With Chevron Decision, Regulated Financial Firms May Increase Challenges to Federal Agency Action

On June 28, the Supreme Court overruled the longstanding Chevron deference doctrine in Loper Bright Enterprises v. Raimondo. Now, courts must interpret ambiguous statutes independently—without being required to accept an agency’s “permissible” interpretation of an ambiguous statute. For the highly regulated financial services industry, we expect this change will cause an increase in challenges to federal financial agency action by regulated financial firms, and that agencies will take less aggressive interpretations of statutes in rulemaking and enforcement proceedings.

For a detailed overview, read the full article here.