In an article in the ABA’s Business Law Today, partner Meg Tahyar expresses concern about a recent trend in which the role of banks’ legal staffs has been constrained and reduced as separate risk and compliance functions have grown in prominence. She says this is the opposite of the trend
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Administrative Law
Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition
Financial services regulatory reform continues to evolve in 2019. As we observe the changing landscape, here is the Fall Focus Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and…
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Davis Polk Comments on Federal Reserve’s Proposed Rule on Confidential Supervisory Information
Navigating the outdated rules on confidential supervisory information has become increasingly difficult in the digital world because the rules have their origin in the paper-based world of 1967, when they were first enacted. In the meantime, the amount and type of information made available by the banking agencies to banking…
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Kisor v. Wilkie: Auer Deference Lives On, But In What Form?
The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use. What this means for Auer…
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Additional Clarity Could be Coming on the CFPB’s “Abusive” Acts or Practices Authority—But Don’t Hold Your Breath
By Jon Leibowitz, Joseph Kniaz & Margaret E. Tahyar on
The main lesson from the CFPB symposium on “abusive acts or practices” is that there won’t be any clarity anytime soon. In response to long-lasting concerns from the financial services industry that the indefinite scope and meaning of what amounts to an “abusive” act or practice generates uncertainty and impedes…
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SCOTUS Expands Scope of FOIA Trade Secrets and Commercial Information Exemption
The Supreme Court has updated an important Freedom of Information Act (“FOIA”) exemption for the digital age. In Food Marketing Institute v. Argus Leader Media, the Supreme Court this week significantly expanded the scope of FOIA Exemption 4, which shields from disclosure “trade secrets and commercial or…
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Davis Polk Financial Services Regulatory Reform Tool—Summer Spotlight Edition
Financial services regulatory reform continues to evolve in 2019. As we observe the changing landscape, here is the Summer Spotlight Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and…
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A Tale of Two Guidances—New Principal Deputy Associate Attorney General Claire McCusker Murray Speaks on DOJ Efforts to Rein in Subregulatory Guidance
Posted in Administrative Law, Guidance & FAQs
There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1] Her explanation is worth quoting at length:
The key is to distinguish between two categories of guidance, the part that mirrors what the law requires
The Fintech Charter Goes into Hibernation
By Randall D. Guynn & Margaret E. Tahyar on
A federal judge has put the fintech charter into the deep hibernation of a long litigation battle. It is back to the drawing board for those who might desire a fintech charter. Time to take another look at bank partnerships or industrial loan companies. Moreover, in light of the Federal…
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Davis Polk Partner to Testify before Senate Banking Committee about Bank Supervision and Regulation
On Tuesday, April 30, our partner Margaret E. Tahyar will testify before the Senate Committee on Banking, Housing, and Urban Affairs at a public hearing regarding “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?”
Ms. Tahyar’s prepared testimony is available here…
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