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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

Profile photo of contributor Daniel Meade
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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Profile photo of contributor Mercedes Kelley Tunstall
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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Profile photo of contributor Rachel  Rodman
Partner | Consumer Financial Services Enforcement and Litigation
Profile photo of contributor Ken Bergman
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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Profile photo of contributor Peter Y. Malyshev
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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Profile photo of contributor Simon Walsh
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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Mercedes Kelley Tunstall
Co-Editor, Partner
T. +1 202 862 2266
mercedes.tunstall@cwt.com

Alix Prentice
Co-Editor, Partner
T. +44 0 20 7170 8710
alix.prentice@cwt.com

Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Sukhvir Basran
Partner
T. +44 0 20 7170 8620
sukhvir.basran@cwt.com

Brian Foster
Partner
T. +1 212 504 6736
brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

Gregg Jubin
Partner
T. +1 202 862 2485
gregg.jubin@cwt.com

Philip S. Khinda
Partner
T. +1 202 862 2262
philip.khinda@cwt.com

Andrew Karp
Partner
T. +1 212 504 6962
andrew.karp@cwt.com

Ivan Loncar
Partner
T. +1 212 504 6339
ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
T. +1 202 862 2474
philip.khinda@cwt.com

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Richard M. Schetman
Senior Counsel
T. +1 212 504 6906
richard.schetman@cwt.com

Lary Stromfeld
Partner
T. +1 212 504 6291
lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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