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The Supreme Court Limits the President's Recess Appointment Power

In January 2012, President Obama made recess appointments of the first Director of the Consumer Financial Protection Bureau and two members of the National Labor Relations Board during a three day period when the Senate was...more

The CFPB issues guidance on ensuring equal treatment for same-sex married couples

On June 25, 2014, the CFPB issued guidance setting forth basic principles on the issue of equal treatment for legally-married same-sex couples. The CFPB noted that this guidance was issued in response to the decision in...more

Illinois Supreme Court Debates Effect of Failure to Register as Debt Collector

Our reports on the oral arguments during the May term of the Illinois Supreme Court continue with a direct appeal pursuant to Supreme Court Rule 302 – LVNV Funding v. Trice....more

The CFPB Eyes Supervisory Regulation Over Large Auto-Lenders

Large auto-lenders may soon have to contend with a new regulator. In its most recent semi-annual report, the Consumer Financial Protection Bureau (“CFPB”) highlighted its intent to promulgate a new rule which would subject...more

Court Refuses to Apply California or Texas Law to Putative Nationwide Class and Denies Renewed Motion for Class Certification

A California federal district court denied a renewed motion for certification of a nationwide class, holding that the application of California negligence and conversion law would violate the due process rights of...more

Ninth Circuit rejects Morgan Drexen’s attempt to enjoin CFPB’s enforcement action

As previously reported, in January 2014, the California federal district court hearing the CFPB’s enforcement action against Morgan Drexen rejected Morgan Drexen’s motion to dismiss based on a challenge to the CFPB’s...more

Banking & Financial Services E-Note

In This Issue: - Appeals Court Says Dodd-Frank Clause Violates 1st Amendment - Basel Committee Eases Derivatives Rule for Banks - CFPB Revises International Money Transfer Rule - AG Seeks More Enforcement...more

Minnesota Appeals Court Upholds State Regulation Of Online Payday Lender

On March 31, the Minnesota Court of Appeals held that the Minnesota state legislature may regulate the activities of online payday lenders that extend loans to individuals residing within the state’s borders, even if the...more

Cert Petition Asks Supreme Court To Decide Whether Congress Can Allow Uninjured Plaintiffs To Sue In Federal Court

For years, defendants have argued that federal courts may not entertain class-action lawsuits when the plaintiff does not allege that he or she suffered any concrete personal harm and instead relies solely on an “injury in...more

New Mexico Supreme Court Analyzes State’s Foreclosure Standing Requirements, Ability To Repay Standard

On February 13, the New Mexico Supreme Court held that a borrower’s ability to repay a home mortgage loan is one of the “borrower’s circumstances” that lenders and courts must consider in determining compliance with the New...more

Appellants file briefs with D.C. Circuit in State National Bank of Big Spring

Briefs were filed last week by the “private” and “state” appellants in State National Bank of Big Spring, Texas, et al. v. Lew, et al., the case on appeal to the U.S. Court of Appeals for the D.C. Circuit that includes a...more

Financial Services Law - Feb 14, 2014

Bit by Bit(coin), Virtual Currency Inches Toward Regulation - Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more

FCRA Claim Provides Article III Standing without Showing of Actual Harm, Ninth Circuit Rules

The U.S. Court of Appeals for the Ninth Circuit has ruled that a plaintiff had Article III standing to sue a website operator for violations of the Fair Credit Reporting Act (FCRA) regardless of whether he could show actual...more

Target of CFPB Complaint Loses Argument on Unconstitutionality

The United States District Court for the Central District of California denied a motion to dismiss brought by a target of the CFPB’s enforcement powers. In August 2013, the CFPB filed a complaint against a debt relief-service...more

CFPB Suit Against Debt Settlement Firm Will Proceed

On January 10, a federal judge denied a debt settlement company’s motion to dismiss a CFPB enforcement action pending in the Central District of California, in which the company challenged the constitutionality of the CFPB’s...more

CA federal court rejects challenge to CFPB’s constitutionality

The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more

CFPB Weighs In On New York Tribal Lending Case

On November 13, the CFPB filed an amicus brief in a Second Circuit case stemming from efforts of the New York Department of Financial Services (DFS) to crack down on lenders offering allegedly illegal payday loans. Certain...more

D.C. Federal Court Dismisses Lawyer, Service Provider Challenge To CFPB Probe

On October 17, the U.S. District Court for the District of Columbia granted the CFPB’s motion to dismiss an attorney and service provider’s lawsuit challenging the authority of the CFPB. The court declined to exercise...more

D.C. federal court dismisses Morgan Drexen lawsuit against CFPB

A Washington, D.C. federal district court has dismissed the lawsuit filed by Morgan Drexen against the CFPB that alleged the Bureau’s structure was unconstitutional because it violated the Constitution’s separation of powers....more

New York Continues Payday Loan Crackdown

The New York Department of Financial Services (DFS) may take direct and indirect actions against online tribal lenders, Judge Richard Sullivan of the Southern District of New York held in a ruling last week. The decision is...more

CFPB’s Cordray Ratifies Recess Appointment Actions

The head of the CFPB, Richard Cordray, was initially appointed by a recess appointment which has generated speculation as to its validity and resulted in certain court actions. Mr. Cordray’s appointment was subsequently...more

CFPB Seeks To Ratify Director’s Pre-Confirmation Actions

Earlier today, the CFPB published a “Notice of Ratification” in the Federal Register in response to concerns about the legal validity of its actions during the period that Director Richard Cordray served as recess appointee. ...more

Federal Circuit Court Accepts Appeals Of Challenges To Dodd-Frank Act

On August 12, the U.S. Court of Appeals for the District of Columbia Circuit agreed to hear appeals filed by several state Attorneys General (AGs) and certain private plaintiffs regarding the U.S. District Court for D.C.’s...more

A tale of two lawsuits: CFPB sues Morgan Drexen

Yesterday, the CFPB filed a lawsuit against Morgan Drexen, the company that on July 22 sued the CFPB claiming that the Bureau’s structure violates the Constitution’s separation of powers....more

The Financial Report - Volume 2, No. 15 • August 15, 2013

ESMA proposes delay in reporting date for exchange traded derivatives. The European Securities and Markets Authority has sent the European Commission its Final Report proposing an amendment to Article 5 of the Commission...more

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