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Statutory Interpretation Consumer Financial Protection Bureau (CFPB) Financial Services Industry

Ballard Spahr LLP

‘Very, Very Fuzzy’: Opinion Overruling Chevron Creates Uncertainty for Regulated Industries

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Our recent webinar featured a conversation with noted legal scholars Craig Green, Charles Klein Professor of Law and Government at Temple University Beasley School of Law, and Kent Barnett, recently appointed Dean of the...more

K&L Gates LLP

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

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The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 41: Loper Bright, the End of Chevron and the Future of CFPB Rulemaking

In this episode of RegFi, hosts Jerry Buckley and Sasha Leonhardt welcome John Coleman, Orrick partner and former Deputy General Counsel of the CFPB, to discuss the Supreme Court’s Loper Bright decision overturning Chevron...more

Ballard Spahr LLP

The Supreme Court’s Overruling of Chevron is a Sea Change

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We already have published a short blog about the Supreme Court’s opinion issued on Friday, July 28 in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce, et al, No. 22-451....more

Cadwalader, Wickersham & Taft LLP

Third Circuit Finds Statutory Trusts Are Subject to CFPB Jurisdiction

On Tuesday, the Third Circuit, handed down a decision in a case involving the Consumer Financial Protection Bureau ("CFPB") and the National Collegiate Master Student Loan Trust ("NCMSL") that finds that statutory trusts used...more

Ballard Spahr LLP

Earned Wage Access Products Are Not Loans, According to the AG of Montana

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On December 22, 2023, the Attorney General of Montana released an opinion (the “Opinion”) concluding that certain earned wage access (EWA) products are not “consumer loans” or “deferred deposit loans” under Montana law and do...more

Ballard Spahr LLP

SCOTUS agrees to hear second case challenging Chevron deference

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Last Friday, the U.S. Supreme Court agreed to hear a second case, Relentless, Inc. v. U.S. Department of Commerce, in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A.,...more

Ballard Spahr LLP

Report on the ABA Committee on Consumer Financial Services Program Regarding the Supreme Court Case Poised to Eliminate Chevron...

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Last week, I moderated a live and virtual program at the American Bar Association Business Law Section 2023 Fall Meeting in Chicago. The program was entitled: “U.S. Supreme Court to Revisit Chevron Deference: What the SCOTUS...more

Ballard Spahr LLP

45 amicus briefs filed with SCOTUS in support of petitioners seeking to overrule Chevron

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45 amicus briefs have been filed with the U.S. Supreme Court in support of the petitioners in Loper Bright Enterprises, et al. v. Raimondo. The petitioners are urging the Court to overrule its 1984 decision in Chevron,...more

Cadwalader, Wickersham & Taft LLP

U.S. Court of Appeals for the Third Circuit Agrees to Hear Interlocutory Appeal in CFPB Enforcement Action against Student Loan...

On April 29, 2022, the U.S. Court of Appeals for the Third Circuit granted a petition for permission to appeal in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts filed by defendants...more

Cadwalader, Wickersham & Taft LLP

District Court Grants Interlocutory Appeal in CFPB Enforcement Action against Student Loan Trusts and Stays Case Pending Appellate...

On February 11, 2022, the U.S. District Court for the District of Delaware granted a motion for interlocutory appeal in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts filed by...more

Morgan Lewis

Will Regulatory Rollback in the Nation’s Capital Work?

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At a meeting with a group of state attorneys general in Washington, DC, earlier this week, Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathy Kraninger expressed her strong desire to provide more consistent...more

Ballard Spahr LLP

Fifth Circuit clarifies scope of Dec. 4 oral argument in All American Check Cashing

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With the Fifth Circuit having already heard oral argument in March 2019 in All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality, it is not surprising that...more

Ballard Spahr LLP

Fifth Circuit hears oral argument in All American Check Cashing

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On March 12, the U.S. Court of Appeals for the Fifth Circuit heard oral argument in All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality....more

Ballard Spahr LLP

Oral argument calendared for March 12 in All American Check Cashing case

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The Fifth Circuit has calendared oral argument in the All American Check Cashing case for March 12, 2019.  The case is one of the three cases currently pending in the circuit courts that involve a challenge to the CFPB’s...more

Ballard Spahr LLP

Supreme Court’s Kokesh v. SEC ruling limits CFPB disgorgement

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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

Ballard Spahr LLP

Richard Cordray’s tenure as CFPB Director is uncertain

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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

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