SEC Amendment Eliminates Delegation of Authority to Issue Investigative Orders
The SEC recently announced amendment 17 CFR Part 200, eliminating prior Order 17 CFR Part 200.30-4, issued on August 11, 2009. In the 2009 Order,... Read More
Federal Regulatory Developments
OCC Issues Interpretive Letter Rescinding Requirement That Banks Demonstrate Adequate Controls before Engaging in Certain Crypto Asset Activities
On March 7, the OCC issued Interpretive Letter 1183 rescinding Interpretive Letter 1179, which had stated that it is legally permissible for national banks and... Read More
FDIC Withdraws Three Proposed Rules & Prior Approval of a Fourth
Recently, the FDIC announced its intention to withdraw three proposed rules regarding its regulatory oversight obligations, and its prior approval of a rule originally approved... Read More
FinCEN Delays BOI Reporting Penalties, Plans Deadline Extension
FinCEN recently announced it will not enforce penalties for missed Corporate Transparency Act beneficial ownership information (BOI) reporting deadlines until a new interim final rule... Read More
FHA Eases Flood Elevation Rules to Boost Housing Supply and Affordability
The FHA has temporarily waived its recent rule for new residential construction adopted on April 23, 2024, requiring that the lowest structural member of the... Read More
Kansas District Court Dismisses Bank’s Challenge to FDIC Use of ALJs
Recently, the U.S. District Court for the District of Kansas dismissed a Motion for Preliminary Injunction filed by a Kansas Bank requesting relief against the... Read More
Federal Judge Temporarily Blocks Layoffs at CFPB
On February 14, by the agreement of the parties, a judge with the U.S. District Court for the District of Columbia ordered that CFPB employees... Read More
HUD Releases Bulletin Warning of Fraudulent Reverse Mortgage Transactions Following Misconduct by Illinois Contractor
In a February bulletin, HUD warned of fraudulent reverse mortgage transactions after an Illinois contractor was found to be convincing elderly homeowners to sign up... Read More
HUD Halts Enforcement of 2016 HUD Equal Access Rule
Newly appointed HUD Secretary, Scott Turner, recently directed HUD staff to immediately halt pending or future enforcement actions relating to HUD’s Equal Access to Housing... Read More
CFPB Rescinds Earned Wage Product Advisory Opinion
On January 15, 2025, the CFPB, under Director Chopra, rescinded its 2020 Advisory Opinion (AO) on earned wage products stating that it had flawed legal... Read More
President Trump Nominates Jonathan McKernan as CFPB Director
President Trump has nominated Jonathan McKernan as Director of the CFPB. Until recently, McKernan served as a member of the Board of Directors of the... Read More
CFPB Orders International Remittance Transfer Company to Pay Almost $2.5 Million Related to its Advertising and Disclosure Practices
On January 30, the CFPB ordered an international remittance transfer company to pay almost $2.5 million ($450,000 in redress and $2.025 million as a civil... Read More
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