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Being Thankful
November 23, 2022

It's hard to stay focused with the start of the World Cup and the abundance of Thanksgiving Day dinner goodie staples — green bean casseroles and sweet potatoes with marshmallows, anyone? — showing up in kitchens this week. But there’s never a holiday from the regulators, and there’s much to report in Washington and in Europe.

We take a look this week at developments at the FTC, CFPB and FDIC, as well as more developments in the climate space that are impacting the financial services industry. And, after the holiday break in the U.S., we'll be back in your email inboxes next Thursday. 

One final thought: I’ll be taking time this Thanksgiving to think about all the things I’m thankful for and will also do some introspection to see if I’m doing enough to help others who could use some support this holiday season. I hope you will do the same. Have a wonderful Thanksgiving (and enjoy those World Cup games)!

Daniel Meade 
Editor, Cabinet News and Views

Partner | Financial Regulation

On November 14, the White House announced that President Biden is nominating Martin Gruenberg for a five-year term as Chair, and six-year term on the Board, of the Federal Deposit Insurance Corporation.

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Partner | Financial Regulation

The Federal Trade Commission announced last week that it is delaying the date by which certain financial institutions must comply with certain provisions of its updated Safeguards Rule by six months, with the compliance date now being June 9, 2023.

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Partner | Consumer Financial Services Enforcement and Litigation
Associate | Global Litigation

On November 14, the Consumer Financial Protection Bureau (“CFPB”) filed a Petition for a Writ of Certiorari with the Supreme Court for Community Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd. et al. The Petition asks the Supreme Court to promptly hear the CFPB’s appeal of the Fifth Circuit Court of Appeals’ decision in Community Financial Services Association of America, Ltd. v. CFPB (“CFSAA”) that the CFPB’s funding structure violates the Constitution’s Appropriations Clause and, as a result, that the CFPB’s “Payday Lending Rule” is invalid.

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Partner | Financial Regulation

The International Organization of Securities Commissions ("IOSCO"), an international policy forum for securities regulators, has announced the publication of a consultation report and discussion paper. The 90-day public consultation covers “recommendations for establishing sound Compliance Carbon Markets” and “key considerations for enhancing the resilience and integrity of Voluntary Carbon Markets. . . .”

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Special Counsel | Global Litigation

On November 15, three European supervisory authorities ("ESA"s) — the European Banking Authority ("EBA"), the European Insurance and Occupational Pensions Authority ("EIOPA") and the European Securities and Markets Authority ("ESMA") — announced a Call for Evidence on greenwashing. The ESAs are seeking feedback on “potential greenwashing practices in the whole EU financial sector, including banking, insurance and financial markets, and which may be relevant to various segments of the sustainable investment value chain and of the financial product lifecycle.”

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Maurine R. Bartlett
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Brian Foster
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James Frazier
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Mark Howe
Partner
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Gregg Jubin
Partner
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Philip S. Khinda
Partner
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Ivan Loncar
Partner
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Peter Y. Malyshev
Partner
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Daniel Meade
Partner
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Jed Miller
Partner
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Michael Newell
Partner
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Alix Prentice
Partner
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Rachel Rodman
Partner
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Senior Counsel
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Lary Stromfeld
Partner
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Jonathan M. Wainwright
Senior Counsel
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