On June 21, 2018, in deciding a motion to dismiss a complaint brought the Consumer Financial Protection Bureau (“CFPB”)and the State of New York, Judge Loretta Preska of the U.S. District Court for the Southern District of...more
6/27/2018
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Separation of Powers ,
Single Director ,
State and Local Government ,
Statutory Interpretation ,
Title X
The battle for control of the Consumer Financial Protection Bureau (“CFPB”) raged on last Thursday during oral argument before the United States Court of Appeals for the District of Columbia Circuit in English v. Trump....more
Seyfarth Synopsis: One court upholds protection of Dodd-Frank limiting the President’s removal authority, while another court stifles a challenge against Mulvaney serving as acting Director of CFPB....more
2/7/2018
/ Administrative Agencies ,
Administrative Appointments ,
Article III ,
Banking Sector ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Independent Director ,
PHH Corp. v CFPB ,
Popular ,
Presidential Appointments ,
Removal For-Cause ,
Standing ,
Trump Administration
Seyfarth Synopsis: A federal judge on Wednesday denied a request to remove Mick Mulvaney as the CFPB’s acting director, finding that the President has authority to appoint the acting director despite former CFPB Director...more
1/17/2018
/ Administrative Agencies ,
Administrative Appointments ,
Appeals ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
Notice of Appeal ,
Preliminary Injunctions ,
Presidential Appointments ,
Trump Administration
Seyfarth Synopsis: Pursuant to the the Congressional Review Act, President Trump officially repealed the CFPB Arbitration Rule.
As expected, President Trump signed the resolution to repeal the arbitration rule proposed...more
11/6/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry ,
Trump Administration
Seyfarth Synopsis: Financial institutions can maintain the status quo of their pre-dispute resolution clauses in consumer contracts because Senate voted against CFPB’s proposed arbitration rule....more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
Seyfarth Synopsis: The Consumer Financial Protection Bureau issued a final rule that exposes financial services companies to increased litigation by banning the use of arbitration agreements to block consumer class actions. ...more
7/18/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry