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Consumer Financial Protection Bureau (CFPB) CFPB v Community Financial Services Association of America

McGlinchey Stafford

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

McGlinchey Stafford on

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

Wiley Rein LLP

Wiley Consumer Protection Download (June 4, 2024)

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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

Saul Ewing LLP

U.S. Supreme Court Upholds CFPB’s Funding Mechanism as Constitutional

Saul Ewing LLP on

On May 16, 2024, the United States Supreme Court issued its highly anticipated decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, determining once and for all that the...more

Goodwin

Supreme Court Upholds CFPB’s Funding Structure

Goodwin on

On May 16, 2024, the U.S. Supreme Court issued a significant opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., upholding the funding structure of the Consumer...more

Cozen O'Connor

The State AG Report – 5.23.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •New York AG Secures Record $2 Billion Settlement in Crypto...more

Stinson LLP

CFPB Announces Extensions to Section 1071 Compliance Deadlines

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On May 17, 2024, the Consumer Financial Protection Bureau (CFPB) announced its intention to extend the deadlines for compliance with Section 1071 of the Dodd-Frank Act (Section 1071) requiring data collection and reporting...more

Burr & Forman

United States Supreme Court Rejects Challenge to the Consumer Financial Protection Bureau’s Funding Mechanism

Burr & Forman on

Last Thursday, the Supreme Court upheld the Congressional funding mechanism used to fund the Consumer Financial Protection Bureau (CFPB), overruling a Fifth Circuit decision that found the funding mechanism violated the...more

Manatt, Phelps & Phillips, LLP

Challenging the CFPB After CFPB v. CFSA

On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding...more

K&L Gates LLP

US Supreme Court Holds that the CFPB's Funding Structure Is Constitutional

K&L Gates LLP on

On 16 May 2024, in a much-anticipated decision, the US Supreme Court held the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is constitutional. The decision, Consumer Financial Protection Bureau v....more

Stinson LLP

SCOTUS Opines in Favor of CFPB on Constitutionality of Funding

Stinson LLP on

The U.S. Supreme Court ruled last week that the Consumer Financial Protection Bureau (CFPB) is constitutionally funded, ending a lengthy challenge by a payday lender to its funding structure under the U.S. Constitution's...more

Moritt Hock & Hamroff LLP

MH&H Finance & Law Newsletter, Vol. XI - January 2024

...What’s Next for Section 1071 Amid Court Delay?  Finance companies affected by the pending implementation of Section 1071 learned in late October 2023 that a Decision by the U.S. District Court for the Southern...more

Ballard Spahr LLP

Trade group for providers of commercial sales-based financing files lawsuit challenging CFPB final small business lending rule

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Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The U.S. Supreme Court’s Decision in CFSA v CFPB: Who Will Win and What Does It Mean?...

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On October 3, 2023, the U.S. Supreme Court held oral argument in CFSA v. CFPB, a case with profound potential implications for the future of the CFPB. The Court will rule on whether the CFPB’s funding mechanism violates the...more

Ballard Spahr LLP

Kentucky Federal District Court Issues Order Enjoining the CFPB From Enforcing the Small Business Data Collection Rule as to All...

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On September 14th, the Federal District Court for the Eastern District of Kentucky granted the plaintiff’s motion to preliminarily enjoin the CFPB from implementing the Small Business Lending Rule (“Rule”) promulgated under...more

Troutman Pepper

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

Troutman Pepper on

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

SCOTUS denies motion of Republican State Attorney Generals to participate in oral argument in case challenging constitutionality...

Ballard Spahr LLP on

The U.S. Supreme Court has denied the motion filed by the 27 Republican State Attorney Generals who filed an amicus brief in support of Community Financial Services Association in CFSA v. CFPB asking for leave to participate...more

Troutman Pepper

Texas Federal Court Enjoins CFPB’s Enforcement of its Section 1071 Rule Against Plaintiffs and Their Members Pending U.S. Supreme...

Troutman Pepper on

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

Ballard Spahr LLP

Texas federal district court issues limited preliminary injunction enjoining CFPB from implementing and enforcing small business...

Ballard Spahr LLP on

The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more

Brownstein Hyatt Farber Schreck

Briefs Pour in as the CFPB’s Fate Hangs By a Thread

On July 14, 2023, the U.S. Supreme Court announced it would hear oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) on October 3, 2023. The court will...more

Ballard Spahr LLP

16 amicus briefs filed with SCOTUS in support of CFSA’s position that CFPB’s funding mechanism is unconstitutional

Ballard Spahr LLP on

Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more

Poyner Spruill LLP

Another Challenge to the CFPB’s Constitutionality

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The Fifth Circuit vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule following its finding that the funding structure of the CFPB is unconstitutional. The CFPB filed a petition for certiorari...more

Cadwalader, Wickersham & Taft LLP

The Supreme Court Grants Petition to Decide Constitutionality of CFPB Funding

On February 27, 2023, the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s Petition for a Writ of Certiorari in the closely watched case of CFPB v. Community Financial Services Association of America, and...more

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