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Consumer Financial Protection Bureau (CFPB) Removal For-Cause Financial Services Industry

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

Orrick, Herrington & Sutcliffe LLP

9th Circuit orders district court to reassess $7.9 million civil penalty against payments company

On January 27, the U.S. Court of Appeals for the Ninth Circuit ordered a district court to reassess its decision “under the changed legal landscape since its initial order and opinion” in an action concerning alleged...more

Ballard Spahr LLP

Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A...

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In a decision with enormous potential implications, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has ruled that the manner in which the CFPB is funded violates the Appropriations Clause of...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

Ballard Spahr LLP

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

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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

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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

Ninth Circuit rules CID issued to Seila Law was validly ratified by Director Kraninger

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Less than six weeks after hearing oral argument, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the CID issued to Seila Law was validly ratified by Director Kraninger and affirmed the district...more

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Seila Law files supplemental brief with Ninth Circuit

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Last week, Seila Law filed its supplemental brief with the Ninth Circuit. The CFPB filed its supplemental brief last month....more

Ballard Spahr LLP

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

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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

Ballard Spahr LLP

NY Federal District Court Grants CFPB Petition To Enforce CID Ratified By Director Kraninger

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On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme...more

Ballard Spahr LLP

CFPB files ratification with Fifth Circuit in All American Check Cashing

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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

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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

Goodwin

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

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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

Ballard Spahr LLP

Fifth Circuit rules CFPB’s structure is constitutional

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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

Ballard Spahr LLP

SCOTUS denies certiorari petition filed by All American Check Cashing

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The U.S. Supreme Court has denied the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing. In its petition, All American sought to have the Supreme Court hear its interlocutory appeal from...more

Ballard Spahr LLP

CFPB files opposition to All American Check Cashing’s cert petition; All American replies

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Although the CFPB now agrees that its structure is unconstitutional, it has filed a brief opposing the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing with the U.S. Supreme Court.  All...more

Burr & Forman

Supreme Court to Decide Whether Structure of the Consumer Finance Protection Bureau is Constitutional

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On October 18, 2019, the Supreme Court granted the petition for a writ of certiorari filed in Seila Law LLC v. Consumer Financial Protection Bureau. In granting the petition, the Court agreed to take up two distinct issues....more

Ballard Spahr LLP

Second Circuit adjourns oral argument in RD Legal

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In CFPB and People of the State of New York v. RD Legal, the CFPB and NYAG appealed to the Second Circuit from the district court’s decision holding the CFPB’s structure is unconstitutional and striking all of Title 10 of...more

Ballard Spahr LLP

Fifth Circuit clarifies scope of Dec. 4 oral argument in All American Check Cashing

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With the Fifth Circuit having already heard oral argument in March 2019 in All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality, it is not surprising that...more

Ballard Spahr LLP

Fifth Circuit sets Dec. 4 oral argument date in All American Check Cashing

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All American Check Cashing’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality has been calendared for oral argument before a Fifth Circuit panel on December 4, 2019....more

Ballard Spahr LLP

Ninth Circuit puts hold on CashCall appeal pending SCOTUS decision in Seila Law; CFPB asks Second Circuit to adjourn oral argument...

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As expected, the U.S. Supreme Court’s grant of Seila Law’s cert petition is impacting other cases in which the CFPB’s constitutionality has also been challenged. ...more

Robins Kaplan LLP

Financial Daily Dose 10.25.2019 | Top Story: ECB Holds Rates Steady as Draghi Departs

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Mario Draghi presided over his final ECB meeting yesterday, with the central bank deciding to hold rates steady and let current stimulus measures play out for the time being. His departure (and the arrival of former IMF chief...more

Ballard Spahr LLP

All American Check Cashing and CFPB submit letter briefs to Fifth Circuit

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All American Check Cashing and the CFPB have submitted letter briefs to the Fifth Circuit regarding what action the court should take in light of the en banc Fifth Circuit’s decision in Collins v. Mnuchin that held the FHFA’s...more

Robins Kaplan LLP

Financial Daily Dose 10.7.2019 | Top Story: Talks Between GM and UAW Falter as Strike Hits Fourth Week

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Talks between General Motors and the striking UAW broke down yesterday, threatening the progress the two sides “appeared to make in recent days,” a troubling sign as the strike heads into its 4th week....more

Ballard Spahr LLP

Fifth Circuit panel in All American Check Cashing asks parties to brief impact of en banc Fifth Circuit decision holding FHFA...

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The issue of the CFPB’s constitutionality is currently before the Fifth Circuit in the interlocutory appeal of All American Check Cashing from the district court’s ruling upholding the CFPB’s constitutionality.  Oral argument...more

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