Financial services regulatory reform will continue to evolve in 2018 and 2019.  As we observe the changing legislative landscape, here is the Post Midterm Election 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
Continue Reading Davis Polk Financial Services Regulatory Reform Tool—Post Midterm Election Edition

As we head into the mid-term election season, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper
Continue Reading Status of Financial Regulatory Leadership Changes

Financial services regulatory reform in 2018 continues to evolve.  As we leave summer behind, 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 will
Continue Reading Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition

Guidance is guidance, and rules are rules.  This straightforward statement was reiterated by Treasury Secretary Mnuchin, Federal Reserve Vice Chairman for Supervision Randal Quarles and Comptroller of the Currency Joseph Otting in separate Congressional hearings earlier this year.[1]  Nevertheless, for at least the past ten years, the failure to
Continue Reading Interagency Statement on Supervisory Guidance Could Result in Meaningful Changes to Supervisory Practices

The FTC is expanding its enforcement efforts for fintech, particularly in the areas of online and small-business lending, payments, and cryptocurrencies.  At a recent event in Washington, D.C., the FTC’s Director of Consumer Protection, Andrew Smith, stated, “Commissioners are really interested in [fintech].  Finance will be a steady part of
Continue Reading The FTC’s Growing Enforcement Interest in Fintech

Another circuit court has opined on the Federal Housing Finance Agency (FHFA) and the legality of its net worth sweep.  Late last week, the United States Court of Appeals for the Eighth Circuit held in Saxton v. FHFA that the FHFA did not exceed its statutory authority under
Continue Reading Eighth Circuit Decides a Net Worth Sweep Claim, but is the Real Action Elsewhere?

The decision by the United States Court of Appeals for the Fifth Circuit earlier this week in Collins v. Mnuchin holding that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional is an important development not only for the FHFA but also for the constitutionality of
Continue Reading Fifth Circuit Holds That FHFA is Unconstitutionally Structured

As we head into the July 4th holiday and the heart of summer approaches, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals;
Continue Reading Status of Financial Regulatory Leadership Changes

Financial services regulatory reform in 2018 continues to evolve.  For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas,
Continue Reading Davis Polk Financial Services Regulatory Reform Tool—Summer Beach Read Edition

Arguments surrounding the constitutionality of the CFPB’s structure, never fully put to rest despite the D.C. Circuit’s en banc decision in PHH v. CFPB, are back in the headlines this week.  Yesterday, Senior United States District Judge Loretta A. Preska of the Southern District of New York issued a
Continue Reading SDNY Weighs In on the Constitutionality of the CFPB’s Structure