The U.S. Supreme Court ruled last week that parties seeking to challenge the constitutionality of the structure of the Federal Trade Commission and the Securities and Exchange Commission cannot be required to raise such...more
Many people have asked me if the Second Circuit’s opinion in CFPB v. Law Offices of Crystal Moroney, which held that the CFPB’s funding does not violate the Appropriations Clause, changes my mind about how the Supreme Court...more
A three-judge panel of the U.S. Court of Appeals for the Second Circuit has unanimously ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the U.S. Constitution. In its decision, the panel...more
A three-judge panel of the U.S. Court of Appeals for the Second Circuit has unanimously ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the U.S. Constitution. In its decision, the panel...more
Having granted the certiorari petition filed by the CFPB seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB, the U.S. Supreme Court has granted the parties’...more
The Securities and Exchange Commission (SEC) has filed a petition for certiorari with the U.S. Supreme Court seeking review of the Fifth Circuit’s decision in Jarkesy v. Securities and Exchange Commission, a case with...more
The U.S. Supreme Court has granted the certiorari petition filed by the CFPB seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the Fifth...more
Two groups of state attorneys general have filed amicus briefs in the U.S. Supreme Court urging the Court to grant the CFPB’s certiorari petition seeking review of the Fifth Circuit panel decision in Community Financial...more
This Wednesday, December 14, CFPB Director Rohit Chopra is scheduled to appear before the House Financial Services Committee for a hearing, “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau.” A...more
Last week, the U.S. Supreme Court granted the unopposed request of the Community Financial Services Association for a 30-day extension until January 13, 2023 to file its brief in opposition to the CFPB’s certiorari petition...more
The CFPB has filed a certiorari petition with the U.S. Supreme Court seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB that held the CFPB’s funding...more
The CFPB and All American Check Cashing have agreed to a settlement in the CFPB’s enforcement action filed against All American in 2016 for alleged violations of the CFPA’s UDAAP prohibition in connection with check cashing...more
Even though I often disagree with Professor Levitin’s opinions and policy positions about consumer financial services developments, I maintain high respect for him because he is very knowledgeable in this area. Shortly after...more
Pursuant to the agreed motion for a stay filed by the CFPB and Populus Financial Group, Inc., which does business as ACE Cash Express, the Texas federal district court hearing the CFPB’s enforcement action against Populus has...more
The CFPB has told two courts, an Illinois federal district court and the Ninth Circuit, that the Fifth Circuit panel decision holding that the Bureau’s funding mechanism is unconstitutional is “neither controlling nor...more
In a decision with enormous potential implications, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has ruled that the manner in which the CFPB is funded violates the Appropriations Clause of...more
Summary -
A unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled October 19, 2022, that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) violates the U.S....more
With the dark cloud over the CFPB that was the constitutional challenge to the for-cause limit on removal of its Director having mostly lifted, a new and even darker cloud has descended in the form of another constitutional...more
Populus Financial Group, Inc., which does business as ACE Cash Express, has filed a motion to dismiss the lawsuit filed by the CFPB in July 2022 against Populus in a Texas federal district court in which the CFPB alleges that...more
The magistrate judge assigned to hold a settlement conference in All American Check Cashing has issued an order stating that the matter did not settle at the settlement conference conducted on September 7. The order also...more
The CFPB and All American Check Cashing have filed a status report with the Mississippi federal district court indicating that they have agreed to a settlement conference before a magistrate judge....more
The U.S. Court of Appeals for the Ninth Circuit, in CFPB v. CashCall, has rejected CashCall’s constitutional challenge, affirmed the district court’s finding that the corporate defendants and its CEO were liable for engaging...more
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
Last Thursday, on remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit heard oral argument in Seila Law. The members of the three judge panel were Judge Susan Graber and Judge Paul Watford...more
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