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Financial Services Industry › Constitutional Challenges › Administrative Agencies

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

Dorsey & Whitney LLP

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

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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

Ballard Spahr LLP

Rent-to-Own Company Sues CFPB Over Authority to Regulate RTO Transactions

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Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...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

Troutman Pepper Locke

Small Business Lenders Score Big Relief: Texas Federal District Court Grants Nationwide Injunction Against CFPB’s Implementation...

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In a major victory for small business lenders, yesterday the U.S. District Court for the Southern District of Texas granted motions filed by three groups of trade association intervenors to extend the court’s existing...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

Epstein Becker & Green

The Validity of More Than a Decade’s Worth of Federal Regulations Are at Stake as the U.S. Supreme Court Decides the...

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On October 3, 2023, the United States Supreme Court heard oral argument in Community Financial Services Association of America Ltd., et al. v. Consumer Financial Protection Bureau, et al., in which the Court was asked to...more

Troutman Pepper Locke

Several Trade Associations Join Calls to CFPB to Stay Implementation of its Section 1071 Final Rule

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On August 18, the American Financial Services Association, Consumer Bankers Association, CRE Finance Council, Equipment Leasing and Finance Association, Mortgage Bankers Association, National Association of Federally-Insured...more

Ballard Spahr LLP

16 amicus briefs filed with SCOTUS in support of CFSA’s position that CFPB’s funding mechanism is unconstitutional

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Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more

Cadwalader, Wickersham & Taft LLP

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

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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

Stinson LLP

Will the New Year Bring a New CFPB? Planning in the Wake of Uncertainty

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The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more

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