In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and sent to the House of Representatives the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) (the “Consumer Protection Act”). Below we provide a brief summary of some of the Consumer Protection Act’s major provisions.
Please join us for a complimentary half-day conference presented by the Financial Institutions Group of Vedder Price.
When & Where
Wednesday, May 9, 2018
7:45 a.m.–Noon (CT)
81 East Van Buren Street
Chicago, IL 60605
Alberto J. Paracchini
President and Chief Executive Officer
Mergers & Acquisitions and Capital Markets Update
- William Burgess, Principal, Sandler O’Neill + Partners, L.P.
- Allen G. Laufenberg, Managing Director, Keefe, Bruyette & Woods, a Stifel Company
Executive Compensation, Litigation, Fintech and Regulatory Update
- Vedder Price Financial Institutions Group
A full agenda will be announced in the coming weeks.
Vedder Price is an accredited CLE provider in California, Illinois, and New York; and, when possible, a sponsor in Virginia.
To register, please click here.
On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (the “CFPB”), published an opinion editorial in The Wall Street Journal (the “Op-Ed”) describing his vision of the CFPB’s role in regulating the financial services industry. The Op-Ed struck a clear and contrasting tone from that of his predecessor, Richard Cordray, in declaring that the CFPB will no longer “push the envelope.” Specifically, Mr. Mulvaney provided his vision relating to three areas of current CFPB operations. Continue Reading The CFPB: No More “Pushing the Envelope”
On January 17, 2018, the Consumer Financial Protection Bureau (the “CFPB”) announced that it will issue a call for “evidence” to ensure the CFPB is “fulfilling its proper and appropriate functions to best protect consumers.” The announcement states that in the coming weeks the CFPB will issue a Request for Information (“RFI”) seeking comment on the CFPB’s currently utilized enforcement, supervision, rulemaking, market monitoring and education activities. In so doing, the CFPB’s current utilization of its statutory authority to prosecute Unfair, Deceptive, or Abusive Acts and Practices (“UDAAP”) claims will likely take center stage.
The Wall Street Journal recently reported that the management component of the CAMELS rating for Wells Fargo Bank, NA had been downgraded to a “3” during 2017. A “3” rating of management means that the capabilities of management or the board of directors “may be insufficient for the type, size or condition of the institution.” At best, a “3” rating of management equates to a C minus on a report card.
Continue Reading Wells Fargo’s CAMELS Rating Leaked