The U.S. Supreme Court entered an order yesterday in Seila Law inviting Paul D. Clement “to brief and argue this case, as amicus curiae, in support of the judgment below on the question presented by the petition.” The...more
This past Friday, the U.S. Supreme Court announced that it has agreed to decide whether the CFPB’s single-director-removable-only-for-cause structure is constitutional. The Court granted Seila Law’s petition for a writ of...more
10/21/2019
/ Administrative Proceedings ,
Amicus Briefs ,
Article III ,
Certiorari ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Jurisdiction ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Standing
The long-running saga that is the litigation over whether the CFPB’s single-director-removable-only-for-cause structure is constitutional took a new twist on Tuesday with the CFPB’s announcement that it has determined that...more
9/19/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
Dodd-Frank ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Single Director
The CFPB and the New York Attorney General have filed their response and reply briefs in the Second Circuit, where the CFPB and NYAG filed appeals from the district court’s decision and RD Legal Funding filed a cross-appeal. ...more
8/20/2019
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Solicitor General has filed a motion with the U.S. Supreme Court asking for an extension of the date by which the government must file its response to Seila Law’s petition for a writ of certiorari. The petition seeks...more
The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more
7/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Women-Owned Businesses
In an interesting twist, the FHFA has informed the Fifth Circuit in Collins v. Mnuchin, that despite having previously advised the en banc court that it would not defend the FHFA’s constitutionality, it has reconsidered its...more
7/11/2019
/ Article III ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
FHFA ,
GSE ,
HERA ,
Removal For-Cause ,
Single Director ,
Standing ,
Stock Purchase Agreement
The National Association for Latino Community Asset Builders (NALCAB) and two individual small business owners have joined the lawsuit filed against the CFPB in May 2019 by the California Reinvestment Coalition in a...more
Appellant Seila Law has filed a motion for a stay of the Ninth Circuit’s mandate in its decision ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional pending the filing by Seila Law of a...more
6/11/2019
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Motion To Stay ,
Petition for Writ of Certiorari ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
Statutory Interpretation
A unanimous Ninth Circuit panel has ruled in CFPB v. Seila Law LLC that the CFPB’s single-director-removable-only-for-cause structure is constitutional....more
The CFPB and New York Attorney General have filed their opening briefs in their appeals to the Second Circuit in RD Legal Funding. ...more
3/19/2019
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
Despite agreeing on the merits with State National Bank of Big Spring (SNB) and the other petitioners for certiorari that the CFPB’s structure is unconstitutional, the Department of Justice has filed a brief in which it...more
A group of 11 state attorneys general and the District of Columbia AG submitted a comment letter to the CFPB on its proposed revisions to its trial disclosure policy (TDP) in which they ask the Bureau to withdraw or...more
The New York Attorney General, on October 12, 2018, filed an appeal with the Second Circuit from Judge Preska’s dismissal on September 12 of all of the NYAG’s federal and state law claims, and her subsequent September 18...more
10/16/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB’s proposed revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy) have been strongly criticized by consumer and public interest groups who, in addition to other objections, assert that the...more
We have been following very closely the lawsuit filed by the CFPB and the New York Attorney General against RD Legal Funding. We earlier reported that on June 21 Judge Preska dismissed the CFPB’s claims based on the...more
9/20/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dismissal With Prejudice ,
Dodd-Frank ,
Financial Services Industry ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
As expected, following Judge Preska’s dismissal on September 12 of all of the New York Attorney General’s federal and state law claims, the CFPB filed an appeal with the Second Circuit from Judge Preska’s June 21 ruling in...more
9/17/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Petition for Writ of Certiorari ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case...more
9/14/2018
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
Dodd-Frank ,
Exemptions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Sandbox ,
Trial Disclosure Programs
On September 12, Judge Preska entered an order and judgment dismissing all of the New York Attorney General’s federal and state law claims against RD Legal Funding. ...more
9/14/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
FRCP 54(b) ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
State Attorneys General ,
Title X
A petition for certiorari was filed in the U.S. Supreme Court late last week by State National Bank of Big Spring (SNB) which, together with two D.C. area non-profit organizations that also joined in the petition, had brought...more
The New York Attorney General has sent a letter to Judge Preska asking her to clarify her August 23 order granting the CFPB’s request for entry of a Rule 54(b) judgment so that it can appeal her June 21 constitutionality...more
RD Legal Funding has submitted a letter to Judge Preska indicating that it does not oppose her entry of a Rule 54(b) judgment to allow the CFPB to appeal her June 21 constitutionality ruling to the Second Circuit but renews...more
The New York Attorney General has submitted a letter to Judge Preska that responds to RD Legal Funding’s letter asking her to dismiss all of the NYAG’s federal and state claims....more
8/16/2018
/ Anti-Assignment Clauses ,
Attorney General ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dismissals ,
Dodd-Frank ,
Enforcement Authority ,
Financial Services Industry ,
RD Legal Funding ,
Regulatory Oversight ,
State and Local Government ,
Subject Matter Jurisdiction ,
Title X ,
Usury
RD Legal Funding and the New York Attorney General have filed a joint submission with Judge Preska of the Southern District of New York regarding how they propose to proceed in the CFPB’s and NYAG’s lawsuit against RD Legal...more
7/10/2018
/ Administrative Authority ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Joint Submissions ,
Motion to Dismiss ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP
The CFPB will soon need to decide how it will respond to the decision issued last week by Judge Preska of the Southern District of New York in RD Legal Funding finding that the CFPB’s single-director-removable-only-for-cause...more