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US Supreme Court Rules Structure of the CFPB Unconstitutional, Preserves Bureau's Authority to Operate

Posted by: Brett J. Ashton and Charles O. Richert on July 1, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On June 29, 2020, the United States Supreme Court ruled on Seila Law v. Consumer Financial Protection Bureau.1  The Court held that the Consumer Financial Protection Bureau’s (“CFPB”) leadership by a single director removable only for “inefficiency, neglect of duty, or malfeasance in office”...


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OCC Issues Advance Notice of Proposed Rulemaking Regarding Digital Banking Activities

Posted by: Charles O. Richert and Brett J. Ashton on June 9, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On June 3, 2020 the Office of the Comptroller of the Currency (the “Agency”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) soliciting public comments regarding 12 CFR 7, subpart E and 12 CFR 155 (the “Regulatory Framework”) which govern digital banking activities carried out by...


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CFPB Provides Flexibility to Financial Institutions When Dealing with Billing Errors, Payment Rules and Deposit Accounts Terms Related to the COVID-19 Pandemic

Posted by: Charles O. Richert and Brett J. Ashton on May 18, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On May 13, 2020 the Consumer Financial Protection Bureau (the “Bureau”) released a Statement on Supervisory Practices Regarding Regulation Z (the “Statement”) and two FAQs regarding the Bureau’s Payment and Deposits Rule (the “Payments and Deposits FAQs”)  and Open-End (not Home-Secured) Rule...


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Paycheck Protection Program and Health Care Enhancement Act Update

Posted by: Corben A. Lee and Brett J. Ashton on April 22, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On April 22, 2020, the Senate passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which expands relief offered to small businesses due to COVID-19. As one of the major anticipated changes, the Act appropriates an additional $310 billion for the Paycheck Protection...


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Interagency Statement on Loan Modifications and Reporting for Financial Institutions

Posted by: Brett J. Ashton, Kelsie L. Breit, and Charles O. Richert on April 15, 2020

INTRODUCTION

On April 7, 2020, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection...


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The CARES Act: Provisions Directly Affecting Financial Institutions

Posted by: Brett J. Ashton and Charles O. Richert on March 27, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

INTRODUCTION

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”).  Included in the CARES Act are provisions directly affecting...


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The CARES Act: Flexibility for Lenders

Posted by: Kelsie L. Breit on March 27, 2020

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”). Included in the CARES Act are provisions directly affecting lenders across the...


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