-
Nov 15, 2024 | 
jdsupra.com | Leah Dempsey |Emily Renwick Garnett |Joel L. Herberman
During the 2024 campaign, President-elect Donald Trump took significant steps to embrace digital assets and the industry that has developed around them, positioning himself as a champion of crypto. In a speech delivered at the annual Bitcoin Conference in Nashville, Tennessee, the Republican nominee promised to suspend sales of U.S. government bitcoin holdings and to fire current Securities and Exchange Commission (SEC) Chairman Gary Gensler on day one of his administration.
-
Sep 30, 2024 | 
mondaq.com | Lauren Flynn |Joel L. Herberman
On Wednesday, Sept. 25, 2024, the House and Senate passed the
Continuing Appropriations and Extensions Act, 2025 (H.R. 9747), or the three-month continuing
resolution (CR) until Dec. 20, 2024. The CR was adopted by a vote
of 341-82 in the House and 78-18 in the Senate. We expect President
Biden to sign the legislation well in advance of the Sept. 30,
2024, deadline. Congress is now set to recess until
mid-November.
-
Sep 27, 2024 | 
jdsupra.com | Lauren Flynn |Joel L. Herberman
On Wednesday, Sept. 25, 2024, the House and Senate passed the Continuing Appropriations and Extensions Act, 2025 (H.R. 9747), or the three-month continuing resolution (CR) until Dec. 20, 2024. The CR was adopted by a vote of 341-82 in the House and 78-18 in the Senate. We expect President Biden to sign the legislation well in advance of the Sept. 30, 2024, deadline. Congress is now set to recess until mid-November.
-
Sep 27, 2024 | 
mondaq.com | Sarah Johnson Auchterlonie |Leah Dempsey |Joel L. Herberman
On Sept. 17, 2024, the Federal Deposit Insurance Corporation
(FDIC) Board met to finalize an updated approach to increase
scrutiny of bank mergers, particularly those that would result in a
bank with over $100 billion in assets. The Office of the Comptroller of the
Currency (OCC) and the Department of Justice (DOJ) concurrently
issued updated guidance that enhances scrutiny of bank mergers.
-
Sep 26, 2024 | 
jdsupra.com | Sarah Johnson Auchterlonie |Leah Dempsey |Joel L. Herberman
On Sept. 17, 2024, the Federal Deposit Insurance Corporation (FDIC) Board met to finalize an updated approach to increase scrutiny of bank mergers, particularly those that would result in a bank with over $100 billion in assets. The Office of the Comptroller of the Currency (OCC) and the Department of Justice (DOJ) concurrently issued updated guidance that enhances scrutiny of bank mergers.
-
Jun 14, 2024 | 
jdsupra.com | Leah Dempsey |Joel L. Herberman |John Menges
In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This follows the FHFA’s wide-ranging report, “Federal Home Loan Bank System at 100: Focusing on the Future” (“Report”), released in November 2023.
-
May 30, 2024 | 
jdsupra.com | Leah Dempsey |Joel L. Herberman |Zachary S. Pfister
After much anticipation, the House passed House Financial Services Chairman Patrick McHenry (R-NC) and House Agriculture Chairman GT Thompson’s (R-PA) crypto regulatory legislation, the Financial Innovation and Technology for the 21st Century Act (FIT 21) (H.R. 4763).
-
Apr 25, 2024 | 
jdsupra.com | Rosemary Becchi |Leah Dempsey |Joel L. Herberman
On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee Retirement Income Security Act of 1974, as amended (ERISA). This is DOL’s fourth attempt in recent years, after much political volleying, to expand fiduciary duties to nearly all transactions involving retirement investments.
-
Apr 12, 2024 | 
jdsupra.com | Melissa Blake |Leah Dempsey |Joel L. Herberman
On April 7, Senate Commerce Committee Chair Maria Cantwell (D-WA) and House Energy and Commerce Committee Chair Cathy McMorris Rodgers (R-WA) released the text of the American Privacy Rights Act (APRA), a bipartisan and bicameral draft piece of legislation to establish a federal data privacy standard. This announcement marks the latest push in the long-stalled effort to pass a federal data privacy law.
-
Mar 6, 2024 | 
jdsupra.com | Leah Dempsey |Joel L. Herberman |John Menges
In a move that aligns with conservative arguments that the Consumer Financial Protection Bureau (CFPB) has become a political arm of the White House, the agency finalized its controversial credit card late fee rule just two days before President Biden’s March 7, State of the Union speech. The final rule closely resembles the proposal and maintains its key feature: limiting the safe harbor from late fees from an average of $30 to $8.
