memo on the CFPB and the rule of law is one of the most remarkable documents to be published by an agency head in many years. It signals a deep commitment to the rule of law as a philosophical concept and as an important brake on agency discretion … Read More
Federal Reserve Signals Long-Overdue Re-examination of BHC Act Control Framework
Vice Chair for Supervision Randal Quarles’ announcement that the Federal Reserve is re-examining its framework for making control determinations under the Bank Holding Company Act is a welcome development. In critiquing the control framework, which has developed piecemeal over decades, Vice Chair Quarles called it “complex and occasionally opaque” and … Read More
As Regulatory Reform Push Continues, Federal Reserve Vice Chair for Supervision Randal Quarles Sets Out His Guiding Principles
By Margaret E. Tahyar & Ryan Johansen on
Federal Reserve Vice Chair for Supervision Randal Quarles recently sought to answer the question that he has been asked most frequently since assuming his post three months ago: What’s next? He expressed his support for the reforms that have made the financial system stronger and more resilient since the Financial … Read More
The CFPB’s Call for Evidence: An Indication of Further Regulatory Rebalancing
Posted in CFPB, Guidance & FAQs
The CFPB’s announcement of a call for evidence is a welcome sign that the new leadership of the agency is thinking seriously about how it implements its mission. In the coming weeks the CFPB will publish a series of Requests for Information (RFIs) seeking public comment on the CFPB’s enforcement, … Read More
Federal Reserve Proposes New Guidance on Management of Large Financial Institutions
The Federal Reserve’s proposed core principles on management of large financial institutions are another welcome addition to its efforts to clarify and better distinguish between the roles of boards of directors and the management of large financial institutions. The new guidance (Management Guidance) describes core principles of effective senior management, … Read More