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A Closer Look
March 30, 2023

As the banking industry continues its efforts to return to business as usual following a hectic and complicated three weeks, we are now seeing the early stages of the process to determine what went wrong, who was responsible and what can be done in the future to prevent a recurrence. 

That closer look began earlier this week with Congressional hearings involving some of the nation's top banking regulators, and it is pretty obvious that this is only the beginning of an industry-wide introspection period. This should be very enlightening, and it is something that we will follow carefully in the weeks and months to come.

We also continue to follow the ongoing judicial matters around CFPB funding, with another important development last week addressed here by my colleague, Rachel Rodman.   

Lots more to read and discuss this week, so please reach out here if there’s anything on your mind.   

Daniel Meade 
Partner and Editor, Cabinet News and Views

Partner | Financial Regulation

Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank and Signature Bank. Witnesses at both hearings were Federal Reserve Board Vice Chair of Supervision Michael Barr, Federal Deposit Insurance Corporation Chairman Martin Gruenberg, and Treasury Department Under Secretary for Domestic Finance Nellie Liang. 

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Partner | Consumer Financial Services Enforcement and Litigation

On March 23, the U.S. Court of Appeals for the Second Circuit ruled that the CFPB’s funding mechanism is constitutional. The case, CFPB v. Law Offices of Crystal Moroney, is significant for two reasons. First, the Second Circuit expressly declined to follow the Fifth Circuit’s recent ruling in CFPB v. Community Financial Services Association of America that the CFPB’s funding mechanism violates the Appropriations Clause of Article I of the Constitution. Second, the Second Circuit issued its ruling after the Supreme Court granted certiorari in Community Financial − weighing in on a controversial issue that the Supreme Court has already agreed to address.

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Partner | Financial Regulation

Earlier this month, the CFPB issued a press release and a Request for Information that is focused upon whether the CFPB should promulgate additional rules implementing the Fair Credit Reporting Act.

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Partner | Real Estate

On 30 September 2022, the Prudential Regulation Authority published Consultation Paper 16/22 proposing for the implementation of Basel 3.1 standards in the UK. The consultation closes on 31 March 2023, with the proposed implementation date beginning 1 January 2025 (with a transition period of five years from that date for most provisions). This article sets out a summary of the key changes of interest to those in the real estate finance market.

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

On March 22, the European Commission unveiled a proposal, the Green Claims Directive, aimed at combating greenwashing and misleading environmental claims.

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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

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

Peter Y. Malyshev
Partner
T. +1 202 862 2474
peter.malyshev@cwt.com

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@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

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

Rachel Rodman
Partner
T. +1 202 862 2210
rachel.rodman@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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