Recent SCOTUS Decisions' Impact on Banking and Financial Services Regulation
Navigating the Uncertain Future of Banking Regulation After Loper Bright, Corner Post, Cantero, and Jarkesy

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Banking and Finance
- event Date
Wednesday, September 25, 2024
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE webinar will guide banking and financial services practitioners through the recent U.S. Supreme Court decisions in Loper Bright v. Ramondo, Corner Post Inc. v. Board of Governors, Cantero v. Bank of America N.A., and SEC v. Jarkesy. The panel will analyze these decisions and the influence they may have on the future of banking regulation and address the potential client impact going forward.
Faculty

Ms. Rinehart represents clients in complex class action, commercial litigation, and regulatory investigation matters involving violations of consumer protection statutes, antitrust, false advertising, misappropriation of trade secrets, unfair competition, and constitutional challenges to legislation and agency rulemaking. She advises clients in litigation involving the Sherman Act, the Telephone Consumer Protection Act, the Lanham Act, and other FTC, CFPB, and state attorney general enforcement matters, as well as matters involving the FCC. Ms. Rinehart’s litigation experience spans the entire litigation life cycle, from pre-litigation strategy to appellate practice, but she is also passionate about helping clients avoid litigation through robust compliance reviews, business-savvy counseling, and strategic advocacy.

Ms. Dempsey advises several trade associations and helps a range of businesses in the financial services, housing, capital markets and fintech marketplaces navigate rulemaking and legislative processes. She advocates before the Consumer Financial Protection Bureau, National Credit Union Administration, Federal Communications Commission, Federal Trade Commission, Small Business Administration Office of Advocacy, Department of Labor, the U.S. Treasury, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, the Department of Housing and Urban Development, as well as other regulators. Ms. Dempsey also helps organizations understand their rights and options when facing regulatory supervision and enforcement activity. She has a deep understanding of the Administrative Procedure Act, the Small Business Regulatory Enforcement Fairness Act process and the Congressional oversight tools needed to ensure a fair and transparent process for businesses and industries. Ms. Dempsey has advocated for reforms to dozens of federal rulemakings and related legislation in Congress on her client's behalf.

Mr. Bonici advises domestic and international financial institutions on regulatory, supervisory, and enforcement issues. He also represents fintechs and nonbank tech companies and supports the firm's M&A work in the middle-market financial services space, drawing on 15+ years in private legal practice and government experience—including at the FDIC and the IMF—to help clients navigate complex and evolving laws, expectations, and enforcement priorities. Financial services providers look to Mr. Bonici for advice on chartering, powers and structure issues, and compliance with regulations and standards set by the Federal Reserve, FDIC, OCC, CFPB, FinCEN, OFAC, and state banking regulators. He counsels on permissible activities, controlling and noncontrolling equity investments, third-party relationships, prudential requirements, the Dodd-Frank Act and the Volcker Rule, digital assets, and deposit insurance issues, including applications and coverage, brokered deposits, and passthrough insurance. He helps financial institutions and fintechs partner to establish financial services solutions, platforms, and products and services. He also helps non-U.S. banks and fintechs enter the U.S. market.
Description
Recent U.S. Supreme Court decisions have left the banking and financial services industry with a great deal of uncertainty as to what regulations and regulatory decisions will survive legal challenges. As an industry heavily regulated by several federal agencies, including the OCC, FDIC, Federal Reserve, NCUA, and the CFPB, banking counsel should understand the implications these decisions will have on federal banking agencies' rulemaking authority, rule implementation, and legal challenges to federal rules, and how their clients may be impacted.
Because banks and financial institutions are already subject to extensive supervision and safety and soundness requirements, the effects of these decisions are complex. The power and authority of state and federal banking agencies to supervise and examine financial organizations will likely not change as a result of Loper Bright overruling Chevron. Thus, there are industry-specific issues and nuances that practitioners need to understand in order to properly advise their clients.
Listen as our expert panel reviews the recent SCOTUS decisions and discusses the anticipated impacts on the banking and financial services industry. The panel will also address key considerations for counsel advising clients on maintaining compliance with federal regulations in light of the changing landscape in legal precedent.
Outline
- Overview: history of federal regulatory interpretation under Chevron
- Loper Bright Enterprises v. Raimondo
- Federal banking agencies' significant discretion
- Effect of decision on courts' deference to federal banking agencies' statutory interpretation
- Impact of decision on recent prior decision in CFPB v. Community Financial Services Association of America
- Corner Post Inc. v. Board of Governors of the Federal Reserve System
- Cantero v. Bank of America N.A.
- SEC v. Jarkesy
- Impact of these decisions on financial regulatory initiatives and authorities
- Regulatory litigation challenges
- Practical implications going forward
Benefits
The panel will address these and other key considerations:
- What impact will recent SCOTUS decisions have on judicial review of banking regulations?
- Will these decisions lead to more litigation challenging agency actions?
- How will the decisions affect future banking regulatory rulemaking?
- How will federal banking regulators proceed in enforcing agency regulations in light of these decisions?
- What is the potential impact of these decisions on banking clients?
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