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English files motion for preliminary injunction, amended complaint in CFPB Acting Director dispute

by Ballard Spahr LLP on

As required by Judge Kelly’s scheduling order, yesterday afternoon Leandra English filed a motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to...more

Second lawsuit filed challenging Mulvaney’s appointment as CFPB Acting Director

by Ballard Spahr LLP on

Yesterday, the Lower East Side People’s Federal Credit Union filed a complaint in U.S. District Court for the Southern District of New York seeking a declaration that Mick Mulvaney’s appointment as CFPB Acting Director is...more

Court enters scheduling order in CFPB Acting Director dispute

by Ballard Spahr LLP on

Following a scheduling conference held earlier yesterday, Judge Kelly entered an order setting a briefing schedule and hearing date for Laurena English’s motion for a preliminary injunction in her action seeking a declaration...more

English to seek preliminary injunction in CFPB Acting Director dispute

by Ballard Spahr LLP on

Leandra English has filed a Proposed Schedule confirming that she plans to file a motion for a preliminary injunction in her action for declaratory and injunctive relief filed in D.C. federal district court seeking a...more

The Trump Administration Gets Its Man at the CFPB

Mick Mulvaney is secure in his new title as Acting Director of the Consumer Financial Protection Bureau (CFPB)—at least for now—as a result of a Trump-appointed judge’s decision, issued on November 28, 2017. The decision came...more

CFPB Leadership Dispute: Impacts and Next Steps

by White & Case LLP on

A dramatic legal fight over interim leadership of the Consumer Financial Protection Bureau (CFPB or Bureau) saw its first round end November 28, 2017, when a federal judge denied a motion for a temporary restraining order...more

TRO denied in CFPB Acting Director dispute; Mulvaney imposes regulatory freeze

by Ballard Spahr LLP on

Tuesday afternoon, Judge Timothy Kelly of the D.C. federal district court denied Leandra English’s motion for a temporary restraining order (TRO) to prevent President Trump from appointing or recognizing the appointment of a...more

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

by Polsinelli on

President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

Federal court asked to decide who is CFPB Acting Director

by Ballard Spahr LLP on

Last Friday, November 24, effective at midnight, Richard Corday resigned as CFPB Director.  Earlier in the day, the CFPB issued a press release announcing that Mr. Cordray had named Leandra English, the CFPB’s Chief of Staff,...more

Judge Timothy Kelly, a Trump nominee, to hear lawsuit to determine CFPB Acting Director; TRO hearing scheduled for 4:30 today

by Ballard Spahr LLP on

The declaratory judgment action and motion for temporary restraining order filed by Leandra English in the D.C. federal district court for a declaration that she, and not Mick Mulvaney, is the CFPB Acting Director has been...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

by Ballard Spahr LLP on

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Director Cordray criticizes CRA override of CFPB arbitration rule

by Ballard Spahr LLP on

In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more

When will the CFPB formally acknowledge that Congress has repealed its arbitration rule?

by Ballard Spahr LLP on

Yesterday marks one week since President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule....more

Another One Bites the Dust - the President Kills the CFPB Arbitration Rule

by Seyfarth Shaw LLP on

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

No Treat For CFPB: Trump, Congress Override Rule On Class Action Waivers

by Carlton Fields on

On November 1, President Trump signed legislation disapproving a CFPB rule designed to prohibit class action waivers in certain consumer financial services contracts. In so doing, Trump rejected a last minute personal appeal...more

CFPB Arbitration Rule Eliminated by Congress and President

by Bilzin Sumberg on

On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more

Finance industry groups file dismissal notice in lawsuit seeking to overturn CFPB arbitration rule

by Ballard Spahr LLP on

The plaintiffs in the lawsuit filed by industry groups in a Texas federal district court against the CFPB to overturn the final arbitration rule have filed a Notice of Voluntary Dismissal....more

President Trump signs CFPB arbitration rule override

by Ballard Spahr LLP on

Yesterday, President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule. The House and Senate actions were taken pursuant to the Congressional Review Act...more

Reversal of Fortune: Congress Strikes Down CFPB Arbitration Rule Banning Class Action Waivers

by Moore & Van Allen PLLC on

U.S. businesses have the good fortune to be on the receiving end of a favorable U.S. Senate vote nullifying the hotly-contested Consumer Financial Protection Bureau (CFPB) rule banning class action waivers in certain consumer...more

Cordray’s Letter to President Trump Distorts Impact of Arbitration Rule

by Ballard Spahr LLP on

CFPB Director Richard Cordray yesterday sent a letter to President Trump asking him to uphold the Bureau’s arbitration rule even though the Senate recently joined the House in authorizing a repeal of the rule under the...more

Congress Disapproves The CFPB’s Anti-Class Action Arbitration Waiver Rule

by Carlton Fields on

Congress has adopted a joint resolution of disapproval of the CFPB’s arbitration rule under the Congressional Review Act, 5 U.S.C. Section 801 et seq.  President Trump’s approval of the joint resolution will prevent the...more

CFPB’s Effort to Axe Class Waivers Gets Axed by the Senate

By the hair of its chinny chin chin, the Senate voted on Tuesday to nullify the CFPB’s previously announced final rule that would have prohibited banks, credit card companies, and other financial service entities from...more

Vice President Casts Deciding Vote to Overturn CFPB’s Proposed Arbitration Rule

by Seyfarth Shaw LLP on

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

Senate Kills CFPB Rule Prohibiting Class Action Waivers

by Seyfarth Shaw LLP on

Yesterday the Senate struck down a new Consumer Financial Protection Bureau (“CFPB”) rule which would have prohibited providers of financial products and services from including class action waivers in their arbitration...more

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