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Constitutional Challenges Rulemaking Process Consumer Financial Protection Bureau (CFPB)

Troutman Pepper Locke

CFSA Attempts to Renew Small Dollar Lending Rule Litigation in Supreme Court Petition

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On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more

McGlinchey Stafford

CFPB Under Siege: Legal Challenges, Leadership Changes, Congressional Moves

McGlinchey Stafford on

As we have highlighted previously (here and here), the Consumer Financial Protection Bureau (CFPB) has continued to undergo significant changes under the second Trump Administration. However, various interested parties have...more

Ballard Spahr LLP

Update on CFPB payday lending rule: “it ain’t over ‘till it’s over”

Ballard Spahr LLP on

On June 14, the CFPB announced that its payday lending rule would become effective on  March 30, 2025.  However, the CFPB ignored the possibility of further litigation in CFSA v. CFPB, the case challenging the payday lending...more

Bradley Arant Boult Cummings LLP

Supreme Court Upholds Constitutionality of CFPB’s Funding Mechanism

“Although there may be other constitutional checks on Congress’ authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires.” With these...more

Foley & Lardner LLP

Supreme Court Rules That the CFPB Is Constitutionally Funded

Foley & Lardner LLP on

On May 16, 2024, the Supreme Court reversed a Fifth Circuit decision which held that the funding for the Consumer Financial Protection Bureau (CFPB) violated the Appropriations Clause. This case was viewed as pivotal to the...more

Hudson Cook, LLP

CFPB Bites of the Month - Carving Up the CFPB

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In this month's Top 10 article, we share some of our top "bites" for the prior month covered during the November 16, 2022 webinar. So, what happened last month? Extra Bite: CFPB Releases Report on Tenant Background...more

Shipkevich PLLC

Fifth Circuit Court of Appeals Finds CFPB Funding Mechanism Unconstitutional Violation of Appropriations Clause

Shipkevich PLLC on

On October 19, 2022, three judges in the Fifth Circuit Court of Appeals ruled that the funding mechanism of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, the court found CFPB’s receiving...more

Hudson Cook, LLP

Supreme Court’s Seila Law Decision Brings Clarity to the CFPB (for Now)

Hudson Cook, LLP on

In June, the Supreme Court struck down the leadership structure of the CFPB as unconstitutional. (The case is Seila Law LLC v. CFPB, No. 19-7 (June 29, 2020), and the decision is here.) The case resolves a long-simmering...more

Ballard Spahr LLP

CFPB does not seek lifting of stay of compliance date for payday loan rule’s payment provisions in new status report filed in...

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The CFPB and the two industry trade groups that filed a lawsuit in a Texas federal district court challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) filed a new status report with the...more

Ballard Spahr LLP

Baptist Church Seeks to Intervene In CFPB Payday Rule Lawsuit

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On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. and the...more

Ballard Spahr LLP

A third bite at the apple: trade groups file lawsuit challenging CFPB payday loan rule

Ballard Spahr LLP on

Two trade groups, the Consumer Financial Service Association of America, Ltd. and the Consumer Service Alliance of Texas, have filed a lawsuit against the CFPB in a Texas federal district court challenging the CFPB’s final...more

Ballard Spahr LLP

Director Cordray’s Wall Street Journal interview today

Ballard Spahr LLP on

Here are the highlights from Richard Cordray’s interview earlier today with the Wall Street Journal. He refused to respond to the question of whether or not the memo issued on January 20 on behalf of President Trump by...more

Ballard Spahr LLP

What the D.C. Circuit’s PHH decision means for CFPB rulemaking

Ballard Spahr LLP on

In its decision last week in PHH Corporation v. CFPB, the D.C. Circuit ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional. While the D.C. Circuit (in footnote 19) noted that it “need...more

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