In her State of the State address earlier this month, New York Governor Kathy Hochul proposed a significant expansion of New York’s consumer protection laws....more
On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more
The en banc Fifth Circuit has ruled in Collins v. Mnuchin that the FHFA is unconstitutionally structured because it is excessively insulated from Executive Branch oversight and that the appropriate remedy for the...more
Seila Law has filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the Ninth Circuit’s ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional. The...more
Appellant Seila Law has filed a motion for a stay of the Ninth Circuit’s mandate in its decision ruling that the CFPB’s single-director-removable-only-for-cause structure is constitutional pending the filing by Seila Law of a...more
Although Congress created the Consumer Financial Protection Bureau (“CFPB”) nearly a decade ago, constitutional challenges to its leadership structure remain ongoing. Until recently, only the D.C. Circuit had ruled on the...more
In Consumer Financial Protection Bureau v. Seila Law LLC, 2019 WL 1985350 (9th Cir. May 6, 2019), the Ninth Circuit followed the earlier decision of the D.C. Circuit in PHH Corp. v. Consumer Financial Protection Bureau, 881...more
A unanimous Ninth Circuit panel has ruled in CFPB v. Seila Law LLC that the CFPB’s single-director-removable-only-for-cause structure is constitutional....more
During his tenure, former CFPB Acting Director Mick Mulvaney brought significant changes to the Bureau’s structure and operations. As the new CFPB Director, Kathy Kraninger will have the benefit of a full five-year term to...more
Despite agreeing on the merits with State National Bank of Big Spring (SNB) and the other petitioners for certiorari that the CFPB’s structure is unconstitutional, the Department of Justice has filed a brief in which it...more
On September 17, 2018, four Amici filed briefs in the CFPB’s case against All American Check Cashing, which is now before the Fifth Circuit Court of Appeals. The Court is considering whether the structure of the CFPB is...more
Summary of SDNY order holding that CFPB is unconstitutional - CFPB v. RD Legal Funding, LLC, 17-cv-890 (June 21, 2018, S.D.N.Y.) - Last week, a federal court in New York ruled that the entire Consumer Financial...more
On June 21, 2018, in deciding a motion to dismiss a complaint brought the Consumer Financial Protection Bureau (“CFPB”)and the State of New York, Judge Loretta Preska of the U.S. District Court for the Southern District of...more
Senior United States District Judge in the Southern District of New York U.S. District Court (SDNY) Loretta A. Preska is making headlines for her statement on June 21, 2018, regarding the unconstitutionality of the structure...more
The CFPB will soon need to decide how it will respond to the decision issued last week by Judge Preska of the Southern District of New York in RD Legal Funding finding that the CFPB’s single-director-removable-only-for-cause...more
As the Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators. In Texas, a federal court denied a stay of the looming compliance...more
At the close of a 108 page decision filed in response to motions to dismiss a CFPB enforcement action, Consumer Financial Protection Bureau v. RD Legal Funding, LLC, C.A. No. 17-cv-890, Judge Loretta Preska of the U.S....more
In an ongoing, high-profile legal debate, court opinions on the constitutionality of the structure of the Bureau of Consumer Financial Protection (“Bureau”) – previously known as the Consumer Financial Protection Bureau...more
On June 21, 2018, the United States District Court for the Southern District of New York (“Southern District”) held that Title X of the Dodd Frank Act, which established the Consumer Financial Protection Bureau (“CFPB”) as an...more
The Bureau of Consumer Financial Protection has once again been deemed unconstitutional, this time in an opinion issued on June 21, 2018, by Loretta A. Preska, Senior U.S. District Judge for the Southern District of New York,...more
On June 21, 2018, Judge Preska of the Southern District of New York (“SDNY”) issued a decision finding that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional. ...more
On June 7, 2018, the Consumer Financial Protection Bureau (CFPB) issued an order dismissing administrative proceedings against PHH Corp. The dismissal follows a January ?31, 2018 opinion by the U.S. Court of Appeals for the...more
As expected, CFPB Acting Director Mick Mulvaney has signed an order directing that the Notice of Charges filed against PHH be dismissed and terminating the matter. The order indicates, that in dismissing the matter, Mr....more
The Commerce Department on Thursday announced a deal with China that will see the US lift stringent American sanctions on telecom giant ZTE in exchange for ZTE’s payment of a $1 billion fine and allowing the US to “more...more
American Banker has reported that that CFPB is planning to dismiss its lawsuit against PHH. According to the American Banker report, the CFPB and PHH have issued a joint statement in which the parties confirm that they have...more