The U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s motion to dismiss a lawsuit that challenged the OCC’s authority to issue "FinTech" charters under the National Bank Act.
The Financial Stability Oversight Council proposed interpretive guidance to implement an "activities-based approach" that would improve the transparency of the process for designating nonbank financial companies.
In a Report to the House Committee on Small Business, the Government Accountability Office found that changes in the regulatory environment had a modest impact on community banks and credit unions, despite limitations in the data collected by regulators.
The U.S. District Court for the Southern District of New York determined that the Consumer Financial Protection Bureau "lacks the authority to bring claims" because it is "unconstitutionally structured."
The Secretary of the Treasury extended the compliance dates for regulations implementing qualified financial contract recordkeeping requirements for certain non-bank financial companies that may pose systemic risk.
The Government Accountability Office identified deficiencies in rule reviews conducted by U.S. financial regulators pursuant to the Regulatory Flexibility Act and the Economic Growth and Regulatory Paperwork Reduction Act.
The Secretary of the Treasury proposed extending the compliance date for regulations implementing qualified financial contract recordkeeping requirements of certain non-bank financial companies that may pose systemic risk.
The Financial Stability Oversight council will meet on July 28, 2017 to discuss the Volcker Rule, the designation of nonbank financial companies, and pending litigation concerning a "systemically important" designation.
The DOJ filed an amicus curiae brief in response to a recent D.C. Circuit Court Order granting a rehearing in PHH Corporation v. Consumer Financial Protection Bureau. The DOJ argued that the President has the legal authority to remove the CFPB director at will.