Biden Regulatory Freeze

On January 20, President Biden’s Chief of Staff Ronald Klain issued memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze. Summary The memorandum requires the following subject to limited exceptions: No rules can be issued or proposed until a department or agency head appointed by President Biden has reviewed and approved the rule. A rule that has been sent to the Federal Register but not yet published must be immediately […]

Misguided Efforts to Limit Loan Rates

On January 13, 2021, the Illinois legislature passed SB 1792, that, among other things, overhauls the state’s consumer finance laws through the provisions of the “Predatory Loan Prevention Ac.t” SB 1792 would extend the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity (i.e., […]


On January 19. 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). The rule will take effect on publication in the Federal Register. It exempts from the HPML escrow […]


On January 14, 2021, Brian Brooks, Comptroller of the Currency, issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  The final rule is effective on April 1, 2021. The final rule applies to banks with $100 billion or more in total assets. The OCC interprets “fair access to financial services” to recognize its broad responsibility to ensure that banks make decisions about […]

BSA Modifications Included in National Defense Authorization Act

On January 2, 2021, the United States Congress enacted the National Defense Authorization Act for 2021 (H.R. 6395) (NDAA of 2021 or the Act), which passed both the House of Representatives and Senate in early December but was vetoed by the President in late December, by voting to override the President’s veto on the legislation. The NDAA of 2021 includes banking industry backed provisions to modernize, enhance, and reform anti-money laundering processes as outlined in […]