News & Analysis as of

Enforcement Actions Administrative Agencies Consumer Financial Protection Bureau (CFPB)

Dorsey & Whitney LLP

Predictions for the Federal Financial Service Agencies - Slow Down and Wait

Dorsey & Whitney LLP on

Following the myriad nominations, acting appointments and Executive Orders by the new Administration, many clients and friends have requested advice regarding legal and regulatory changes that might be forthcoming in the...more

Perkins Coie

Supreme Court Allows Structural Constitutional Challenges to FTC and SEC Proceedings in Federal District Court

Perkins Coie on

The U.S. Supreme Court ruled in two related cases, Axon Enterprise Inc. v. FTC (No. 21-86) and SEC v. Cochran (No. 21-1239), that federal district courts have jurisdiction to hear structural constitutional challenges to the...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

Ballard Spahr LLP

What does the Supreme Court’s Lucia decision mean for the CFPB and federal banking agencies?

Ballard Spahr LLP on

In its June 21 decision in Lucia v. Securities & Exchange Commission, the U.S. Supreme Court ruled that administrative law judges (ALJs) used by the SEC are “Officers of the United States” under the Appointments Clause in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

Ballard Spahr LLP

Credit Union Files Reply Brief in SDNY Case Challenging Mulvaney’s Appointment

Ballard Spahr LLP on

On December 29, 2017, the Lower East Side People’s Credit Union (“People’s”) filed a reply brief in support of its preliminary injunction motion in which it seeks to block the appointment of Mick Mulvaney as the Acting CFPB...more

Ballard Spahr LLP

Mulvaney puts hold on CFPB data collection, takes other actions as Acting Director

Ballard Spahr LLP on

We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more

Ballard Spahr LLP

CFPB changes direction in enforcement action; Mulvaney names senior advisor

Ballard Spahr LLP on

A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more

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