The Securities and Exchange Commission announced the withdrawal of a policy that granted the Director of Enforcement the authority to initiate new investigations and approve the issuance of subpoenas. The former policy was created in 2009, which essentially allowed the Director to legally permit the SEC staff to open an Read More
The Treasury Department announced that it has suspended enforcement of the Corporate Transparency Act (CTA) against domestic businesses and American citizens. As a result of this announcement, the Treasury will not issue fines or penalties to those who violate the CTA’s reporting requirements. The CTA was developed in 2021 as Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Zelle, Wells Fargo, and other major banks that alleged the companies of failing to protect consumers from widespread fraud. In its dropped lawsuit, the CFPB claimed that hundreds of thousands of consumers filed fraud complaints to Wells Fargo, Read More
The Senate Banking Committee voted in favor of President Donald Trump’s nomination of Jonathan McKernan to lead the Consumer Financial protection Bureau. The Senate Banking Committee voted 13-11 to advance McKernan’s nomination as Director of the CFPB, moving it to the full Senate for confirmation. McKernan would lead the beleaguered Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Rocket Homes that alleged the company of offering kickbacks to brokers who referred customers to Rocket Mortgage. This lawsuit which was originally initiated under the CFPB’s previous director, Rohit Chopra was dismissed in a one page notice of Read More
A Chicago-based nonprofit organization, Chicago Women in Trades (CWIT), filed a lawsuit against President Donald Trump and his administration challenging the executive orders that aimed to limit and restrict federal diversity, equity, and inclusion programs. The CWIT’s complaint alleges that those executive orders infringe on its constitutional rights to free Read More
Certain members of the House and Senate introduced a bill that aims to overturn the Consumer Financial Protection Bureau’s final rule that required banks with at least $10 billion in assets to cap overdraft fees at $5. The leaders of the proposed legislation argue that the original rule, which aimed Read More
The Securities and Exchange Commission announced the rescission of guidelines, established during Gary Gensler’s tenure as Chair of the agency, that governed the exclusion of certain shareholder proposals from proxy statements, marking a shift that favors companies in shareholder proposal exclusions. The SEC announced its decision in a Staff Legal Read More
President Donald Trump signed an executive order that directs the Attorney General, Pam Bondi, to cease enforcement of the Foreign Corrupt Practices Act (FCPA) a law that prohibits American companies from bribing foreign officials. President Trumps said he believes that by issuing such an order, he will restore American competitiveness Read More
The Department of Justice announced that it will consider conducting criminal and civil investigations against companies with diversity, equity, and inclusion policies in place. This announcement came from a memorandum released by Attorney General Pam Bondi. The memo states that its purpose is to encompass programs, initiatives, or policies that Read More
