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Articles by B. Graves Lee
The Interagency Community Reinvestment Act Final Rule: Eight Things for Large Banks to Know
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Months In Brief Archive
CURRENT MONTH (May 2023) Table of Contents hide Banking Law OCC and FDIC Issue Guidance on Overdraft Fees By Rachael L.
Months In Brief Archive
Banking Law The New York State Department of Financial Services Introduced New Cybersecurity Regulations Amendments By Joseph Mayo, LL.M. Candidate at New York University School of Law The New York State Department of Financial Services (NYDFS) is finalizing its proposed cybersecurity regulation amendments to its 23 NYCRR 500 Cyber Security Requirements for Financial Services Companies.
Rescissions of Policy Statements Illustrate Continued About-Face at CFPB
On March 31, 2021, the Consumer Financial Protection Bureau (“CFPB”) rescinded a range of policy statements issued under the leadership of former Director Kathleen L. Kraninger. These rescissions concerned one policy statement governing communications between institutions subject to CFPB supervision and their examiners, and seven policy statements issued during the COVID-19 pandemic to provide regulatory relief to affected institutions.
Federal Banking Regulators Issue Proposal on Income Tax Allocation Agreements
On April 22, 2021, the Federal Reserve Board, FDIC, and OCC (the “agencies”) issued a notice of proposed rulemaking that would require banks that file tax returns as part of a consolidated tax filing group to enter into income tax allocation agreements with their parent companies and other members of the consolidated group that join in the filing, and would set forth specific requirements for the contents of those agreements.
CFPB Rescinds Abusiveness Policy Statement
On March 11, 2021, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced it was rescinding its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” (the “2020 Policy Statement”). The rescission is the latest in a series of actions under Acting Director David Uejio that demonstrate a recalibration in the Bureau’s regulatory and enforcement priorities from those of previous leadership.
CFTC Approves Three Final Rules at Open Meeting
Position LimitsThe final rule is the latest in the Commission’s years-long effort to finish one of the last remaining rules under the Dodd-Frank Act. The Act, passed in 2010, amended the Commodity Exchange Act to direct the CFTC to construct a regulatory framework for position limits in an effort to curb speculative trading.
CFTC Approves Three Final Rules at Open Meeting
At an open meeting on October 15, 2020, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) voted to adopt three final rules. First, the Commission adopted by a 3–2 vote a final rule overhauling its regulatory framework governing speculative position limits on a large variety of commodities. Second, the Commission unanimously approved amendments to margin requirements for uncleared swaps for swap dealers and major swap participants.
OCC Issues Final Rule Revising Community Reinvestment Act Regulations
On May 20, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule overhauling its regulations implementing the Community Reinvestment Act (the “CRA”). The CRA, enacted in 1977, incentivizes banks to meet the credit needs of their entire communities, including low- and moderate-income neighborhoods.
CFTC Announces Fourth Wave of No-Action Relief in Response to COVID-19
On March 31, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the release of a targeted, temporary no-action letter aimed at foreign affiliates of futures commission merchants (FCMs). This relief is meant to ease regulatory burdens in the face of the global COVID-19 pandemic.
U.S. Supreme Court Hears Arguments on Constitutionality of CFPB
On March 3, 2020, the U.S. Supreme Court heard oral argument in Seila Law LLC v. Consumer Financial Protection Bureau, a case centered on the constitutionality of the Bureau’s leadership structure. A transcript of the argument is available here. The Court will publish an audio recording of the argument soon. The Background The underlying dispute in the case arose out of the CFPB’s investigation of Seila Law, a law firm offering debt-relief services.
CFPB Hosts Symposium on Consumer Access to Financial Records
On February 26, 2020, the Consumer Financial Protection Bureau hosted a symposium titled “Consumer Access to Financial Records.” Video of the Symposium is available here. The agenda included discussion among panelists from large financial institutions, fintechs, consumer groups, policy centers, and the CFPB. Director Kathleen L. Kraninger also delivered brief opening remarks describing the history of regulation of financial data access.
U.S. Supreme Court Hears Arguments on Constitutionality of CFPB | Lexology
On March 3, 2020, the U.S. Supreme Court heard oral arguments in Seila Law LLC v. Consumer Financial Protection Bureau, a case centered on the constitutionality of the Bureau’s leadership structure. A transcript of the argument is available here, and an audio recording is available here. The Background The underlying dispute in the case arose out of the CFPB’s investigation of Seila Law, a law firm offering debt-relief services.
FRB Governor Brainard Discusses Path Forward on Community Reinvestment Act Reform
On January 8, 2020, Federal Reserve Board (“FRB”) Governor Lael Brainard delivered remarks on the state of Community Reinvestment Act (“CRA”) reform before an audience at the Urban Institute. As we summarized in a client alert, last month, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) released a proposed overhaul of the regulations implementing the CRA, which the FRB declined to join.
FRB Governor Brainard Discusses Path Forward on Community Reinvestment Act Reform
On January 8, 2020, Federal Reserve Board (“FRB”) Governor Lael Brainard delivered remarks on the state of Community Reinvestment Act (“CRA”) reform before an audience at the Urban Institute. As we summarized in a client alert, last month, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) released a proposed overhaul of the regulations implementing the CRA, which the FRB declined to join.
Warren Proposes Far-Reaching Consumer Bankruptcy Reforms
On January 7, 2020, the presidential campaign of Senator Elizabeth Warren released a plan to overhaul the consumer bankruptcy system in the United States. The plan would repeal means testing and other provisions of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act. It would also implement enhanced protections for consumer debtors who file for bankruptcy. Perhaps most significantly, the plan would abolish the “undue hardship” standard for the discharge of student loans.
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