Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more
8/28/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interim Final Rules (IFR) ,
Lenders ,
Preliminary Injunctions ,
SBA Lending Programs ,
Section 1071 ,
Small Business
On June 18, the Fifth Circuit Court of Appeals granted the plaintiffs’ petition for a writ of mandamus, effectively halting the transfer of the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
6/20/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Stays ,
Writ of Mandamus
On Tuesday, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was ordered to be transferred from the U.S. District Court for the Northern District of...more
5/30/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Stays
As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more
5/20/2024
/ Banks ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Section 1071
Last week, the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that the CFPB’s...more
5/20/2024
/ Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
SCOTUS ,
Section 1071 ,
Texas
As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more
12/5/2023
/ Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Presidential Veto ,
Regulatory Agenda ,
Reporting Requirements ,
SCOTUS ,
Section 1071 ,
Small Business
In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing...more
10/30/2023
/ Administrative Agencies ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Protection Act ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Injunctions ,
Preliminary Injunctions ,
Regulatory Authority ,
Section 1071 ,
Small Business ,
Small Business Loans
On October 3, the U.S. Supreme Court heard arguments in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau), a case in which the Fifth Circuit held that...more
On September 14, a federal district court in the Eastern District of Kentucky became the second court to issue an order granting, in part, a plaintiffs’ motion for a preliminary injunction enjoining the Consumer Financial...more
9/19/2023
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071
On September 8, a federal court in the Eastern District of Texas granted summary judgment in favor of the U.S. Chamber of Commerce (Chamber) and several other trade associations, holding that the Consumer Financial Protection...more
9/12/2023
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Authority ,
SCOTUS ,
UDAAP
On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured...more
9/6/2023
/ Administrative Agencies ,
American Bankers Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Protection Act ,
Dodd-Frank ,
FDIC ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
Motion To Stay ,
Regulatory Authority ,
Section 1071 ,
Trade Associations
As discussed here, on April 26, the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of...more
8/10/2023
/ Administrative Procedure Act ,
Community Banks ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Protection Act ,
Dodd-Frank ,
Federal Funding ,
Motion To Enjoin ,
Preliminary Injunctions ,
Regulatory Agencies ,
SCOTUS ,
Section 1071 ,
Trade Associations
As discussed here, on January 4, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against...more
8/9/2023
/ Amicus Briefs ,
Attorney General ,
Automotive Loans ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Funding ,
Financial Services Industry ,
Interest Rates ,
New York ,
SCOTUS ,
Stays
As discussed here, on April 26, the Texas Bankers Association, the American Bankers Association (ABA), and Rio Bank, McAllen, Texas (Rio Bank) filed a complaint in the U.S. District Court for the Southern District of Texas...more
8/1/2023
/ American Bar Association (ABA) ,
CFPB v Community Financial Services Association of America ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Injunctive Relief ,
SCOTUS ,
Section 1071
As discussed here, on October 19, 2022, the Fifth Circuit Court of Appeals in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding...more
7/12/2023
/ Amicus Briefs ,
Article I ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Authority ,
SCOTUS
On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
4/27/2023
/ Administrative Procedure Act ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
SCOTUS ,
Section 1071
On April 14, the U.S. Supreme Court issued a unanimous decision in related cases, Axon Enterprise, Inc. v. Federal Trade Commission (FTC) and Securities and Exchange Commission (SEC) v. Cochran, holding that constitutional...more
Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer...more
This morning the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) petition for certiorari in Community Financial Services Association of America Ltd. (CFSA) v. CFPB, a case that could...more
As discussed here, on October 19, 2022 the Fifth Circuit Court of Appeals in Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding...more
As discussed here, on October 19, a three-judge panel of the Fifth Circuit Court of Appeals held that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism violates the appropriations clause because the CFPB...more
On October 31, a Texas federal court ordered a stay in a Consumer Financial Protection Bureau (CFPB) enforcement action, pending the issuance of the Fifth Circuit mandate in Community Financial Services Association of America...more
Do district courts have jurisdiction to hear constitutional challenges to federal agencies, or must plaintiffs first raise such challenges in administrative proceedings before the agency? On November 7, the U.S. Supreme Court...more
Unsurprisingly, defendants in two separate enforcements actions filed by the Consumer Financial Protection Agency (CFPB) have cited the Fifth Circuit’s recent decision in Community Financial Services Association of America,...more
In response to the Fifth Circuit’s ruling in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau (CFSA) that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is...more