Financial Daily Dose 6.30.2020 | Top Story: Supreme Court Allows President to Fire CFPB Director, Lets Agency Remain

Robins Kaplan LLP

Robins Kaplan LLP

By a 5-4 margin, the Supreme Court has ordered the restructuring of the Consumer Financial Protection Bureau, “ruling the agency’s structure was unconstitutional because its director held too much unchecked power.” The fix, according to the Court, is allowing the President to remove the CFPB’s director “for any reason,” which it deemed sufficient to reject arguments to “strike down the bureau altogether” – WSJ and Law360 and HuffPost

Some Law360 analysis on what the ruling could mean for other regulatory agencies – Law360

We talked this week about the U.S.’s efforts to target China’s Nutech, but America’s far from the only country with ongoing Beijing issues. Take, for example, India. Already in the midst of a border dispute with its Chinese neighbor, on Monday India banned nearly 60 Chinese apps, including the wildly popular TikTok, “citing national security concerns, part of the larger tit-for-tat retaliation that is unfolding between the countries after their militaries clashed earlier this month” – NYTimes and WSJ and MarketWatch

Fed Chair Powell will testify before the House Financial Services Committee and is expected to tell lawmakers that the central bank is working to react to a new round of “extraordinary uncertainty” and challenges facing an economy trying to reopen while responding to a corresponding surge in new Covid cases – WSJ and Bloomberg and NYTimes

After being stymied in its bid to grab GrubHub, Uber now has its sights set on Postmates, a nine-year-old smartphone-summoned courier that “saw early popularity in coastal cities” but has struggled to compete with larger food delivery foes in recent years – NYTimes and WSJ and Bloomberg

The Journal walks us through the role of shortseller Carson Block of Muddy Waters LLC in taking down Starbucks-rival Luckin Coffee, which the Nasdaq has officially delisted in the wake of a sales-inflation scandal a mere 6 months after Luckin shares hit a record high on the exchange – WSJ

Monday data showing solid home sales helped the S&P 500 erase its June losses, as markets rose across the board to start out the week – Bloomberg

The Eugene Scalia-led Department of Labor has released a new fiduciary duty “to replace regulations shot down by the Fifth Circuit two years ago” when Scalia—then in private practice—“successfully challenged the policy on behalf of the U.S. Chamber of Commerce.” Among the proposed changes is an immediate return to a five-part DOL test from 1975 for determining whether a retirement investment adviser is a fiduciary – Law360

An ode to the Zoom shirt, 4 months in – NYTimes

Lululemon has snapped up in-home fitness company Mirror for $500 million, a deal that “builds on a business relationship that began in mid-2019, with an initial investment in Mirror by Lululemon” – MarketWatch

Struggling movie chain AMC has pushed back its planned theater reopening date to late July “following date changes for the upcoming releases of two major films” from Disney and Warner Bros. – WSJ and MarketWatch

Amazon has announced plans to pay employees and contractors nearly half a billion dollars “following months of strong demand from consumers stuck at home during coronavirus lockdowns and pressure on workers handling the jump in orders” – WSJ

I mean, Caity Weaver’s already one of the best (going back to her Gawker days). And you go and give her something like “Below Deck” for material? Yeah, you’ll want to make some time for this one – NYTimes

Stay safe.

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Robins Kaplan LLP

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