Thomas Pahl has been appointed Acting Director of the Federal Trade Commission’s Bureau of Consumer Protection, according to a press release on the FTC’s website. “Pahl previously served a detail to the United States Senate Judiciary Committee under the leadership of Chairman Orrin Hatch, focusing on antitrust and consumer privacy issues. Pahl also has worked…
A US Court of Appeals in DC “granted the CFPB’s request to reconsider an October decision that stripped Cordray of his job protection…,” Bloomberg reported on Feb. 16. “The director’s future has been uncertain ever since Trump’s surprise win in November. Republicans have repeatedly called on the president to dismiss him and Trump could still try…
Yesterday Sen. Ted Cruz (R-TX) and Rep. John Ratcliffe (R-TX) each introduced legislation to eliminate the Consumer Financial Protection Bureau, The Hill reported. “Cruz said in a statement his bill ‘’gives Congress the opportunity to free consumers and small businesses from the CFPB’s regulatory blockades and financial activism, which stunt economic growth.’” However, a recent memo…
SEC to decide on bitcoin ETF by March 11. The Securities and Exchange Commission (SEC) faces a March 11 deadline to decide whether to change a rule that would allow for a bitcoin exchange-traded fund (ETF). Some argue that the proposed change “might set off a speculative rush into bitcoin” by offering ordinary investors…
This edition of the Fed’s Consumer Compliance Outlook (the third issue of 2016) focuses on how Fed officials think regulators and bankers should approach financial innovation. The issue includes interviews with Governor Lael Brainard and the late Teresa Curran, former head of supervision in the Fed’s San Francisco office.
The U.S. Court of Appeals denied requests by Democratic lawmakers and consumer groups to intervene in the PHH Corp. v CFPB case that could determine the fate of its director, American Banker reported. “The same panel ruled in October that the CFPB’s single-director structure was unconstitutional. … If the D.C. Circuit denies the CFPB’s appeal,…
U.S. banks could be headed toward U.K.-style regulation under the Trump administration according to recent written responses by Treasury Secretary nominee Steve Mnuchin, the New York Times reported. “In his written comments, Mr. Mnuchin said that ‘a bright line between commercial and investment banking…may inhibit the necessary lending and capital markets activities to support a…
PHH Corp. filed two motions last week to keep Democratic state attorney generals from intervening in a court case that found the CFPB’s structure unconstitutional, American Banker reported. “The … mortgage servicing firm alleges that the state AGs have no legally protected interest in the case and that they failed to meet the standard for…
The Financial Industry Regulatory Authority (FINRA) published a white paper [full text] on the potential implications of blockchain (also known as “distributed ledger technology” or “DLT”) for the securities industry. The FINRA report seeks comment on a number of legal and policy questions, with submissions due March 31.
https://techcrunch.com/2017/01/26/trump-order-strips-privacy-rights-from-non-u-s-citizens-could-nix-eu-us-data-flows/?ncid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Techcrunch+%28TechCrunch%29&utm_content=Netvibes UPDATE: 26 January 2017 13:47 PT As pointed out by someone slightly smarter than me, this order should be read in the context of the Judicial Redress Act of 2015. Regardless, Privacy Shield has not been popular. Those against it will use this order for all its worth, and then some.
Next Practices 