News & Analysis as of November 8, 2024

Civil Investigation Demand

+ Follow

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions. less -

Chopra testifies at House, Senate committee hearings

Orrick, Herrington & Sutcliffe LLP on 6/26/2024

On June 12, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to address the CFPB’s Semi-Annual Report to Congress. The CFPB Director, Rohit Chopra, in his opening statement addressed the Committee to...more

CFPB Wins at the Supreme Court

Sheppard Mullin Richter & Hampton LLP on 5/20/2024

On May 16, the United States Supreme Court, in a 7-2 ruling, held that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. As we previously discussed in greater detail, under the...more

Ninth Circuit rules CID issued to Seila Law was validly ratified by Director Kraninger

Ballard Spahr LLP on 12/31/2020

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

NY Federal District Court Grants CFPB Petition To Enforce CID Ratified By Director Kraninger

Ballard Spahr LLP on 8/21/2020

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

Supreme Court’s Seila Law Decision Brings Clarity to the CFPB (for Now)

Hudson Cook, LLP on 7/30/2020

In June, the Supreme Court struck down the leadership structure of the CFPB as unconstitutional. (The case is Seila Law LLC v. CFPB, No. 19-7 (June 29, 2020), and the decision is here.) The case resolves a long-simmering...more

SCOTUS Holds CFPB’s Single Director Structure Unconstitutional, Leaves Open Questions on Existing Bureau Matters

Hinshaw & Culbertson - Consumer Crossroads on 6/30/2020

Earlier today, the United States Supreme Court issued a two part decision in Seila Law LLC v. Consumer Financial Protection Bureau. The Court first decided, in a 5-4 decision with Chief Justice Roberts authoring the Court's...more

Savior or Saboteur? The CFPB’s Kraninger Maintains Her Independent Streak

Manatt, Phelps & Phillips, LLP on 1/30/2020

Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more

Director Kraninger rejects constitutionality challenge as basis for setting aside CID

Ballard Spahr LLP on 1/16/2020

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

Seila Law and CFPB file briefs in U.S. Supreme Court

Ballard Spahr LLP on 12/11/2019

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

Supreme Court to Decide Whether Structure of the Consumer Finance Protection Bureau is Constitutional

Burr & Forman on 11/8/2019

On October 18, 2019, the Supreme Court granted the petition for a writ of certiorari filed in Seila Law LLC v. Consumer Financial Protection Bureau. In granting the petition, the Court agreed to take up two distinct issues....more

U.S. Supreme Court to decide CFPB’s constitutionality

Ballard Spahr LLP on 10/21/2019

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

New plot twist: CFPB agrees its structure is unconstitutional

Ballard Spahr LLP on 9/19/2019

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

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

Ballard Spahr LLP on 6/11/2019

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

CFPB Quietly and Proactively Acts on Its Revised CID Policy

Bradley Arant Boult Cummings LLP on 6/4/2019

The Consumer Financial Protection Bureau (CFPB) recently announced that it is adopting a new policy regarding Civil Investigative Demands (CIDs). Going forward, Director Kathleen Kraninger has committed to providing more...more

Using FCRA’s Expansiveness as a Shield: CFPB Gets Pushback on FCRA Subpoena

Womble Bond Dickinson on 9/20/2018

The expansiveness of FCRA has long been used by plaintiffs as a sword against consumer reporting agencies, furnishers of consumer information, and users of consumer information. Here, a company successfully used FCRA as a...more

Longstanding BCFP Tactic in Jeopardy After Two Circuits Strike Down CIDs

Ballard Spahr LLP on 9/19/2018

The BCPB has historically taken the position that it can use investigations to conduct compliance “sweeps” of entire industries. Indeed, a version of the BCFP’s Enforcement Policies and Procedures Manual made available to the...more

Furnishers and CRAs Can Likely Expect Fewer and More Limited CFPB Investigations In Light Of Recent Guidance From Director Mick...

Balch & Bingham LLP on 5/10/2018

In 2010, Congress enacted the Dodd-Frank Act, which created the largely independent Consumer Financial Protection Bureau (“CFPB”) and empowered it with broad authority to investigate violations of consumer financial...more

37 Results

View per page

Page: of 2

Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau (CFPB) › Civil Investigation Demand

Chopra testifies at House, Senate committee hearings

CFPB Wins at the Supreme Court

Ninth Circuit rules CID issued to Seila Law was validly ratified by Director Kraninger

NY Federal District Court Grants CFPB Petition To Enforce CID Ratified By Director Kraninger

Supreme Court’s Seila Law Decision Brings Clarity to the CFPB (for Now)

SCOTUS Holds CFPB’s Single Director Structure Unconstitutional, Leaves Open Questions on Existing Bureau Matters

Savior or Saboteur? The CFPB’s Kraninger Maintains Her Independent Streak

Director Kraninger rejects constitutionality challenge as basis for setting aside CID

Seila Law and CFPB file briefs in U.S. Supreme Court

Supreme Court to Decide Whether Structure of the Consumer Finance Protection Bureau is Constitutional

U.S. Supreme Court to decide CFPB’s constitutionality

New plot twist: CFPB agrees its structure is unconstitutional

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

CFPB Quietly and Proactively Acts on Its Revised CID Policy

Using FCRA’s Expansiveness as a Shield: CFPB Gets Pushback on FCRA Subpoena

Longstanding BCFP Tactic in Jeopardy After Two Circuits Strike Down CIDs

Furnishers and CRAs Can Likely Expect Fewer and More Limited CFPB Investigations In Light Of Recent Guidance From Director Mick...

Ballard Spahr provides comments to CFPB on CID process

CFPB seeks comment on adopted regulations

The CFPB: No More “Pushing the Envelope”

With CID Request, CFPB Follows Through on Plan to Review Functions

Mulvaney outlines new CFPB governing philosophy

Trump Administration Sets Forth Recommendations for Consumer Finance Regulatory Reform

Treasury report on U.S. financial system recommends significant CFPB reforms

CFPB withdraws CID issued to structured settlements purchaser, petition to enforce CID denied as moot

Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau (CFPB) › Civil Investigation Demand

"My best business intelligence, in one easy email…"