In her State of the State address earlier this month, New York Governor Kathy Hochul proposed a significant expansion of New York’s consumer protection laws....more
On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more
The en banc Fifth Circuit has ruled in Collins v. Mnuchin that the FHFA is unconstitutionally structured because it is excessively insulated from Executive Branch oversight and that the appropriate remedy for the...more
Summary of SDNY order holding that CFPB is unconstitutional - CFPB v. RD Legal Funding, LLC, 17-cv-890 (June 21, 2018, S.D.N.Y.) - Last week, a federal court in New York ruled that the entire Consumer Financial...more
Senior United States District Judge in the Southern District of New York U.S. District Court (SDNY) Loretta A. Preska is making headlines for her statement on June 21, 2018, regarding the unconstitutionality of the structure...more
The publicly traded banking sector increased its market value by almost 30 percent in the first year of the Trump Administration. In part, this was a product of an overall strong performance by the stock market, but it also...more
As anyone who is associated with the residential real estate settlement services industry can appreciate, resolution of the PHH case by the full bench of the D.C. Circuit Court of Appeals has brought much-needed clarity and...more
The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more
On Monday, the U.S. Supreme Court denied the petition for certiorari in CFPB v. Chance Edward Gordon, a case filed by the CFPB in 2012 that alleged the defendant had duped consumers by falsely promising loan modifications in...more
On June 5, 2017, the U.S. Supreme Court handed down a unanimous decision in Kokesh v. SEC. In Kokesh, the SEC took the position that disgorgement was not a penalty and therefore not subject to the statute of limitations in 28...more
Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more
With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more
Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20. The comment period on the proposed rule closed on August...more