News & Analysis as of

Removal For-Cause Single Director

Ballard Spahr LLP

Utah federal court rejects constitutional challenge to CFPB’s funding mechanism

Ballard Spahr LLP on

A Utah federal district court has rejected the attempt of The Center for Excellence in Higher Education (CEHE) to invalidate a civil investigative demand (CID) issued by the CFPB based on a challenge to the constitutionality...more

Ballard Spahr LLP

Settlement discussions to continue in All American Check Cashing

Ballard Spahr LLP on

The magistrate judge assigned to hold a settlement conference in All American Check Cashing has issued an order stating that the matter did not settle at the settlement conference conducted on September 7.  The order also...more

Ballard Spahr LLP

En Banc Fifth Circuit Rules CFPB Enforcement Action Can Proceed Against All American Check Cashing, but Concurring Opinion Creates...

Ballard Spahr LLP on

The en banc U.S. Court of Appeals for the Fifth Circuit has ruled that the CFPB’s enforcement action against All American Check Cashing can proceed despite the unconstitutionality of the CFPB’s...more

Ballard Spahr LLP

RD Legal Funding asks SCOTUS to decide if CFPB can ratify pre-Seila Law actions

Ballard Spahr LLP on

RD Legal Funding has filed a petition for a writ of certiorari in the U.S. Supreme Court that asks the Court to decide whether the CFPB can ratify actions taken when it was unconstitutionally structured....more

Ballard Spahr LLP

Second Circuit sends CFPB ratification issue back to district court in RD Legal Funding

Ballard Spahr LLP on

Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s...more

Ballard Spahr LLP

Second Circuit hears oral argument in RD Legal Funding

Ballard Spahr LLP on

Last week, the U.S. Court of Appeals for the Second Circuit heard oral argument in RD Legal Funding. The three judge panel consisted of two members of the Second Circuit, Judge Denny Chin and Senior Judge Barrington Parker,...more

Ballard Spahr LLP

CFPB files supplemental briefs in Seila Law and All American Check Cashing

Ballard Spahr LLP on

Last week, the CFPB filed its supplemental brief with the Ninth Circuit in Seila Law and its supplemental en banc brief with the Fifth Circuit in All American Check Cashing.  The CFPB argues in both briefs that ratification...more

Lathrop GPM

The CFPB’s Future After Seila Law LLC v. Consumer Financial Protection Bureau

Lathrop GPM on

In the wake of the 2008 financial crisis, Congress created the Consumer Financial Protection Bureau, an independent agency dedicated to consumer protection in the financial sector. The CFPB’s jurisdiction includes banks,...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

Bradley Arant Boult Cummings LLP

Small Dollar Rule Stay Requested to Be Lifted in Recent Joint Status Report

With the Supreme Court’s recent decision in Seila Law and Director Kathleen Kraninger’s ratification of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (the “Small Dollar...more

Ballard Spahr LLP

CFPB files ratification with Fifth Circuit in All American Check Cashing

Ballard Spahr LLP on

This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing....more

Ballard Spahr LLP

Update on RD Legal Funding and All American Check Cashing

Ballard Spahr LLP on

With the U.S. Supreme Court having ruled in Seila Law that the CFPB’s leadership structure is unconstitutional, two circuit court cases involving the same constitutional challenge that were “on hold” pending the Supreme...more

Akerman LLP

Impact of Supreme Court's Decision in "Seila Law, LLC v. CFPB"

Akerman LLP on

On June 29, 2020, the Supreme Court resolved the ongoing dispute regarding the structure of the Consumer Financial Protection Bureau (CFPB) in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. – (2020). In a 5-4...more

Brownstein Hyatt Farber Schreck

High Court’s Seila Law Decision Disappoints

On June 29, 2020, in Seila Law v. Consumer Financial Protection Bureau (CFPB), a divided Supreme Court held that the statute that created the CFPB is unconstitutional because it did not vest enough powers with elected...more

White & Case LLP

US Supreme Court Rules CFPB’s Leadership Structure is Unconstitutional but Leaves CFPB Intact

White & Case LLP on

On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers...more

Ballard Spahr LLP

CFPB Ratifies Most Pre-Seila Law Regulatory Actions

Ballard Spahr LLP on

The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). ...more

Holland & Knight LLP

Supreme Court Saves CFPB, But Subjects Its Director to Removal at the Will of the President | Insights

Holland & Knight LLP on

The U.S. Supreme Court on June 29, 2020, issued its decision in Seila Law v. CFPB, a case in which the petitioner challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB). While the Supreme Court...more

A&O Shearman

Supreme Court Concludes That Dodd-Frank's "For Cause" CFPB Director Removal Provision Violates Separation Of Powers, But Finds...

A&O Shearman on

On June 29, 2020, the United States Supreme Court, in a 5-4 decision authored by Chief Justice Roberts, held that the structure of the Consumer Financial Protection Bureau (“CFPB”), which permitted the President to remove the...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Cadwalader, Wickersham & Taft LLP

Seila Law LLC v. Consumer Financial Protection Bureau: Has the Supreme Court Tamed or Empowered the CFPB?

On June 29, the Supreme Court issued its long-awaited opinion in Seila Law LLC v. Consumer Financial Protection Bureau, finally resolving the question that has dogged the new agency since its inception:  Is the leadership...more

Foley Hoag LLP - White Collar Law &...

CFPB’s Structure Found Unconstitutional, But Agency Will Survive

The Supreme Court in Seila Law LLC v. Consumer Financial Protection Bureau held that the structure of the Consumer Financial Protection Bureau (“CFPB”) violated the separation of powers, but stopped short of finding the...more

WilmerHale

Supreme Court Invalidates Restriction on President’s Power to Remove the CFPB Director

WilmerHale on

On June 29, 2020, the Supreme Court issued its opinion in Seila Law LLC v. Consumer Financial Protection Bureau, slip op. No. 19-7. The decision resolves a long-disputed issue regarding the constitutionality of the structure...more

Ballard Spahr LLP

U.S. Supreme Court Seila Law Decision Throws Past CFPB Actions Into Question

Ballard Spahr LLP on

Last Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S....more

BakerHostetler

SCOTUS Issues Decision in Seila Law

BakerHostetler on

On June 29, 2020, the Supreme Court of the United States issued a long-awaited decision in Seila Law LLC v. CFPB concerning a constitutional challenge to the Consumer Financial Protection Bureau (CFPB). In a 5-4 decision, the...more

BCLP

SCOTUS Upholds CFPB but not its Singular Director Structure

BCLP on

The Consumer Financial Protection Bureau (“CFPB”) is slightly less than a decade old, created in the wake of the 2008 financial crisis to enforce the nation’s consumer financial protection laws and ensure that consumer debt...more

231 Results
 / 
View per page
Page: of 10

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide