News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Civil Investigation Demand

Orrick, Herrington & Sutcliffe LLP

Chopra testifies at House, Senate committee hearings

On June 12, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to address the CFPB’s Semi-Annual Report to Congress. The CFPB Director, Rohit Chopra, in his opening statement addressed the Committee to...more

Sheppard Mullin Richter & Hampton LLP

CFPB Wins at the Supreme Court

On May 16, the United States Supreme Court, in a 7-2 ruling, held that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. As we previously discussed in greater detail, under the...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Womble Bond Dickinson

Increasing Volume of Pro Se, Frequent Litigants, and Pre-Litigation Demands & Arbitration Claims in Financial Services Litigation...

Womble Bond Dickinson on

This is the first in a series of articles based on Womble Bond Dickinson’s recent 2024 Trends in Financial Services Litigation seminar. Managing consumer disputes and consumer lawsuits has always been a fact of life for...more

Epstein Becker & Green

Pending Supreme Court Decision on the Constitutionality of the Consumer Financial Protection Bureau’s Funding Structure Results in...

The United States Supreme Court’s pending decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd., et al. (“Community Financial Services Association of America Ltd.”) in...more

Ballard Spahr LLP

Nevada federal district court stays CFPB action to enforce civil investigative demand pending SCOTUS decision in CFSA case

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A Nevada federal district court has stayed an action filed by the CFPB to enforce a civil investigative demand (CID) issued to a small-dollar lender pending the U.S. Supreme Court’s decision in Community Financial Services...more

Orrick, Herrington & Sutcliffe LLP

District Court grants payday lender's motion to stay CFPB case pending Supreme Court decision

On November 3, the U.S. District Court of Nevada granted a payday lender’s motion to stay a case brought by the CFPB, pending a SCOTUS’s decision in Community Financial Services Association of America v. Consumer Financial...more

Akerman LLP

Explainer Things: Episode 10

Akerman LLP on

Our newsletter’s title is a nod to the semi-scary Netflix series Stranger Things. No surprise we are VERY excited about Halloween. You may notice that our regular pop culture references have gone horror-themed for this...more

Orrick, Herrington & Sutcliffe LLP

CFPB denies petition to set aside investigative demand in student loan discharge probe

On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with...more

Woods Rogers

FTC Opens Consumer Protection Investigation of OpenAI, Creator of ChatGPT

Woods Rogers on

The Investigation - The Federal Trade Commission (FTC) recently opened an investigation into OpenAI, creator of ChatGPT, to determine whether the artificial intelligence company violated consumer protections laws. According...more

Orrick, Herrington & Sutcliffe LLP

When the CFPB Investigates: Responding to a CFPB CID

Since opening its doors in July 2011, the Consumer Financial Protection Bureau (CFPB) has not been shy about initiating enforcement actions against companies and individuals subject to its authority, recovering billions of...more

Ballard Spahr LLP

Certiorari petition filed in Second Circuit case rejecting constitutional challenge to CFPB’s funding

Ballard Spahr LLP on

In CFPB v. Law Offices of Crystal Moroney, a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in March 2023 that the CFPB’s funding structure does not violate the Appropriations Clause...more

Blank Rome LLP

U.S. Court of Appeals for the Second Circuit Rules That the Funding Structure for the Consumer Financial Protection Bureau Is...

Blank Rome LLP on

In this article, the authors review a decision by a federal circuit court of appeals upholding the constitutionality of the funding structure for the Consumer Financial Protection Bureau. Entities regulated by the...more

Ballard Spahr LLP

Certiorari Petition To Be Filed In Second Circuit Case Rejecting Constitutional Challenge To CFPB’s Funding

Ballard Spahr LLP on

In CFPB v. Law Offices of Crystal Moroney, a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in March 2023 that the CFPB’s funding structure does not violate the Appropriations Clause...more

Orrick, Herrington & Sutcliffe LLP

CFPB denies small-dollar lender’s request to set aside CID

The CFPB recently denied a lender’s request to set aside or modify a civil investigative demand (CID) issued in January related to its short-term and small-dollar lending practices. The lender’s redacted petition asserted...more

Troutman Pepper

CFPB Denies Payday Lender’s Petition to Withdraw CID

Troutman Pepper on

Last month, the Consumer Financial Protection Bureau (CFPB or Bureau) denied Pacific Rim Alliance Corporation’s (Pacific Rim) petition to set aside a second civil investigation demand (CID) issued to the company on the basis...more

Locke Lord LLP

Second Circuit Decides CFPB Funding ‎Structure Is Constitutional, Setting up Circuit Split for ‎Supreme ‎Court

Locke Lord LLP on

On March 23, 2023 a three-judge panel of the U.S. Court of Appeals for the Second Circuit unanimously ruled in Consumer Financial Protection Bureau v. Law Offices of Crystal Moroney, P.C. (“Moroney”) that the CFPB’s funding...more

Cadwalader, Wickersham & Taft LLP

Second Circuit Rules CFPB Funding Mechanism Is Constitutional, Deepening Split with Fifth Circuit

On March 23, the U.S. Court of Appeals for the Second Circuit ruled that the CFPB’s funding mechanism is constitutional. The case, CFPB v. Law Offices of Crystal Moroney, is significant for two reasons. First, the Second...more

Saul Ewing LLP

CFPB v. Law Offices of Crystal Maroney

Saul Ewing LLP on

On March 23, 2023, the U.S. Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (the “CFPB”) funding structure is constitutional. The Second Circuit’s three-judge unanimous panel...more

Alston & Bird

Second Circuit Deepens Circuit Split over CFPB Funding Structure

Alston & Bird on

A&B ABstract: On March 23, 2023, the Second Circuit held the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional.  This decision comes on the heels of the Supreme Court granting certiorari to...more

Troutman Pepper

Second Circuit Upholds CFPB’s Funding Structure

Troutman Pepper on

Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer...more

Ballard Spahr LLP

Second Circuit rules that CFPB’s funding does not violate Appropriations Clause

Ballard Spahr LLP on

A three-judge panel of the U.S. Court of Appeals for the Second Circuit has unanimously ruled that the CFPB’s funding structure does not violate the Appropriations Clause of the U.S. Constitution. In its decision, the panel...more

Blank Rome LLP

Second Circuit Holds CFPB’s Funding Structure Is Constitutional

Blank Rome LLP on

Entities regulated by the Consumer Financial Protection Bureau (“CFPB”), including banks, credit unions, payday lenders, mortgage servicers, debt collectors, and other financial services providers, should take note that the...more

Orrick, Herrington & Sutcliffe LLP

CFPB says ruling on funding structure doesn’t affect debt collector’s CID

In December, the CFPB denied a petition by a debt collection agency to set aside a civil investigative demand (CID) issued last October. The company challenged the Bureau’s authority to issue the CID on the grounds that the...more

Orrick - On the Chain

CFPB Makes an Entrance: Crypto Products Targeted

Orrick - On the Chain on

Ending doubts regarding its interest in the space, the Consumer Financial Protection Bureau (CFPB) has for the first time publicly acknowledged its investigation of a crypto company — and it’s likely a sign of things to come....more

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