What Banks Need To Know Post-Chevron

As we covered in our first alert, the U.S. Supreme Court in Loper Bright Enterprises v. Raimondo overruled Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc. and abandoned the Chevron doctrine, which previously required courts to defer to agency interpretations of ambiguous provisions of federal statutes. However, the upshot of this significant ruling is more nuanced for financial institutions than for other regulated industries, primarily because of the robust supervisory powers of the federal banking agencies, issues of safety and soundness, and the way federal banking statutes often look to the federal banking agencies to implement various provisions in regulation.