Articles
Analysis
Comparison of CFPB and FTC Authorities
March 6, 2025
With the anticipated “streamlining” of the Consumer Financial Protection Bureau’s (CFPB) jurisdiction and authority, it is possible that the Federal Trade Commission (FTC) may assume an enhanced role...
Analysis
Legal Challenges to Independence of Multimember Agencies
March 3, 2025
The Justice Department has informed Congress that it views statutory limitations on the President’s power to remove members of multimember agencies to be unconstitutional. In that communication, the...
Analysis
The "Ensuring Lawful Governance" Order Seeks Broad Regulatory Pull-Back
Feb. 27, 2025
On February 19, 2025, President Trump signed an Executive Order directing a broad-based effort to scale back administrative regulations and enforcement across the Federal Government (the...
Analysis
Independent Agencies and the Executive Order on "Ensuring Accountability for All Agencies"
Feb. 20, 2025
On February 18, 2025, President Trump issued a new Executive Order entitled “Ensuring Accountability for All Agencies” (the “Agency Accountability E.O.”). The Agency Accountability E.O. amends E.O....
Analysis
Application of the 10-for-1 Directive to Independent Federal Agencies
Feb. 7, 2025
This past week, President Trump issued an executive order aimed at reducing Federal regulations (“Executive Order”). The Executive Order directs Federal agencies to identify at least 10 existing...
Analysis
The Unintended Consequences of Defunding the CFPB
Feb. 4, 2025
Under current law, the operations of the CFPB are funded by a transfer of “earnings” from the Federal Reserve System to the CFPB. Since the Federal Reserve System is operating at a loss due to rising...
Analysis
Background on Executive Orders
Jan. 20, 2025
In anticipation of a series of executive orders by President Trump, this memorandum summarizes the legal basis for, and limitations upon, executive orders. Neither the Constitution nor any federal...
Analysis
CFPB's Proposed Rule on Data Brokers Under the FCRA
Dec. 4, 2024
On December 3rd, the CFPB proposed a rule expanding the coverage of FCRA to data brokers, clarifying the definition of consumer report, limiting the use of credit header data, and expanding the...
Analysis
FDIC's Proposed Rule on Recordkeeping for Custodial Accounts
Sept. 19, 2024
On September 17th, the FDIC issued a notice of proposed rulemaking (NPR or Proposed Rule) that would impose on FDIC-insured depository institutions (IDIs) new recordkeeping requirements for custodial...
Analysis
Federal Banking Agencies' Supervisory Guidance and RFI on Bank-Fintech Arrangements
July 29, 2024
This memorandum reviews two issuances released by the federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the...