News & Analysis as of

Appeals Constitutional Challenges Financial Services Industry

Troutman Pepper Locke

New York Court of Appeals to Review FAPA’s Constitutionality and Retroactive Application

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As a follow up to our May post, FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review, the New York Court of Appeals has finally agreed to consider New York’s Foreclosure Abuse Prevention...more

Ballard Spahr LLP

Federal Judge Rules NCUA board members were fired illegally, but Appeals Court puts FTC reinstatement on hold

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A Federal Judge has ruled that two NCUA board members were illegally fired by President Trump and has restored their positions on the board. ...more

Carlton Fields

U.S. Supreme Court Denies Alpine’s Petition Challenging Constitutionality of FINRA Enforcement Proceedings

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On June 2, 2025, the U.S. Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corp. in Alpine Securities Corp. v. Financial Industry Regulatory Authority. In doing so, the Supreme Court declined...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

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On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

Allen Matkins

Ninth Circuit Upholds DFPI's Commercial Financing Disclosure Rules

Allen Matkins on

On September 30, 2018, California enacted SB 1235, codified at California Financial Codes sections 22800–22805. SB 1235 requires that an offer of commercial financing for $500,000 or less be accompanied by disclosures of: (1)...more

Orrick, Herrington & Sutcliffe LLP

Student lender petitions U.S. Supreme Court to review 10th Circuit’s “arm of the state” ruling

Recently, a petition for a writ of certiorari was presented to the U.S. Supreme Court by a Missouri-based student lender seeking review of a decision by the U.S. Court of Appeals for the Tenth Circuit that it does not qualify...more

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

Carlton Fields

Piecing Alpine Together

Carlton Fields on

Is FINRA constitutional? According to the D.C. Circuit’s November 2024 opinion in Alpine Securities Corp. v. FINRA, FINRA proceedings may be unconstitutional in one narrow set of circumstances. ...more

Ballard Spahr LLP

Appeals Court sets March 30, 2025 as effective date of CFPB payday lending rule

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A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule....more

Ballard Spahr LLP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes...

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Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more

Ballard Spahr LLP

CFPB and NYAG file response and reply briefs in RD Legal

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The CFPB and the New York Attorney General have filed their response and reply briefs in the Second Circuit, where the CFPB and NYAG filed appeals from the district court’s decision and RD Legal Funding filed a cross-appeal. ...more

Burr & Forman

Ninth Circuit Finds that the TCPA Debt Collection Exception Violates the First Amendment

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Last month, in Duguid v. Facebook, Inc., 17-15320, 2019 WL 2454853 (9th Cir. June 13, 2019), the United States Court of Appeals for the Ninth Circuit (“Ninth Circuit”) held that the debt collection exception to the Telephone...more

Ballard Spahr LLP

CFPB and NYAG file opening briefs with Second Circuit in RD Legal Funding case

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The CFPB and New York Attorney General have filed their opening briefs in their appeals to the Second Circuit in RD Legal Funding. ...more

Ballard Spahr LLP

Parties in case challenging constitutionality of NY “no credit card surcharge” law jointly seek dismissal of complaint and appeal

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The NY Attorney General and the plaintiffs in Expressions Hair Design v. Schneiderman have filed a joint motion with the U.S. Court of Appeals for the Second Circuit asking the court to vacate the district court’s final...more

Ballard Spahr LLP

NY Court of Appeals issues interpretation of NY “no credit card surcharge” law

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The New York Court of Appeals has issued an opinion in Expressions Hair Design v. Schneiderman interpreting the state’s law that prohibits merchants from imposing a surcharge on credit card purchases (Section 518 of the...more

Ballard Spahr LLP

NY Attorney General files appeal with Second Circuit in RD Legal Funding case

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The New York Attorney General, on October 12, 2018, filed an appeal with the Second Circuit from Judge Preska’s dismissal on September 12 of all of the NYAG’s federal and state law claims, and her subsequent September 18...more

Ballard Spahr LLP

All American Check Cashing files reply brief in Fifth Circuit interlocutory appeal

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All American Check Cashing has filed its reply brief in its interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit from the district court’s ruling upholding the CFPB’s constitutionality....more

Ballard Spahr LLP

CFPB files appeal with Second Circuit in RD Legal Funding case

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As expected, following Judge Preska’s dismissal on September 12 of all of the New York Attorney General’s federal and state law claims, the CFPB filed an appeal with the Second Circuit from Judge Preska’s June 21 ruling in...more

Ballard Spahr LLP

CFPB files opposition brief in Fifth Circuit interlocutory appeal of All American Check Cashing

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The CFPB has filed its opposition brief in the interlocutory appeal of All American Check Cashing to the U.S. Court of Appeals for the Fifth Circuit from the district court’s ruling upholding the CFPB’s constitutionality....more

Poyner Spruill LLP

When a Good Headline is Just a Headline - SDNY District Court Judge Says CFPB is Unconstitutional

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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

Ballard Spahr LLP

Fifth Circuit agrees to hear challenge to CFPB’s constitutionality

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The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more

Ballard Spahr LLP

Ninth Circuit Rules California "No Credit Card Surcharge" Law Violates First Amendment

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A California law that prohibits merchants from imposing a surcharge on credit card purchases violates the First Amendment of the U.S. Constitution, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has...more

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