News & Analysis as of November 17, 2024

Dodd-Frank Wall Street Reform and Consumer Protection Act › Due Process

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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 -

Rent-to-Own Company Sues CFPB Over Authority to Regulate RTO Transactions

Ballard Spahr LLP on 7/31/2024

Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more

U.S. Supreme Court Rules SEC Must Try Securities Fraud Cases in Federal Jury Trials Rather than In-House Courts

Foley & Lardner LLP on 7/1/2024

On June 27, 2024, the U.S. Supreme Court ruled that when the SEC seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial. In a 6–3 decision, Chief Justice...more

White Collar Docket Check: US Supreme Court to Decide Key Administrative, Whistleblower, and Due Process Cases This Term

Jackson Walker on 10/6/2023

The U.S. Supreme Court began its new term this week and is taking cases government enforcement practitioners will want to follow. Specifically, the Court will address issues concerning: the interplay between SEC...more

The Supreme Court - February 21, 2018

Dorsey & Whitney LLP on 2/22/2018

Digital Realty Trust, Inc. v. Somers, No. 16-1276: Paul Somers, a former Vice-President at Digital Realty Trust, brought a claim of whistleblower retaliation under the Dodd-Frank Act against his former employer, alleging he...more

Tenth Circuit Court of Appeals Finds SEC’s Process for Designating Administrative Law Judges to be Defective, Causing Split with...

Dechert LLP on 1/9/2017

The U.S. Court of Appeals for the Tenth Circuit on December 27, 2016, in Bandimere v. SEC, found the Administrative Law Judges (ALJs) used by the U.S. Securities and Exchange Commission (SEC) to hear its administrative...more

Structure Of CFPB Found To Be Unconstitutional But Agency Survives With Cut To Director’s Power

Carlton Fields on 10/31/2016

The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more

US Court of Appeals for the DC Circuit Declares Structure of the US Consumer Financial Protection Bureau Unconstitutional

A&O Shearman on 10/27/2016

The US Court of Appeals for the DC Circuit declared the structure of the US Consumer Financial Protection Bureau unconstitutional, stating that the “massive, unchecked power” exercised by its director, Richard Cordray, lacks...more

D.C. Circuit Court Finds the CFPB Misinterpreted Section 8 of RESPA and Violated Due Process with Retroactive Application

Bradley Arant Boult Cummings LLP on 10/19/2016

The D.C. Circuit Court issued its long-awaited opinion in PHH Corporation v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., filed 2015) regarding the constitutionality of the Consumer Financial Protection...more

CFPB Deputy Enforcement Director mum on whether CFPB will seek further review of PHH decision

Ballard Spahr LLP on 10/19/2016

During the “Developments at the CFPB” panel this morning at the Pennsylvania Bar Institute Consumer Financial Services & Banking Law Update program in Philadelphia, Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director,...more

What the D.C. Circuit’s PHH decision means for CFPB rulemaking

Ballard Spahr LLP on 10/18/2016

In its decision last week in PHH Corporation v. CFPB, the D.C. Circuit ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional. While the D.C. Circuit (in footnote 19) noted that it “need...more

D.C. Circuit Delivers a Major Setback to the CFPB

WilmerHale on 10/16/2016

On October 11, the D.C. Circuit issued a major decision holding the structure of the Consumer Financial Protection Bureau (CFPB) unconstitutional and sharply limiting the CFPB’s enforcement powers. The decision granted a...more

Court of Appeals Says CFPB Is Unconstitutional; Rejects Agency Effort to Apply New Interpretation of Law Retroactively

Dechert LLP on 10/15/2016

The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals...more

D.C. Circuit Holds Structure of CFPB Unconstitutional, Vacates $109 Million Fine Arising out of Mortgage Lender’s “Captive...

Burr & Forman on 10/14/2016

On Tuesday the D.C. Circuit Court of Appeals issued what is already being touted as a landmark ruling in PHH Corp. v. Consumer Financial Protection Bureau, No. 15-1177, 2016 WL 5898801 (D.C. Cir. Oct. 11, 2016), holding in a...more

CFPB Hit by Major Setback in D.C. Circuit

Morrison & Foerster LLP on 10/14/2016

In a decision eagerly awaited by the financial services industry, the D.C. Circuit this week handed the Consumer Financial Protection Bureau (CFPB) a major defeat, throwing out a mortgage lender’s $109 million disgorgement...more

D.C. Circuit Rules CFPB’s Structure Unconstitutional

King & Spalding on 10/14/2016

In a news-making decision with significant political implications, but probably limited near-term business or legal effects, the United States Court of Appeals for the District of Columbia Circuit held on Tuesday, October 11,...more

D.C. Circuit Brings CFPB under Presidential Control

Cadwalader, Wickersham & Taft LLP on 10/14/2016

On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more

Leadership Structure of CFPB Ruled Unconstitutional

Buchalter on 10/14/2016

The United States Court of Appeals for the District of Columbia Circuit issued its ruling in PHH Corporation v. Consumer Financial Protection Bureau on Tuesday and determined that the single-director structure of the CFPB...more

Key Consumer Finance Takeaways from the DC Circuit’s PHH Decision

Kilpatrick on 10/13/2016

On October 11, 2016, the United States Court of Appeals for the District of Columbia Circuit issued a highly-anticipated decision in PHH Corporation, et al., v. Consumer Financial Protection Bureau that has far reaching...more

A Truckload of Trouble for the CFPB

Carlton Fields on 10/13/2016

Within days after the Consumer Financial Protection Bureau started operations, a truckload of boxes from the Department of Housing and Urban Development arrived at the CFPB Office of Enforcement. The boxes held evidence from...more

D.C. Circuit Holds CFPB Structure Unconstitutional, Interpretation of RESPA Not Entitled to Deference

Ballard Spahr LLP on 10/13/2016

The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more

DC Circuit Strikes Down CFPB Leadership Structure

Orrick, Herrington & Sutcliffe LLP on 10/13/2016

On October 11, 2016 the D.C. Circuit in PHH Corporation v. CFPB, No. 15-1177, struck down the Consumer Financial Protection Bureau's (CFPB) leadership structure as unconstitutional. In short, the court ruled that Congress...more

Federal Appeals Court Finds CFPB's Structure Unconstitutional

Troutman Pepper on 10/13/2016

While certainly a big blow to the Bureau, the court’s remedy did not go as far as some CFPB opponents would have liked. In a blockbuster ruling on October 11, the U.S. Court of Appeals for the District of Columbia...more

CFPB’s Structure Ruled Unconstitutional but it Avoids Being Dismantled

Stinson - Corporate & Securities Law Blog on 10/12/2016

On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 10/12/2016

In a “highly anticipated” ruling from the US Court of Appeals for the DC Circuit, a three-judge panel has found the structure of the Consumer Financial Protection Bureau unconstitutional, holding that the current organization...more

The SEC Retains its House Advantage During Administrative Proceedings

Cadwalader, Wickersham & Taft LLP on 8/8/2016

Amendments to the Rules of Practice Do Little to Address Criticism that the Deck is Stacked - Facing pressure from industry practitioners and in the wake of constitutional challenges in multiple jurisdictions, the...more

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Dodd-Frank Wall Street Reform and Consumer Protection Act › Due Process

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