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Financial Regulatory Reform Supreme Court of the United States Constitutional Challenges

Ballard Spahr LLP

CFPB announces March 30, 2025 compliance date for payday lending rule

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In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only...more

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SCOTUS rules CFPB’s funding mechanism is constitutional

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The U.S. Supreme Court, in a 7-2 decision, ruled yesterday that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution....more

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U.S. Senate Fails to Override Veto of Legislation Rejecting CFPB Section 1071 Small Business Lending Rule

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As previously reported, in late December 2023 President Biden vetoed legislation adopted by the U.S. House of Representatives and U.S. Senate under the Congressional Review Act to override the CFPB’s final Section 1071 small...more

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Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

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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

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Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes...

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Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more

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CBA urges House leadership to enact legislation to change CFPB leadership structure to bipartisan commission

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The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person,...more

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