Constitutional Law, Finance & Banking, Consumer Protection

Further Setback for the CFPB Director’s Authority?

by Marc Hearron, Andrew M. Smith, Nancy R. Thomas | Morrison & Foerster LLP on 5/20/2013

A split panel of the U.S. Court of Appeals for the Third Circuit issued a decision yesterday holding that a “recess” appointment to the National Labor Relations Board (NLRB) was unconstitutional and invalid. NLRB v. New Vista...more

House Committee Refuses To Allow CFPB Director To Appear

by BuckleySandler LLP on 5/3/2013

On April 22, House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent letters to CFPB Director Richard Cordray and CFPB General Counsel Meredith Fuchs stating that the House Financial Services Committee cannot...more

As the CFPB Turns … And Other Consumer Financial Services News

by Christi Lawson | Foley & Lardner LLP on 4/26/2013

In this week’s episode of As the CFPB Turns questions remain regarding Director(?) Richard Cordray’s constitutional authority to act as the Director of the CFPB. House Financial Services Committee Chairman, Jeb Hensarling,...more

Congressional Research Service issues two reports on Canning decision

by Barbara S. Mishkin | Ballard Spahr LLP on 4/10/2013

The D.C. Circuit’s January 2013 decision in Noel Canning v. NLRB is the subject of two recently-issued reports by the Congressional Research Service. The decision held that President Obama’s recess appointments of three...more

Congressman questions implications of Canning for CFPB funding

by Barbara S. Mishkin | Ballard Spahr LLP on 3/14/2013

Much attention has been devoted to what the D.C. Circuit’s Canning decision could mean for the CFPB’s rulemaking, supervisory and enforcement authority. Now, a Congressman is questioning the decision’s implications for the...more

No fireworks at Cordray nomination hearing

by Alan S. Kaplinsky | Ballard Spahr LLP on 3/13/2013

Not only did the Senate Banking Committee hearing this morning on Richard Cordray’s nomination to be CFPB Director produce no fireworks, there were moments when Committee members seemed to forget he was in the hearing room....more

D.C. Circuit’s Invalidation of President Obama’s Recess Appointments Raises Questions Concerning Actions Taken by the Consumer...

by King & Spalding on 2/8/2013

The D.C. Circuit’s Decision in Noel Canning - On January 25, 2013, the U.S. Court of Appeals for the D.C. Circuit held that President Obama’s recess appointments to the National Labor Relations Board (NLRB) were...more

DC Court of Appeals Decision May Impact CFPB Powers and Authority

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 2/7/2013

A recent decision by a three-judge appellate panel of the US Court of Appeals for the District of Columbia Circuit (DC Circuit) may hold the key to whether, and to what extent, actions taken by Richard Cordray as the Director...more

Past CFPB actions may portend fate of mortgage rules

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 2/5/2013

Following the invalidation of three presidential “recess” appointments to the NLRB by the D.C. Circuit Court of Appeals in Noel Canning v. NRLB, theories continue to swirl about the fate of Director Cordray....more

D.C. Circuit Declares President Obama’s NLRB Recess Appointments Unconstitutional

by BuckleySandler LLP on 2/4/2013

On January 25, the U.S. Court of Appeals for the D.C. Circuit held that appointments to the National Labor Relations Board (NLRB) made by President Obama in January 2012 during a purported Senate recess were unconstitutional,...more

NLRB Plans to Ignore D.C. Circuit Ruling Invalidating Obama Recess Appointments; Validity of Appointment of Richard Cordray as...

by Christopher L. Maberry, Nancy Morrison O'Connor | Bracewell & Giuliani LLP on 1/29/2013

In what appears to be the continuation of a showdown among the three branches of federal government, the D. C. Circuit ruled today that President Obama's January 2012 "recess" appointments of three members to the National...more

Cordray Renominated as Bureau’s Director, But Court Ruling Jeopardizes His Recess Appointment and Bureau’s Powers

by Timothy S. Crisp | Foley & Lardner LLP on 1/28/2013

It’s been the best of times and the worst of times for Richard Cordray this week. First, President Obama renominated Cordray to be the Consumer Financial Protection Bureau’s (the Bureau) director on January 24, 2013....more

Court Decision Jeopardizes CFPB Nominee

by John Dodge | Davis Wright Tremaine LLP on 1/28/2013

On Friday, January 25, 2013, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit struck down as unconstitutional President Obama’s 2012 “recess appointments” of three members of the National...more

Legal Alert: Court Finds President's Recess Appointments to NRLB Unconstitutional

by FordHarrison on 1/25/2013

Executive Summary: A three-judge panel of the D.C. Circuit Court of Appeals has held that President Obama's recess appointment of three members to the National Labor Relations Board (NLRB) violated the U.S. Constitution. ...more

Are the CFPB and Richard Cordray’s appointment Constitutional?

by Emily Miller | Ballard Spahr LLP on 1/10/2013

The programming at the ABA Consumer Financial Services Committee meeting included an excellent panel discussion addressing whether the creation of the CFPB and the appointment of Director Richard Cordray were Constitutional....more

DOJ files amicus brief supporting plaintiff in Eighth Circuit standing case

by Christopher J. Willis | Ballard Spahr LLP on 12/1/2012

Earlier this week, we wrote about Charvat v. First National Bank of Wahoo, a case pending before the Eighth Circuit that raises the question whether a plaintiff has Article III standing to sue for an alleged statutory...more

CFPB moves to dismiss case challenging Director Cordray’s recess appointment

by Alan S. Kaplinsky | Ballard Spahr LLP on 11/28/2012

The CFPB has filed a motion to dismiss in State National Bank of Big Spring, Texas, et al. v. Geithner, et al., the case currently pending in federal district court in Washington, D.C. that includes a challenge to President...more

New Jersey Courts Require Homeowners to Act Promptly in Defense of Foreclosure

by Ryan L. DiClemente, Francis X. Riley, III | Saul Ewing LLP on 11/20/2012

The New Jersey Appellate Division found that homeowners' excessive delay in raising their standing arguments precluded potential defenses and affirmed that a foreclosure judgment received by a party lacking standing is not...more

State AGs Challenge Legality of New Dodd-Frank Regulatory Group

by Jeff Ifrah on 10/8/2012

Three states have joined a lawsuit to challenge the constitutionality of the Financial Stability Oversight Council (FSOC), a Dodd-Frank-created regulatory body headed by the Treasury secretary. The panel, composed of top...more

The Fight Over the Use of Eminent Domain to Seize Underwater Mortgages: Recent Updates

by Dechert LLP on 10/3/2012

The latest developments in the fight over the use of eminent domain to seize underwater mortgages in California and elsewhere have important implications for lenders nationwide. The debate over the use of eminent domain...more

Three State AGs Join Challenge to Dodd-Frank Act and CFPB Appointment

by BuckleySandler LLP on 10/1/2012

On September 20, the Attorneys General (AGs) of Michigan, Oklahoma, and South Carolina joined an earlier-filed lawsuit in the U.S. District Court for the District of Columbia that challenges aspects of the Dodd-Frank Act,...more

New Lawsuit Attacks Constitutionality and Authority of the CFPB and FSOC

by Richik Sarkar on 7/5/2012

The Competitive Enterprise Institute (CEI), one of the organizations that filed briefs supporting the recent challenge to the Affordable Care Act, has now brought a constitutional challenge seeking to block two major...more

The Consumer Financial Protection Bureau Is Challenged as Unconstitutional

by Foley & Lardner LLP on 7/2/2012

This past Thursday, June 21, 2012, the State National Bank of Big Spring (“National Bank’”), the Competitive Enterprise Institute (“CEI”), and the 60 Plus Association, Inc. (“the Association”), filed suit against the Consumer...more

Bold Lawsuit Challenging the Constitutionality of the CFPB, the FSOC, and the Appointment of Director Cordray Suffers from...

by Ballard Spahr LLP on 6/28/2012

Last Thursday, amidst an inordinate amount of deliberately sought publicity, a lawsuit was filed challenging the constitutionality of the CFPB itself, of the Financial Stability Oversight Council (FSOC), as well as that of...more

Freeman, et al. v. Quicken Loans, Inc.: Supreme Court Declines To Expand Consumer Protections Beyond Congress’ Exact Words

by Richik Sarkar on 6/4/2012

Adhering to the exact wording of the Real Estate Settlement Procedures Act (“RESPA”), the U.S. Supreme Court held in a rare, unanimous decision that a violation of Section 8(b) of RESPA does not apply unless a...more

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Constitutional Law › Finance & Banking › Consumer Protection