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Dodd-Frank Wall Street Reform and Consumer Protection Act Constitutional Challenges Financial Regulatory Reform

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
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New Leadership and Dramatic Changes at the CFPB: Future of the Bureau Uncertain

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In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more

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Texas Federal District Court Rejects All Administrative Procedure Act Challenges to CFPB’s Section 1071 Final Rule

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Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

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We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

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Rent-to-Own Company Sues CFPB Over Authority to Regulate RTO Transactions

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Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more

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A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

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Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

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SCOTUS rules CFPB’s funding mechanism is constitutional

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The U.S. Supreme Court, in a 7-2 decision, ruled yesterday that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution....more

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Trade group for providers of commercial sales-based financing files lawsuit challenging CFPB final small business lending rule

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Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more

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Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

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As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more

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CBA urges House leadership to enact legislation to change CFPB leadership structure to bipartisan commission

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The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person,...more

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Banking and Financial Institutions Newsletter

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President Trump Issues Executive Order Instructing Review of Financial Regulations - President Donald Trump on February 3rd issued an Executive Order (EO) detailing his Administration’s core principles for financial...more

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