News & Analysis as of November 17, 2024

Consumer Financial Protection Bureau (CFPB)

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Appeals Court Holds ECOA Liability Extends to Prospective Applicants

Bradley Arant Boult Cummings LLP on 8/1/2024

On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the...more

Third Circuit Holds Securitization Trusts Are “Covered Persons” Under CFPA

Dechert LLP on 5/7/2024

A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing...more

2023 Year in Review: Major U.S. Supreme Court and Appellate Cases

Goodwin on 2/19/2024

Welcome to the Major US Supreme Court and Appellate Cases chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The Supreme Court continues to take a close look at major...more

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

Ballard Spahr LLP on 11/21/2023

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

US District Court Grants HUD’s Summary Judgment Motion in Disparate Impact Case

Sheppard Mullin Richter & Hampton LLP on 10/2/2023

Ten years after the US Department of Housing and Urban Development (HUD) first promulgated its disparate impact rule (the Rule), on September 19, the US District Court for the District of Columbia granted HUD’s motion for...more

Texas Court Strikes Down CFPB UDAAP Policy

Sheppard Mullin Richter & Hampton LLP on 9/18/2023

On September 8, a Texas federal judge ruled that the CFPB exceeded its authority by adopting a sweeping anti-discrimination policy last year. The CFPB adopted the policy in March 2022, via an update to its exam manual,...more

Supreme Court Allows Structural Constitutional Challenges to FTC and SEC Proceedings in Federal District Court

Perkins Coie on 4/24/2023

The U.S. Supreme Court ruled in two related cases, Axon Enterprise Inc. v. FTC (No. 21-86) and SEC v. Cochran (No. 21-1239), that federal district courts have jurisdiction to hear structural constitutional challenges to the...more

Fifth Circuit Court of Appeals Invalidates Small-Dollar Rule, Throws the Future of the CFPB Into Question

Bradley Arant Boult Cummings LLP on 10/21/2022

On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s Payday, Vehicle-Title, and Certain...more

Consumer Law Hinsights – September 2020

Hinshaw & Culbertson - Consumer Financial... on 10/3/2020

Consumer Law Hinsights is a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition also highlights the recently updated 50...more

CFPB files ratification with Ninth Circuit in Seila Law; Ninth Circuit orders supplemental briefing on ratification

Ballard Spahr LLP on 8/4/2020

The CFPB has filed a declaration with the Ninth Circuit in which Director Kraninger stated that she has ratified the Bureau’s decisions to issue a civil investigative demand to Seila Law, deny Seila Law’s request to modify or...more

Consumer Law Hinsights – July 2020

Hinshaw & Culbertson - Consumer Financial... on 8/4/2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Skadden's 2020 Insights

Skadden, Arps, Slate, Meagher & Flom LLP on 1/30/2020

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

CFPB News Roundup: Appeals Activism, TRID Review, SCOTUS Date and More

Manatt, Phelps & Phillips, LLP on 12/13/2019

As 2019 nears an end, the Consumer Financial Protection Bureau (CFPB or Bureau) has remained busy, challenging a class action settlement in Maryland, seeking public comment on the TRID disclosure rule, releasing its latest...more

Financial Services Report – Winter 2018

Morrison & Foerster LLP on 12/12/2018

In between holiday shopping and merriment, we here at the Financial Services Report are pondering what’s in a name. Not much, said Shakespeare. Isaac Asimov begged to differ in a mystery story about who killed one of the...more

What does the Supreme Court’s Lucia decision mean for the CFPB and federal banking agencies?

Ballard Spahr LLP on 7/3/2018

In its June 21 decision in Lucia v. Securities & Exchange Commission, the U.S. Supreme Court ruled that administrative law judges (ALJs) used by the SEC are “Officers of the United States” under the Appointments Clause in...more

Is CFPB's Constitutionality Headed for the U.S. Supreme Court?

Hinshaw & Culbertson LLP on 6/25/2018

At the close of a 108 page decision filed in response to motions to dismiss a CFPB enforcement action, Consumer Financial Protection Bureau v. RD Legal Funding, LLC, C.A. No. 17-cv-890, Judge Loretta Preska of the U.S....more

Financial Services Weekly News - April 2018

Goodwin on 4/5/2018

Editor's Note - Treasury Issues Recommendations to Modernize the Community Reinvestment Act. On April 3, the U.S. Department of the Treasury released a report containing its recommendations for modernizing the Community...more

SCOTUS Grimm decision could impact CFPB position on ECOA protection for gender identity and sexual orientation

Ballard Spahr LLP on 11/8/2016

On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more

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