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Dodd-Frank Wall Street Reform and Consumer Protection Act › Removal For-Cause

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

Ninth Circuit rules CID issued to Seila Law was validly ratified by Director Kraninger

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Less than six weeks after hearing oral argument, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the CID issued to Seila Law was validly ratified by Director Kraninger and affirmed the district...more

Ballard Spahr LLP

Second Circuit sends CFPB ratification issue back to district court in RD Legal Funding

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Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s...more

Ballard Spahr LLP

Second Circuit hears oral argument in RD Legal Funding

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Last week, the U.S. Court of Appeals for the Second Circuit heard oral argument in RD Legal Funding. The three judge panel consisted of two members of the Second Circuit, Judge Denny Chin and Senior Judge Barrington Parker,...more

Ballard Spahr LLP

NY Federal District Court Grants CFPB Petition To Enforce CID Ratified By Director Kraninger

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On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme...more

Ballard Spahr LLP

After Seila Law, Will Congress Change the CFPB’s Leadership Structure?

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In the wake of the U.S. Supreme Court’s June 29, 2020 decision in Seila Law LLC v. Consumer Financial Protection Bureau, which held that the CFPB’s leadership structure violates the separation of powers mandated by the U.S....more

Lathrop GPM

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

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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)

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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

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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"

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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

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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

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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

Ballard Spahr LLP

CFPB Ratifies Most Pre-Seila Law Regulatory Actions

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The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). ...more

Holland & Knight LLP

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

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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...

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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

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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

Cadwalader, Wickersham & Taft LLP

Seila Law LLC v. Consumer Financial Protection Bureau: Has the Supreme Court Tamed or Empowered the CFPB?

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On June 29, the Supreme Court issued its long-awaited opinion in Seila Law LLC v. Consumer Financial Protection Bureau, finally resolving the question that has dogged the new agency since its inception:  Is the leadership...more

Foley Hoag LLP - White Collar Law &...

CFPB’s Structure Found Unconstitutional, But Agency Will Survive

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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

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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

Ballard Spahr LLP

U.S. Supreme Court Seila Law Decision Throws Past CFPB Actions Into Question

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Last Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S....more

BakerHostetler

SCOTUS Issues Decision in Seila Law

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On June 29, 2020, the Supreme Court of the United States issued a long-awaited decision in Seila Law LLC v. CFPB concerning a constitutional challenge to the Consumer Financial Protection Bureau (CFPB). In a 5-4 decision, the...more

BCLP

SCOTUS Upholds CFPB but not its Singular Director Structure

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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

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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

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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

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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

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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

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