In this issue, we highlight the circuit split between the Tenth Circuit and the D.C. Circuit regarding the status and appointment of the SEC's administrative law judges; take a look at the CFPB's Examination Playbook, revealing how key decisions are made throughout the examination process; provide an analysis on the CFPB's field hearing on small business lending; and discuss how to minimize your risks following the recent ransomware cyberattacks. You will also find a list of recent industry events and upcoming industry events you may be interested in attending.
Will Bandimere En Banc Denial Impact CFPB Administrative Forum?
The Tenth Circuit has solidified a circuit split with the D.C. Circuit regarding the status and appointment of the SEC's administrative law judges. A majority of the three-judge panel that heard the Bandimere case in December of 2016 ruled that ALJs are "inferior officers" under the Appointments Clause. As such, the ALJ should have been, but was not, constitutionally appointed, requiring the SEC's judgment to be set aside. On May 3, 2017, a majority of the full Tenth Circuit declined to rehear the case en banc, with two judges dissenting.
The CFPB's Examination Playbook Revealed
An internal CFPB playbook and memo reveal how key decisions are made throughout the examination process, who is responsible for making those decisions, how information is evaluated, and the intersection between CFPB examinations, investigations, and enforcement.
The CFPB's Field Hearing on Small Business Lending
Continuing its study of small business lending, the CFPB, at a field hearing in Los Angeles on May 10, announced its goal to create a small businesses financing project—an attempt to understand the small business lending market, which the CFPB describes as a $1.4 trillion industry.
Ransomware Cyberattacks: How to Minimize Your Risks
Last week, an unprecedented cyberattack affected a large number of Microsoft Windows-based computers through a type of malware known as ransomware. Although ransomware has been increasingly prevalent over the last few years, this particular version, called "WannaCry," spread quickly and widely around the world. Many believe that the cyberattack will continue.
Consumer Finance Enforcement Activity in a New Administration
The presentation materials from our program, Consumer Finance Enforcement Activity in a New Administration, are available. View the corresponding slides here.
Government Investigations and Controversies: Key Legal and Communications Strategies for Nonprofits to Prepare for and Manage the Crisis
The presentation materials and recording from our program, Government Investigations and Controversies: Key Legal and Communications Strategies for Nonprofits to Prepare for and Manage the Crisis, are available. Listen to a recording of the program and view the corresponding slides, or download the presentation materials.
May 24, 2017: Federal Legal and Legislative Update at the 2017 National Association of Consumer Credit Administrators (NACCA) 2017 Annual Meeting and Regulators Training Symposium
June 7, 2017: What's Changing in the Regulatory Environment? Hear From Your Federal and State Regulators at COMPLY2017 – The RegTech and Compliance Conference. Join Venable and other leading professionals interested in compliance, education, marketing and RegTech solutions. Save $100 off your registration with the discount code VENABLEVIP.
July 17, 2017: Regulatory Compliance in an Evolving Legal Landscape at the ACA International 2017 Convention and Expo.