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Constitutional Challenges Payday Lending Rule Financial Services Industry

Goodwin

2024 Year in Review: Major US Supreme Court and Appellate Cases

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Welcome to the “Major US Supreme Court and Appellate Cases” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. The Supreme Court continues to take a close look at major administrative law...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

Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule

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The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule....more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

CFPB announces March 30, 2025 compliance date for payday lending rule

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In a blog post published at the end of last week, the CFPB announced that its payday lending rule (Rule) would go into effect on March 30, 2025.  Because the Rule’s ability to pay requirements were rescinded, the only...more

Ballard Spahr LLP

House votes to override CFPB small Business lending rule

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Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more

McGlinchey Stafford

Clues On High Court Outcome In CFPB Constitutionality Case

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On October 3, the U.S. Supreme Court heard oral arguments in the Consumer Financial Protection Bureau v. Community Financial Services Association of America, the latest in a long line of cases targeting the constitutionality...more

Troutman Pepper Locke

Supreme Court Denies Oral Argument to Republican State AGs Who Argue That the CFPB Funding Mechanism Is Unconstitutional

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On August 21, the U.S. Supreme Court denied a request by West Virginia Attorney General (AG) Patrick Morrisey and 26 other state AGs to participate in oral arguments in Consumer Financial Protection Bureau (CFPB) et al. v....more

Cadwalader, Wickersham & Taft LLP

Second Circuit Rules CFPB Funding Mechanism Is Constitutional, Deepening Split with Fifth Circuit

On March 23, the U.S. Court of Appeals for the Second Circuit ruled that the CFPB’s funding mechanism is constitutional. The case, CFPB v. Law Offices of Crystal Moroney, is significant for two reasons. First, the Second...more

Cadwalader, Wickersham & Taft LLP

The Supreme Court Grants Petition to Decide Constitutionality of CFPB Funding

On February 27, 2023, the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s Petition for a Writ of Certiorari in the closely watched case of CFPB v. Community Financial Services Association of America, and...more

Venable LLP

Supreme Court Agrees to Hear Case Involving CFPB Funding

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On February 27, 2023, the Supreme Court granted the certiorari petition of the Consumer Financial Protection Bureau (CFPB) to hear a case that could cast doubt on all of the regulations that have been promulgated by the...more

Orrick, Herrington & Sutcliffe LLP

CFPB urges Supreme Court review of 5th Circuit decision

The CFPB recently filed a reply brief in its petition for a writ of certiorari asking the U.S. Supreme Court to review whether the U.S. Court of Appeals for the Fifth Circuit erred in holding that the Bureau’s funding...more

Ballard Spahr LLP

A Response to Professor Adam Levitin about the Fifth Circuit Opinion in Community Financial Services Association of America, LTD...

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Even though I often disagree with Professor Levitin’s opinions and policy positions about consumer financial services developments, I maintain high respect for him because he is very knowledgeable in this area. Shortly after...more

Sheppard Mullin Richter & Hampton LLP

Fifth Circuit Rules CFPB Funding Structure Unconstitutional in Next Turn of Litigation

On October 19, in Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau, a three-judge panel in the Fifth Circuit unanimously found the CFPB’s funding structure to be...more

Shipkevich PLLC

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

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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

Kelley Drye & Warren LLP

“An Arrow Has Found its Target”: Federal Appeals Court Deems CFPB Funding Method Unconstitutional, Invalidating Payday Lending...

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In a decision with potentially far-reaching implications for the CFPB, a three-judge panel of the U.S. Circuit Court of Appeals for the Fifth Circuit yesterday ruled that the Bureau’s funding structure is unconstitutional. ...more

Troutman Pepper Locke

Fifth Circuit Finds CFPB Funding Structure Unconstitutional

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In a major decision released October 19, a three-judge panel of the Fifth Circuit Court of Appeals found the funding mechanism for the Consumer Financial Protection Bureau (CFPB or Bureau) to be unconstitutional....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

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