The CFPB has filed a certiorari petition with the U.S. Supreme Court seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB that held the CFPB’s funding...more
The CFPB and All American Check Cashing have agreed to a settlement in the CFPB’s enforcement action filed against All American in 2016 for alleged violations of the CFPA’s UDAAP prohibition in connection with check cashing...more
Even though I often disagree with Professor Levitin’s opinions and policy positions about consumer financial services developments, I maintain high respect for him because he is very knowledgeable in this area. Shortly after...more
Pursuant to the agreed motion for a stay filed by the CFPB and Populus Financial Group, Inc., which does business as ACE Cash Express, the Texas federal district court hearing the CFPB’s enforcement action against Populus has...more
The CFPB has told two courts, an Illinois federal district court and the Ninth Circuit, that the Fifth Circuit panel decision holding that the Bureau’s funding mechanism is unconstitutional is “neither controlling nor...more
In a decision with enormous potential implications, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has ruled that the manner in which the CFPB is funded violates the Appropriations Clause of...more
Summary -
A unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled October 19, 2022, that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) violates the U.S....more
With the dark cloud over the CFPB that was the constitutional challenge to the for-cause limit on removal of its Director having mostly lifted, a new and even darker cloud has descended in the form of another constitutional...more
Populus Financial Group, Inc., which does business as ACE Cash Express, has filed a motion to dismiss the lawsuit filed by the CFPB in July 2022 against Populus in a Texas federal district court in which the CFPB alleges that...more
The magistrate judge assigned to hold a settlement conference in All American Check Cashing has issued an order stating that the matter did not settle at the settlement conference conducted on September 7. The order also...more
The CFPB and All American Check Cashing have filed a status report with the Mississippi federal district court indicating that they have agreed to a settlement conference before a magistrate judge....more
The U.S. Court of Appeals for the Ninth Circuit, in CFPB v. CashCall, has rejected CashCall’s constitutional challenge, affirmed the district court’s finding that the corporate defendants and its CEO were liable for engaging...more
Less than six weeks after hearing oral argument, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the CID issued to Seila Law was validly ratified by Director Kraninger and affirmed the district...more
Last Thursday, on remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in Seila Law. The members of the three judge panel were Judge Susan Graber and Judge Paul Watford...more
Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s...more
Last week, the U.S. Court of Appeals for the Second Circuit heard oral argument in RD Legal Funding. The three judge panel consisted of two members of the Second Circuit, Judge Denny Chin and Senior Judge Barrington Parker,...more
10/13/2020
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
FHFA ,
Ratification ,
Removal For-Cause ,
September 11th Victim Compensation Fund ,
Settlement Agreements ,
Single Director ,
State Law Claims ,
Time-Barred Claims ,
UDAAP ,
Usury
Last week, Seila Law filed its supplemental brief with the Ninth Circuit. The CFPB filed its supplemental brief last month....more
Last week, the CFPB filed its supplemental brief with the Ninth Circuit in Seila Law and its supplemental en banc brief with the Fifth Circuit in All American Check Cashing. The CFPB argues in both briefs that ratification...more
On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme...more
In March 2020, the Fifth Circuit, on its own motion, entered an order vacating the panel’s ruling in All American Check Cashing that the CFPB’s structure was constitutional and granting rehearing en banc. On June 30, the...more
8/5/2020
/ All American Check Cashing ,
Appropriation ,
Article I ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
En Banc Review ,
Enforcement Actions ,
Financial Services Industry ,
Interlocutory Appeals ,
Judgment on the Pleadings ,
Ratification ,
Subject Matter Jurisdiction ,
UDAAP ,
Unconstitutional Condition
The CFPB has filed a declaration with the Ninth Circuit in which Director Kraninger stated that she has ratified the Bureau’s decisions to issue a civil investigative demand to Seila Law, deny Seila Law’s request to modify or...more
8/4/2020
/ Appeals ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Enforcement Actions ,
Ratification ,
Remand ,
Removal At-Will ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau
On July 9, the U.S. Supreme Court granted the two petitions for certiorari in Collins v. Mnuchin, the en banc Fifth Circuit decision which held that the FHFA’s structure is unconstitutional because the Housing and Economic...more
7/22/2020
/ Certiorari ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fannie Mae ,
FHFA ,
Freddie Mac ,
HERA ,
Popular ,
SCOTUS ,
Separation of Powers ,
Single Director
This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing....more
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
7/17/2020
/ All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director ,
UDAAP
The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). ...more