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Jones Day

With New Action Plan, White House Launches AI "Space Race"—What Banks Should Know

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The White House has issued an AI Action Plan that aims to position the United States as the leader in artificial intelligence ("AI"), as part of a broader pattern of boosting innovation and reducing regulatory burden, with...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

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The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

Orrick, Herrington & Sutcliffe LLP

Fed Member Barr reportedly resigns from Fed Supervision panel

On March 3, it was reported that former Fed Vice Chair for Supervision, Michael Barr, stepped down from the Fed’s Committee on Supervision and Regulation, leaving the supervision panel without a chair. This leaves Fed Vice...more

Ballard Spahr LLP

Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction

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A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB....more

Morrison & Foerster LLP

FinReg Currents - Week 4

On February 7, 2025, newly confirmed Office of Management and Budget (OMB) director Russell Vought replaced Treasury Secretary Scott Bessent as acting director of the CFPB....more

Ballard Spahr LLP

CFPB touts three wins in funding challenges: Is it all sizzle but no steak?

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As we have previously reported, there are several CFPB enforcement lawsuits pending in which the defendants have filed motions to dismiss based in whole or in part on the argument that subsequent to September 2022, all...more

Ballard Spahr LLP

Director Rohit Chopra continues to dismiss arguments that the CFPB is unlawfully funded out of losses of Federal Reserve Banks

Ballard Spahr LLP on

On June 13, 2024, CFPB Director Rohit Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” As we expected, the House Financial...more

Ballard Spahr LLP

Director Rohit Chopra gives the back of his hand to argument that CFPB is unlawfully funded out of losses of Federal Reserve Banks

Ballard Spahr LLP on

It took about an hour for someone on the Senate Finance Committee during its hearing today to mention the “elephant in the room” — namely, the fact that the CFPB is only allowed under Dodd-Frank to be funded out of “combined...more

Ballard Spahr LLP

A reply to Professor Levitin’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

Ballard Spahr LLP on

Yesterday, I published a blog post highlighting the flaws in the arguments made by Professor Jeff Sovern in his recent article in the Consumer Law & Policy Blog for why the Fed, notwithstanding its losses, can still lawfully...more

Ballard Spahr LLP

A reply to Professor Sovern’s arguments as to why the Fed, notwithstanding its losses, can still lawfully fund the CFPB

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Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Did the Supreme Court Hand the CFPB a Pyrrhic Victory?

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Special guest Professor Hal Scott of Harvard Law School joins us today as we delve into the thought-provoking question of whether the Supreme Court’s recent decision in the landmark case of CFSA v. CFPB really hands the CFPB...more

Saul Ewing LLP

U.S. Supreme Court Upholds CFPB’s Funding Mechanism as Constitutional

Saul Ewing LLP on

On May 16, 2024, the United States Supreme Court issued its highly anticipated decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, determining once and for all that the...more

Paul Hastings LLP

The CFPB Survives: Our Take on the Supreme Court Decision

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On May 16, 2024, the United States Supreme Court, in a 7-2 opinion authored by Justice Clarence Thomas, upheld the constitutionality of the funding mechanism of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”)....more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Troutman Pepper Locke

132 Members of Congress File Amici Brief Urging Supreme Court to Find CFPB Funding Structure Unconstitutional

Troutman Pepper Locke on

As discussed here, on October 19, 2022, the Fifth Circuit Court of Appeals in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding...more

Shipkevich PLLC

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

Shipkevich PLLC on

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

Venable LLP

Federal Appeals Court Finds CFPB Unconstitutionally Funded, Structured

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) has once again been found to be unconstitutionally structured. The ruling is a win for CFPB critics and calls into question most actions taken by the agency....more

Goodwin

Financial Services Weekly Roundup: April (Liquidity) Showers Bring May Borrower Protection

Goodwin on

In this Issue: Senate Votes to Expand Paycheck Protection Program; FHFA (Finally) Addresses Liquidity Concerns for Mortgage Servicers. Yesterday, the U.S. Senate unanimously passed legislation providing $484 billion in...more

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