News & Analysis as of

Supreme Court of the United States Consumer Financial Protection Act (CFPA)

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
Orrick, Herrington & Sutcliffe LLP

Group of passive securitization trusts filed petition for certiorari with U.S. Supreme Court on CFPB enforcement remedies

On August 16, a group of passive securitization trusts formed between 2001 and 2007 (the petitioners or trusts) petitioned the U.S. Supreme Court for a writ of certiorari to hear its case against the CFPB on the...more

Bradley Arant Boult Cummings LLP

Appeals Court Holds ECOA Liability Extends to Prospective Applicants

On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the...more

McGlinchey Stafford

CFPB Warns: “Unlawful” or “Unenforceable” Terms in Form Contracts Can Violate CFPA

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On June 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Circular warning companies that the inclusion of “unlawful” or “unenforceable” terms in a form contract constitutes a deceptive act or practice in...more

Dechert LLP

Third Circuit Holds Securitization Trusts Are “Covered Persons” Under CFPA

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A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Rejects Challenge to OPT Program for Foreign Students

The Supreme Court of the United States has declined to hear a challenge to a visa program that allows foreign students who graduate from U.S. colleges and universities to work in the United States for up to three years. The...more

Troutman Pepper

Supreme Court Denies Oral Argument to Republican State AGs Who Argue That the CFPB Funding Mechanism Is Unconstitutional

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On August 21, the U.S. Supreme Court denied a request by West Virginia Attorney General (AG) Patrick Morrisey and 26 other state AGs to participate in oral arguments in Consumer Financial Protection Bureau (CFPB) et al. v....more

Ballard Spahr LLP

New York federal court stays lawsuit filed jointly by CFPB and New York Attorney General pending SCOTUS decision in CFSA

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In January 2023, the CFPB filed a lawsuit in a New York federal district court jointly with the New York Attorney General (NYAG) against an auto finance company alleging violations of the Consumer Financial Protection Act...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit: CFPB funding is constitutional

On March 23, the U.S. Court of Appeals for the Second Circuit held that the CFPB’s funding structure is constitutional—splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services...more

Orrick, Herrington & Sutcliffe LLP

9th Circuit orders district court to reassess $7.9 million civil penalty against payments company

On January 27, the U.S. Court of Appeals for the Ninth Circuit ordered a district court to reassess its decision “under the changed legal landscape since its initial order and opinion” in an action concerning alleged...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

Update on RD Legal Funding and All American Check Cashing

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With the U.S. Supreme Court having ruled in Seila Law that the CFPB’s leadership structure is unconstitutional, two circuit court cases involving the same constitutional challenge that were “on hold” pending the Supreme...more

Ballard Spahr LLP

SCOTUS To Decide Whether FTC Can Seek Restitution

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Last Thursday, in addition to agreeing to decide an issue of major significance under the Telephone Consumer Protection Act, the U.S. Supreme Court agreed to decide whether Section 13(b) of the Federal Trade Commission Act,...more

Ballard Spahr LLP

Fifth Circuit clarifies scope of Dec. 4 oral argument in All American Check Cashing

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With the Fifth Circuit having already heard oral argument in March 2019 in All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality, it is not surprising that...more

Ballard Spahr LLP

Fifth Circuit sets Dec. 4 oral argument date in All American Check Cashing

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All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality has been calendared for oral argument before a Fifth Circuit panel on December 4, 2019....more

Ballard Spahr LLP

Ninth Circuit puts hold on CashCall appeal pending SCOTUS decision in Seila Law; CFPB asks Second Circuit to adjourn oral argument...

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As expected, the U.S. Supreme Court’s grant of Seila Law’s cert petition is impacting other cases in which the CFPB’s constitutionality has also been challenged. ...more

Ballard Spahr LLP

Seila Law to seek U.S. Supreme Court review of Ninth Circuit ruling that CFPB’s structure is constitutional

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Appellant Seila Law has filed a motion for a stay of the Ninth Circuit’s mandate in its decision ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional pending the filing by Seila Law of a...more

White & Case LLP

Consumer financial services: The road ahead: Payment processing

White & Case LLP on

The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more

Ballard Spahr LLP

SCOTUS denies petition for certiorari in case asserting recess appointment defense to CFPB enforcement action

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On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more

Morrison & Foerster LLP

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

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