News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Reversal

Cozen O'Connor

Bipartisan AG Group Asks Supreme Court to Affirm States’ Right to Enforce Banking Laws

Cozen O'Connor on

A bipartisan coalition of 34 AGs wrote an amicus brief to the U.S. Supreme Court advocating for states’ right to enforce their consumer financial protection laws against state and national banks alike....more

Mayer Brown

CFPB Wins Reversal of Dismissal – And Key Ruling on Securitization Trusts

Mayer Brown on

Earlier last week, the Consumer Financial Protection Bureau (“CFPB”) won an important court ruling in a long-running case against student loan securitization trusts. The case has a long (and for the CFPB, somewhat ignoble)...more

Hinshaw & Culbertson - Consumer Financial...

Consumer Law Hinsights – July 2020

Welcome to Consumer Law Hinsights?a monthly compilation of nationwide consumer protection cases of interest to financial services and accounts receivable management companies. This edition highlights our interactive COVID-19...more

Lathrop GPM

The CFPB’s Future After Seila Law LLC v. Consumer Financial Protection Bureau

Lathrop GPM on

In the wake of the 2008 financial crisis, Congress created the Consumer Financial Protection Bureau, an independent agency dedicated to consumer protection in the financial sector. The CFPB’s jurisdiction includes banks,...more

Hudson Cook, LLP

Supreme Court’s Seila Law Decision Brings Clarity to the CFPB (for Now)

Hudson Cook, LLP on

In June, the Supreme Court struck down the leadership structure of the CFPB as unconstitutional. (The case is Seila Law LLC v. CFPB, No. 19-7 (June 29, 2020), and the decision is here.) The case resolves a long-simmering...more

Bradley Arant Boult Cummings LLP

Small Dollar Rule Stay Requested to Be Lifted in Recent Joint Status Report

With the Supreme Court’s recent decision in Seila Law and Director Kathleen Kraninger’s ratification of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (the “Small Dollar...more

Akerman LLP

Impact of Supreme Court's Decision in "Seila Law, LLC v. CFPB"

Akerman LLP on

On June 29, 2020, the Supreme Court resolved the ongoing dispute regarding the structure of the Consumer Financial Protection Bureau (CFPB) in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. – (2020). In a 5-4...more

Brownstein Hyatt Farber Schreck

High Court’s Seila Law Decision Disappoints

On June 29, 2020, in Seila Law v. Consumer Financial Protection Bureau (CFPB), a divided Supreme Court held that the statute that created the CFPB is unconstitutional because it did not vest enough powers with elected...more

White & Case LLP

US Supreme Court Rules CFPB’s Leadership Structure is Unconstitutional but Leaves CFPB Intact

White & Case LLP on

On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers...more

Holland & Knight LLP

Supreme Court Saves CFPB, But Subjects Its Director to Removal at the Will of the President | Insights

Holland & Knight LLP on

The U.S. Supreme Court on June 29, 2020, issued its decision in Seila Law v. CFPB, a case in which the petitioner challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB). While the Supreme Court...more

A&O Shearman

Supreme Court Concludes That Dodd-Frank's "For Cause" CFPB Director Removal Provision Violates Separation Of Powers, But Finds...

A&O Shearman on

On June 29, 2020, the United States Supreme Court, in a 5-4 decision authored by Chief Justice Roberts, held that the structure of the Consumer Financial Protection Bureau (“CFPB”), which permitted the President to remove the...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Foley Hoag LLP - White Collar Law &...

CFPB’s Structure Found Unconstitutional, But Agency Will Survive

The Supreme Court in Seila Law LLC v. Consumer Financial Protection Bureau held that the structure of the Consumer Financial Protection Bureau (“CFPB”) violated the separation of powers, but stopped short of finding the...more

WilmerHale

Supreme Court Invalidates Restriction on President’s Power to Remove the CFPB Director

WilmerHale on

On June 29, 2020, the Supreme Court issued its opinion in Seila Law LLC v. Consumer Financial Protection Bureau, slip op. No. 19-7. The decision resolves a long-disputed issue regarding the constitutionality of the structure...more

BCLP

SCOTUS Upholds CFPB but not its Singular Director Structure

BCLP on

The Consumer Financial Protection Bureau (“CFPB”) is slightly less than a decade old, created in the wake of the 2008 financial crisis to enforce the nation’s consumer financial protection laws and ensure that consumer debt...more

Bilzin Sumberg

Supreme Court Rules CFPB's Structure Must Be Modified

Bilzin Sumberg on

While declining to rule that the Consumer Financial Production Bureau (CFPB) itself is unconstitutional — a position taken by many of the agency’s opponents since it began operating in July 2011 — the U.S. Supreme Court...more

McGuireWoods LLP

The Supreme Court’s CFPB Decision: Implications for Consumer Finance & Other Agencies

McGuireWoods LLP on

This week’s U.S. Supreme Court opinion in Seila Law v. CFPB reached its most widely expected conclusion, ultimately allowing the CFPB to continue to operate. But the opinion also raises questions about previously initiated...more

Clark Hill PLC

United States Supreme Court Provides Little Guidance to Remedy an Unconstitutional CFPB

Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB or Bureau) has been a federal agency like no other. Born out of the last financial crisis, the Dodd-Frank Act envisioned the CFPB to be an independent agency, free of “political...more

BakerHostetler

Supreme Court's Seila Law Has Major Implications for CFPB, All Independent Agencies

BakerHostetler on

On June 29, the Supreme Court issued its decision in Seila Law v. Consumer Protection Financial Bureau (CFPB), holding that a removal restriction limiting the president’s ability to fire and thereby control the director of...more

Morrison & Foerster LLP

U.S. Supreme Court Strikes CFPB Director For-Cause Removal Provision

On June 29, 2020, the U.S. Supreme Court issued its ruling in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the CFPB’s leadership structure—with a single director removable only for inefficiency,...more

Saul Ewing LLP

Supreme Court Rules That the CFPB Director Must Be Removable at Will

Saul Ewing LLP on

The U.S. Supreme Court ruled on June 29 that the Director of the Consumer Financial Protection Bureau (CFPB) cannot constitutionally be subject to removal only for cause, as provided by the Dodd-Frank Wall Street Reform and...more

Robins Kaplan LLP

Financial Daily Dose 6.30.2020 | Top Story: Supreme Court Allows President to Fire CFPB Director, Lets Agency Remain

Robins Kaplan LLP on

By a 5-4 margin, the Supreme Court has ordered the restructuring of the Consumer Financial Protection Bureau, “ruling the agency’s structure was unconstitutional because its director held too much unchecked power.” The fix,...more

Ballard Spahr LLP

SCOTUS Rules CFPB’s Leadership Structure Is Unconstitutional

Ballard Spahr LLP on

By a five to four vote, the U.S. Supreme Court ruled this morning in Seila Law that the CFPB’s single-director-removable-for-cause leadership structure violates the separation of powers in the U.S. Constitution. Seven of the...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Seila Law LLC v. Consumer Financial Protection Bureau

On June 29, 2020, the U.S. Supreme Court decided Seila Law LLC v. Consumer Financial Protection Bureau, holding that the director of the Consumer Financial Protection Bureau (CFPB) must be removable at will by the president. ...more

Dorsey & Whitney LLP

The Supreme Court - June 29, 2020

Dorsey & Whitney LLP on

Seila Law LLC v. Consumer Financial Protection Bureau, No. 19-7: Congress established the Consumer Financial Protection Bureau (“CFPB”) in light of the 2008 financial crisis to be an independent regulatory agency. Unlike...more

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