SCOTUS

In a letter to the Office of the Comptroller of the Currency, the American Bankers Association rebuffed state regulators' calls to rescind the agency's broad state preemption rule, defending federal law's supremacy in the dual banking system.

The Conference of State Bank Supervisors says the OCC's 2011 preemption rules are out of step with Supreme Court rulings and unfairly disadvantage the state banking system.

Elon Musk's X is urging the justices to shield companies from being forced to disclose sensitive user financial data under "suspicionless" subpoenas.

Former Chicago City Council member Patrick Daley Thompson may have made "misleading" statements about more than $200,000 in loans, the high court ruled — but they weren't "false."

A federal district court in Texas has stayed an injunction that had prevented enforcement of the Corporate Transparency Act and its reporting requirement.

The Supreme Court nullified one of two nationwide injunctions on the Corporate Transparency Act, a law requiring corporations to disclose their beneficial owners. A separate injunction in another circuit remains in effect, however. 

The high court's much-anticipated ruling gives federal courts — rather than executive agencies — the power to interpret ambiguous statutes. The decision is expected to facilitate an increase in litigation over banking regulations.

A landmark ruling by the Supreme Court's conservative majority means that defendants will have the right to a jury trial in cases where bank regulators are seeking civil penalties. The consequences for federal banking agencies are expected to be substantial.

The Supreme Court issued an opinion Thursday morning that was unequivocal in its view that Congress is constitutionally empowered to fund agencies with open-ended and indirect funding mechanisms, overruling a 5th Circuit opinion from 2022 that found that executive branches must be subject to direct Congressional appropriations.

A clash over pay playing out in contract negotiations between the Consumer Financial Protection Bureau and its employee union occur as the Supreme Court is considering whether the agency must get its funding from Congress.