At the end of last week, the CFPB announced that it was taking three steps consisting of implementing an advisory opinion program, updating its responsible business conduct bulletin, and proposing an award program for...more
3/10/2020
/ Advisory Opinions ,
Anti-Corruption ,
Business Conduct Standards ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Legislative Agendas ,
Proposed Legislation ,
Risk Assessment ,
Self-Reporting ,
Title X ,
Whistleblowers
On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more
3/6/2020
/ Administrative Proceedings ,
All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Authority ,
FHFA ,
Financial Services Industry ,
FSOC ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
The U.S. Supreme Court heard oral argument yesterday morning in Seila Law. The two questions before the Court are whether the provision in Title X of the Dodd-Frank Act that only allows the President to remove the CFPB...more
3/4/2020
/ Certiorari ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Title X
The CFPB has entered into a settlement to resolve the lawsuit filed against it in May 2019 seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates the...more
3/3/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Delays ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
Amicus briefs have been filed in the U.S. Supreme Court in support of Paul Clement, who was appointed amicus curiae by the Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional. ...more
1/24/2020
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
Paul Clement, who was appointed amicus curiae by the U.S. Supreme Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional, filed a brief with the Supreme Court this week in support...more
CFPB Director Kraninger has rejected the argument made by Equitable Acceptance Corp (EAC) that because the Bureau’s structure is unconstitutional, the civil investigative demand it received from the Bureau should be set aside...more
1/16/2020
/ Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Authority ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Single Director ,
Unduly Burdensome
The orders released today by the U.S. Supreme Court from its January 10 conference did not include any orders regarding the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin or the petition filed...more
1/13/2020
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FHFA ,
HERA ,
Judicial Review ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
At its conference this Friday, January 10, the U.S. Supreme Court is expected to consider the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin and the petition filed by the FHFA and Treasury...more
1/7/2020
/ Administrative Proceedings ,
Certiorari ,
Conservators ,
Constitutional Challenges ,
Dismissals ,
Dodd-Frank ,
En Banc Review ,
FHFA ,
GSE ,
Petition for Writ of Certiorari ,
Real Estate Market ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Shareholders ,
Single Director ,
Statutory Violations ,
U.S. Treasury
The first round of amicus briefs have been filed with the U.S. Supreme Court in Seila Law. All of the amici that take a position on the Bureau’s constitutionality agree with the position taken by both Seila Law and the CFPB...more
12/27/2019
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
Seila Law and the CFPB filed their briefs yesterday in the U.S. Supreme Court. Both briefs address the question presented in Seila Law’s certiorari petition, which is whether the CFPB’s...more
12/11/2019
/ Certiorari ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Motion to Remand ,
Motion to Vacate ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Title X
The U.S. Supreme Court has denied the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing.
In its petition, All American sought to have the Supreme Court hear its interlocutory appeal from...more
12/10/2019
/ Administrative Proceedings ,
All American Check Cashing ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Denial of Certiorari ,
Dodd-Frank ,
Financial Services Industry ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director ,
Title X
The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more
11/22/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
E-SIGN ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
PACE ,
Payday Lending Rule ,
Qualified Mortgage Rule ,
Regulatory Agenda ,
Request For Information ,
Rulemaking Process
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
10/28/2019
/ CashCall ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry ,
Interest Rates ,
Oral Argument ,
Petition for Writ of Certiorari ,
RD Legal Funding ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
True Lender ,
Unconscionable Contracts ,
Usury
The U.S. Supreme Court entered an order yesterday in Seila Law inviting Paul D. Clement “to brief and argue this case, as amicus curiae, in support of the judgment below on the question presented by the petition.” The...more
This past Friday, the U.S. Supreme Court announced that it has agreed to decide whether the CFPB’s single-director-removable-only-for-cause structure is constitutional. The Court granted Seila Law’s petition for a writ of...more
10/21/2019
/ Administrative Proceedings ,
Amicus Briefs ,
Article III ,
Certiorari ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Jurisdiction ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Standing
The long-running saga that is the litigation over whether the CFPB’s single-director-removable-only-for-cause structure is constitutional took a new twist on Tuesday with the CFPB’s announcement that it has determined that...more
9/19/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
Dodd-Frank ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Single Director
The CFPB and the New York Attorney General have filed their response and reply briefs in the Second Circuit, where the CFPB and NYAG filed appeals from the district court’s decision and RD Legal Funding filed a cross-appeal. ...more
8/20/2019
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Solicitor General has filed a motion with the U.S. Supreme Court asking for an extension of the date by which the government must file its response to Seila Law’s petition for a writ of certiorari. The petition seeks...more
The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more
7/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Women-Owned Businesses
In an interesting twist, the FHFA has informed the Fifth Circuit in Collins v. Mnuchin, that despite having previously advised the en banc court that it would not defend the FHFA’s constitutionality, it has reconsidered its...more
7/11/2019
/ Article III ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
FHFA ,
GSE ,
HERA ,
Removal For-Cause ,
Single Director ,
Standing ,
Stock Purchase Agreement
The National Association for Latino Community Asset Builders (NALCAB) and two individual small business owners have joined the lawsuit filed against the CFPB in May 2019 by the California Reinvestment Coalition in a...more
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
6/11/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Motion To Stay ,
Petition for Writ of Certiorari ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Statutory Interpretation
A unanimous Ninth Circuit panel has ruled in CFPB v. Seila Law LLC that the CFPB’s single-director-removable-only-for-cause structure is constitutional....more
The CFPB and New York Attorney General have filed their opening briefs in their appeals to the Second Circuit in RD Legal Funding. ...more
3/19/2019
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices