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Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer...

On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more

Rent-to-Own Company Sues CFPB Over Authority to Regulate RTO Transactions

Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more

A very thoughtful article about legality of CFPB’s funding when Federal Reserve System is losing money

Shortly after the Supreme Court issued its 7-2 opinion in CFSA v. CFPB, holding that the funding mechanism for the CFPB created in the Dodd-Frank Act (a capped amount each year from the “combined earnings of the Federal...more

Consumer Finance Monitor Podcast Episode: Consumer Financial Protection Bureau Wins in Supreme Court But Can the Fed Continue to... [Video]

Special guest Alex J. Pollock, Senior Fellow with the Mises Institute and former Principal Deputy Director of the Office of Financial Research in the U.S. Treasury Department, joins us to discuss his recent blog post...more

Supreme Court punts another NBA preemption case; this time to the Ninth Circuit

On June 10, 2024, the Supreme Court granted the petition for a writ of certiorari and issued a summary disposition in Flagstar Bank, N.A. v. Kivett. The Supreme Court vacated the judgment and remanded the case to the Ninth...more

Director Rohit Chopra gives the back of his hand to argument that CFPB is unlawfully funded out of losses of Federal Reserve Banks

It took about an hour for someone on the Senate Finance Committee during its hearing today to mention the “elephant in the room” — namely, the fact that the CFPB is only allowed under Dodd-Frank to be funded out of “combined...more

A reply to Professor Levitin’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

Yesterday, I published a blog post highlighting the flaws in the arguments made by Professor Jeff Sovern in his recent article in the Consumer Law & Policy Blog for why the Fed, notwithstanding its losses, can still lawfully...more

A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

Consumer Finance Monitor Podcast Episode: Did the Supreme Court Hand the CFPB a Pyrrhic Victory? [Video]

Special guest Professor Hal Scott of Harvard Law School joins us today as we delve into the thought-provoking question of whether the Supreme Court’s recent decision in the landmark case of CFSA v. CFPB really hands the CFPB...more

Supreme Court punts the NBA preemption analysis back to the Second Circuit

On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring...more

Was it a pyrrhic victory for the CFPB in the Supreme Court in CFSA v. CFPB?

On May 16, Justice Thomas issued the majority opinion in which the Supreme Court held, by a 7-2 vote, that the CFPB’s funding mechanism comported with the Appropriations Clause of the Constitution which states, in relevant...more

SCOTUS CFSA decision to have broad impact

The U.S. Supreme Court’s ruling last week in CFSA v. CFPB that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution removes what many observers consider to be the last remaining...more

Director Chopra issues statement on FDIC/OCC/FHA proposal on incentive-based compensation arrangements

CFPB Director Rohit Chopra has released a statement about the proposal issued by the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Housing Finance Agency to address...more

Consumer Finance Monitor Podcast Episode: The U.S. Supreme Court’s Pending Ruling on National Bank Preemption: A Discussion of... [Video]

On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more

CFPB Files Cross-Motion for Summary Judgment in Texas Small Business Lending Rule Lawsuit

The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more

Lawmakers and AFSA oppose future arbitration rulemaking

In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,”...more

SCOTUS oral argument in Cantero v. Bank of America provides no clear indication of likely outcome

On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more

CFPB issues supervision order establishing supervision over World Acceptance using risk-based authority

The CFPB has released a supervisory order which establishes that the CFPB has supervisory authority over World Acceptance Corp. (WAC) based on the CFPB’s conclusion that it has reasonable cause to determine that WAC “is...more

Important National Bank Act (NBA) preemption case to be argued Today, February 27, before US Supreme Court

The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more

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