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We usually don’t blog about financial regulatory nonevents, but sometimes it is useful simply to point out when something is just that. Our “nonevent event” example of the day is the April 30 dismissal (read the accompanying order here ) by the US District Court for the District of Columbia of the Conference of State Bank Supervisors (CSBS) lawsuit against the Office of the Comptroller of the Currency (OCC), where the CSBS challenged the OCC’s authority to issue national bank nondepository fintech charters.
In a rare bipartisan vote, 16 Democrats and one Independent who caucuses with the Democrats joined with 50 Republicans to pass Senate Bill 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Senate Bill).
US financial reform at the congressional and regulatory agency levels continues to move along—albeit more in fits and starts than in a blaze of big happenings. Below is a recap on where matters currently stand.
In an op-ed published in Tuesday’s Wall Street Journal publicly reprising an email he sent yesterday to the staff of the Consumer Financial Protection Bureau (CFPB), Acting Director Mick Mulvaney set a clear new course, tone, and direction for the bureau.
The US District Court for the Southern District of New York (SDNY) has dismissed without prejudice the fintech charter lawsuit brought by New York Department of Financial Services (NYDFS) Superintendent Maria T. Vullo against the Office of the Comptroller of the Currency (OCC).
Targeted bipartisan financial regulatory reform legislation announced last month has been approved by the Senate Banking Committee after a markup session on December 5.
On November 16, the US Senate confirmed by a 54–43 vote the appointment of President Donald Trump’s nominee Joseph Otting as the new Comptroller of the Currency. Mr. Otting presumably will assume his new duties promptly. Reportedly, current acting Comptroller Keith Noreika will return to the private sector.
As the first anniversary of the Trump administration fast approaches, we decided to take a quick look at where matters stand on financial services reform.
The US Treasury Department released a report on October 6 titled “A Financial System That Creates Economic Opportunities: Capital Markets,” which recommends possible changes to several key regulatory restrictions on securitizations that were adopted in response to the financial crisis.

There has been substantial physical and virtual ink spilled over recent financial regulatory announcements about a review of the Volcker Rule—the controversial Dodd-Frank Act provision that generally prohibits proprietary trading and private investment fund sponsorship/investment by covered banking organizations. But will these agency activities lead to any change? In our view, they may lead to some minor changes, but no major ones.