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The subject of marijuana and banking has garnered more and more attention as an increasing number of States decriminalize or legalize its use, medicinally and recreationally.  Still, no matter what State law might say about the matter, a wide array of commercial and banking activity remains criminal insofar as it is connected with marijuana.  This

As many expected with the change of administrations, U.S. Attorney General Jeff Sessions has reversed Obama-era Department of Justice policies respecting marijuana.  The reversal came in a January 4 memorandum to all United States Attorneys within the DOJ’s 94 federal districts (the “Memorandum”).  This development is of particular concern to financial institutions and other entities

With President Trump’s pick, Mick Mulvaney, remaining as the Acting Director of the Consumer Financial Protection Bureau, the CFPB has filed a motion asking the United States District Court for the District of Kansas to extend briefing deadlines on a motion to dismiss filed in CFPB v. Golden Valley Lending, Inc., et al., No.

On November 27, New Mexico Attorney General Hector Balderas joined the ranks of amici curiae in Consumer Financial Protection Bureau v. Golden Valley Lending, Inc., et al. (No. 2:17-cv-02521, pending in the United States District Court for the District of Kansas) filing a brief supporting the efforts of four tribal entities (“Tribal Defendants”) to dismiss

As anticipated, the Consumer Financial Protection Bureau has officially removed from publication a rule that would have prohibited arbitration agreements in certain consumer contracts.  The CFPB published its removal of 12 CFR part 1040, titled “Arbitration Agreements,” from the Code of Federal Regulations.  The CFPB’s removal of part 1040 reflects Congressional disapproval of the underlying

In an amicus brief filed last week in the U.S. District Court for the District of Kansas, Oklahoma Attorney General Mike Hunter assailed the expansive interpretation of enforcement powers against state and tribal sovereigns adopted by the Consumer Financial Protection Bureau. The case is CFPB v. Golden Valley Lending, Inc., et al., No. 2:17-cv-02521

With both houses of the Illinois General Assembly overriding the veto of Governor Bruce Rauner, the Illinois Student Loan Servicing Rights Act will become law.  Surpassing the three-fifths supermajorities needed for an override, the Senate voted by a margin of 37-19 and the House of Representatives by 98-16.  The Act takes effect on December 31,