Administrative Agency Finance & Banking Civil Procedure

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DC Circuit Grants CFPB’s Petition for Rehearing En Banc in PHH Case

On February 16, the U.S. Court of Appeals for the D.C. Circuit entered an order granting the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in the PHH Corporation, et al., v. Consumer Financial...more

D.C. Circuit Grants Rehearing in PHH Case

On Thursday, February 16, 2017, the D.C. Circuit granted the Consumer Financial Protection Bureau’s (CFPB) petition for rehearing en banc in PHH Corporation v. Consumer Financial Protection Bureau. The Order marks the latest...more

Trump’s 2 for 1 Regulatory Reduction Challenged in Court

President Donald Trump’s Executive Order requiring two regulations be repealed for every new one adopted and related OMB guidance have been challenged in a law suit commenced in the U.S. District Court for the District of...more

Court reported to reject request of plaintiffs in another case challenging CFPB’s constitutionality for consolidation with PHH

According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the...more

D.C. Circuit grants PHH’s motion for leave to file supplemental response

Last Friday, the D.C. Circuit entered an order granting PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the...more

Tenth Circuit Court of Appeals Finds SEC’s Process for Designating Administrative Law Judges to be Defective, Causing Split with...

The U.S. Court of Appeals for the Tenth Circuit on December 27, 2016, in Bandimere v. SEC, found the Administrative Law Judges (ALJs) used by the U.S. Securities and Exchange Commission (SEC) to hear its administrative...more

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s...more

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more

Non-profit group files FOIA action against CFPB for access to arbitration rule records

The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule. In its complaint filed in D.C. federal...more

As Agency Enforcement Efforts Mount, CFTC Prohibits Private Lawsuits Against RTOs/ISOs for Market Manipulation

Incidents of alleged fraud and market manipulation in the energy markets increasingly have received the attention of federal agency enforcement efforts, including the Federal Energy Regulatory Commission (FERC) and the...more

Five Key Takeaways From the D.C. Circuit’s PHH Decision

The legal challenge by PHH Corp. (PHH) to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau (Bureau) in connection with the Bureau’s enforcement proceeding against PHH has captivated the...more

D.C. Circuit Court Finds the CFPB Misinterpreted Section 8 of RESPA and Violated Due Process with Retroactive Application

The D.C. Circuit Court issued its long-awaited opinion in PHH Corporation v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., filed 2015) regarding the constitutionality of the Consumer Financial Protection...more

PHH v. CFPB: Statutes of Limitation Apply To CFPB Administrative Proceedings: What You Need To Know

The D.C. Circuit Court released its highly anticipated opinion in PHH v. Consumer Financial Protection Bureau on October 11. This post addresses one important holding from that opinion. In other posts, we will be analyzing...more

Consumer Financial Protection Bureau Brought Down a Notch

Earlier lastweek the United States Court of Appeals for the DC Circuit issued its 110 page opinion concerning the Consumer Financial Protection Bureau (“CFPB”) and CFPB enforcement action in PHH Corporation Et al vs Consumer...more

Appellate Court Decision Holding CFPB Unconstitutional Promises Significant Implications

In a landmark decision issued last week, the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau’s (CFPB) structure violated the Constitution’s separation-of-powers requirements. In...more

U.S. Court of Appeals Rules Current Structure of CFPB Unconstitutional

The Consumer Financial Protection Bureau’s (CFPB) reign as an unchecked power just suffered a significant check. On Oct. 11, 2016, the U.S. Court of Appeals for the District of Columbia found that the CFPB’s structure was...more

CFPB Single-Director Structure Deemed Unconstitutional

Yesterday—in PHH Corp. v. CFPB—the U.S. Court of Appeals for the District of Columbia (the “D.C. Circuit”) held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) is unconstitutional,...more

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

SEC Wins Jury Verdicts Against City of Miami, Budget Director

The SEC prevailed at trial in an action against the City of Miami and its former budget director, Michael Boudreaux centered on three bond offerings. Specifically, the jury returned verdicts in favor of the Commission as to...more

Tennessee Securities Division Ramps Up Enforcement

The Securities Division of Tennessee’s Department of Commerce and Industry has increased its enforcement activity during 2016. The recent actions include: Final Administrative Orders: Clifton Alexander and HugeROI.com...more

D.C. Circuit Rejects Challenge to Appointment of SEC ALJs

While the Commission’s venue selection determinations have been repeatedly challenged, each of the decisions in favor of the agency at the circuit court level has failed to reach the merits of the Constitutional claim....more

FERC Civil Penalties May Be Subject to Full Judicial Review

A Federal District Court recently held that a proposed civil penalty assessed by FERC was subject to a full trial de novo where the respondent elects to forego a hearing before an Administrative Law Judge, a matter of first...more

The Scope Of SEC Defendants' Jury Trial Right: Part 2

This is the second of four articles examining the scope of the Seventh Amendment jury trial right for civil defendants in U.S. Securities and Exchange Commission enforcement actions. The previous article explained why the...more

Novel Reading Of Statute Widens CFPB Jurisdiction

Tucked away in a seemingly innocuous paragraph in a complaint, the Consumer Financial Protection Bureau has asserted an extraordinary and potentially far-reaching expansion of its authority. On June 6, 2016, the CFPB...more

In Apparent First, Eleventh Circuit Extends Five-Year Statute of Limitations to Declaratory Relief and Disgorgement Actions by SEC...

A federal appellate court recently held that the five-year statute of limitations in 28 U.S.C. § 2462 applies to actions by the Securities and Exchange Commission for declaratory relief and disgorgement. The decision extends...more

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