A Nevada federal district court has stayed an action filed by the CFPB to enforce a civil investigative demand (CID) issued to a small-dollar lender pending the U.S. Supreme Court’s decision in Community Financial Services...more
11/14/2023
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agencies ,
SCOTUS ,
Small Dollar Lenders ,
Stays
On November 29, 2023, the U.S. Supreme Court will hear oral argument in Jarkesy v. Securities and Exchange Commission, a case in which the respondents are challenging the constitutionality of the SEC’s use of administrative...more
11/7/2023
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Amicus Briefs ,
Article II ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Oral Argument ,
Regulatory Authority ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Seventh Amendment
Last Friday, the U.S. Supreme Court granted the SEC’s petition for certiorari in Jarkesy v. Securities and Exchange Commission, a case in which the respondents are challenging the constitutionality of the SEC’s use of...more
Last week, the CFPB filed its supplemental brief with the Ninth Circuit in Seila Law and its supplemental en banc brief with the Fifth Circuit in All American Check Cashing. The CFPB argues in both briefs that ratification...more
This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing....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
3/6/2020
/ Administrative Proceedings ,
All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Authority ,
FHFA ,
Financial Services Industry ,
FSOC ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
The orders released today by the U.S. Supreme Court from its January 10 conference did not include any orders regarding the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin or the petition filed...more
1/13/2020
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FHFA ,
HERA ,
Judicial Review ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
At its conference this Friday, January 10, the U.S. Supreme Court is expected to consider the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin and the petition filed by the FHFA and Treasury...more
1/7/2020
/ Administrative Proceedings ,
Certiorari ,
Conservators ,
Constitutional Challenges ,
Dismissals ,
Dodd-Frank ,
En Banc Review ,
FHFA ,
GSE ,
Petition for Writ of Certiorari ,
Real Estate Market ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Shareholders ,
Single Director ,
Statutory Violations ,
U.S. Treasury
The U.S. Supreme Court has denied the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing.
In its petition, All American sought to have the Supreme Court hear its interlocutory appeal from...more
12/10/2019
/ Administrative Proceedings ,
All American Check Cashing ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Denial of Certiorari ,
Dodd-Frank ,
Financial Services Industry ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director ,
Title X
Although the CFPB now agrees that its structure is unconstitutional, it has filed a brief opposing the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing with the U.S. Supreme Court. All...more
11/19/2019
/ Administrative Proceedings ,
All American Check Cashing ,
Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Enforcement Authority ,
Financial Services Industry ,
Interlocutory Appeals ,
Litigation Strategies ,
Oral Argument ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
Separation of Powers ,
Single Director ,
State Attorneys General
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
10/31/2019
/ Administrative Proceedings ,
All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Oral Argument ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
Scope of the Claim ,
SCOTUS ,
Single Director ,
Statutory Interpretation
All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality has been calendared for oral argument before a Fifth Circuit panel on December 4, 2019....more
10/29/2019
/ Administrative Proceedings ,
All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Oral Argument ,
Petition for Writ of Certiorari ,
RD Legal Funding ,
Removal For-Cause ,
SCOTUS ,
Single Director
The U.S. Supreme Court entered an order yesterday in Seila Law inviting Paul D. Clement “to brief and argue this case, as amicus curiae, in support of the judgment below on the question presented by the petition.” The...more
This past Friday, the U.S. Supreme Court announced that it has agreed to decide whether the CFPB’s single-director-removable-only-for-cause structure is constitutional. The Court granted Seila Law’s petition for a writ of...more
10/21/2019
/ Administrative Proceedings ,
Amicus Briefs ,
Article III ,
Certiorari ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Jurisdiction ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Standing
Although the Seila Law docket indicated that the briefs on Seila Law’s petition for certiorari were distributed for the U.S. Supreme Court’s October 11 conference, no order on the petition was among the orders issued by the...more
House amicus brief. The House of Representatives has filed a motion seeking leave to file an amicus brief in support of the Ninth Circuit’s decision in Seila Law. While acknowledging that the deadline for filing amicus...more
The long-running saga that is the litigation over whether the CFPB’s single-director-removable-only-for-cause structure is constitutional took a new twist on Tuesday with the CFPB’s announcement that it has determined that...more
9/19/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
Dodd-Frank ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Single Director
Appellant Seila Law has filed a motion for a stay of the Ninth Circuit’s mandate in its decision ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional pending the filing by Seila Law of a...more
6/11/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Motion To Stay ,
Petition for Writ of Certiorari ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Statutory Interpretation
A unanimous Ninth Circuit panel has ruled in CFPB v. Seila Law LLC that the CFPB’s single-director-removable-only-for-cause structure is constitutional....more
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
3/18/2019
/ Administrative Proceedings ,
All American Check Cashing ,
Article III ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Oral Argument ,
Removal For-Cause ,
Single Director ,
Standing ,
Statutory Interpretation
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
As we discuss below, President Trump’s nomination of D.C. Circuit Judge Brett Kavanaugh to serve as a Justice of the U.S. Supreme Court could have significant implications for all federal agencies should Judge Kavanaugh be...more
7/12/2018
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Due Process ,
Judges ,
Judicial Appointments ,
Nominations ,
Removal For-Cause ,
SCOTUS ,
Single Director ,
Trump Administration
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
4/19/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Trump Administration
Last Friday in New Orleans, the ABA Business Law Section Consumer Financial Services Committee hosted a fascinating program about CFPB enforcement at the Section’s 2017 Spring Meeting. The program was entitled: “Too Much or...more
The DOJ submitted its amicus brief in the PHH case on Friday, March 17. We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the...more
3/20/2017
/ Administrative Proceedings ,
Amicus Briefs ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation