Topic Archives: Retail Financial Services and Fintech

House Financial Services Committee Holds Hearing on the Financial CHOICE Act of 2017

On April 26, 2017, the Financial Services Committee of the U.S. House of Representatives held a hearing entitled “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers and Entrepreneurs.” The hearing examined the discussion draft of the “Financial CHOICE Act of 2017,” (or “CHOICE Act 2.0”) which was introduced by Committee Chairman Rep. ...›

What’s Ahead in Retail Financial Services Enforcement and Litigation?

Agencies with jurisdiction over financial services, particularly the Consumer Financial Protection Bureau (CFPB), have taken aggressive enforcement actions following the financial crisis. These federal regulators have exercised authority across the board to make new regulations governing financial services markets, including many regulations under the Dodd-Frank Act. Following the financial crisis there was also increase in ...›

The Financial Choice Act

Various scenarios have been played out regarding potential outcomes for financial regulators, in particular the Consumer Financial Protection Bureau (CFPB), under the new administration. The Financial Choice Act, which was introduced in the House of Representatives last year and contained many provisions that would roll back, or repeal, parts of the Dodd-Frank Act, also contained ...›

Parting Shot: Outgoing Administration Releases FinTech White Paper

Before the change in Administration, the Obama White House issued a white paper entitled “A Framework for FinTech” to highlight their FinTech initiatives and set forth suggested principles for stakeholders in the government and private sector to apply to the development and growth of FinTech. These principles focus on the objectives of fostering innovation and ...›

How will Trump’s Presidency Impact Investment Management?

President-elect Donald Trump said little about the regulation of the investment management industry during the 2016 U.S. presidential elections. Two recent developments offer insight into what the future may have in store of investment companies, investment advisers, and fund directors under the new administration As noted in our recent client alert, Trump’s transition team offers ...›

FinTech companies granted opportunity to become special purpose national banks by the OCC

On December 2, 2016, Comptroller of the Currency Thomas Curry confirmed that the agency will begin considering applications from FinTech companies to become special purpose national banks, saying that the Office of the Comptroller of the Currency (OCC) will charter “financial technology companies that offer bank products and services and meet our high standards and ...›

Questions emerging: what does the future hold for PHH litigation proceedings and the CFPB director?

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election have spurred a host of questions about how the PHH litigation may proceed and about the future of the Consumer Financial Protection Bureau (CFPB) under the leadership of CFPB Director Richard Cordray. Many questions ...›