News & Analysis as of

Funding Consumer Financial Protection Bureau (CFPB)

Orrick, Herrington & Sutcliffe LLP

CFPB agrees to pause any defunding actions for two weeks

On February 13, the CFPB and its Acting Director, Russell Vought, agreed to delay — for at least two weeks — any action that would defund the Bureau’s budget. The previous day, the Mayor and City Council of Baltimore as well...more

Bradley Arant Boult Cummings LLP

Vought’s Transformational First Few Days at the CFPB

Within approximately 48 hours, starting on the evening of Friday, February 7, 2025, the trajectory of the Consumer Financial Protection Bureau (CFPB) was significantly altered. Among other things, a new acting director was...more

Orrick, Herrington & Sutcliffe LLP

CFPB sued over alleged overreach and unconstitutional funding

On November 8, the U.S. District Court for the Northern District of Texas received a complaint from a bank suing the CFPB, challenging the Bureau’s enforcement actions under the CFPA and the EFTA. The CFPB’s enforcement began...more

Orrick, Herrington & Sutcliffe LLP

CFPB survives challenge based on improper funding as court denies plaintiff’s motion to dismiss

On October 17, the U.S. District Court for the Central District of California denied a peer-to-peer lending platform’s motion to dismiss a lawsuit brought by the CFPB. The Bureau had filed a First Amended Complaint alleging...more

Orrick, Herrington & Sutcliffe LLP

CFPB faces new constitutionality challenge under funding mechanism

Recently, a Texas-based payday lender (the defendant) filed a motion to dismiss in the U.S. District Court for the Northern District of Dallas, challenging the legality of the CFPB’s funding structure. As previously covered...more

Patomak Global Partners

Examining the New Debate on CFPB Funding

In recent weeks, and following the recent Supreme Court decision in CFPB v. CFSAA, a new debate has arisen regarding the Consumer Financial Protection Bureau (“CFPB”) funding mechanism. The crux of the debate centers around...more

Goodwin

Supreme Court Upholds CFPB’s Funding Structure

Goodwin on

On May 16, 2024, the U.S. Supreme Court issued a significant opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., upholding the funding structure of the Consumer...more

Venable LLP

What the CFPB’s Supreme Court Victory Means for Financial Institutions

Venable LLP on

Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more

Katten Muchin Rosenman LLP

The CFPB Lives On and Arbitrable Lawsuits Must Be Stayed (Not Dismissed)

The Supreme Court was busy last week issuing opinions of interest to consumer finance companies, CFPB-regulated entities, and anyone who finds themselves enforcing arbitration rights in court....more

Morrison & Foerster LLP

U.S. Supreme Court Holds CFPB Funding Structure Constitutional

On May 16, 2024, the U.S. Supreme Court held in a 7-2 decision that the funding structure of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) complies with the Appropriations Clause of the United States...more

Orrick, Herrington & Sutcliffe LLP

U.S. Supreme Court rules CFPB funding structure is constitutional

On May 16, the U.S. Supreme Court ruled 7-2 that the funding structure of the CFPB was consistent with the Constitution’s appropriations clause, reversing a decision of the U.S. Court of Appeals for the Fifth Circuit that had...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd.

On May 16, 2024, the Supreme Court decided Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., No. 22-448. The Court held that Congress’ statutory authorization allowing the...more

Kelley Drye & Warren LLP

Supreme Court Upholds CFPB Funding Mechanism as Constitutional, Quelling Uncertainty and Reinvigorating the CFPB’s Docket

In a long-awaited decision with profound implications for the future of the agency, the Supreme Court held 7-2 today that the Consumer Financial Protection Bureau (CFPB) is constitutionally funded. CFPB officials can breathe...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Hears Challenge to Agency Tasked With Helping Students Make Informed Decisions About Paying for College

The Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector, is potentially at risk following oral argument on October 3, 2023, before the Supreme Court of the United...more

Goodwin

Supreme Court Hears Oral Argument on the Constitutionality of the Funding of the CFPB

Goodwin on

The Supreme Court heard oral arguments on October 3, 2023 in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. The issue before  the Court is whether the CFPB’s funding...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Rejects Challenge to OPT Program for Foreign Students

The Supreme Court of the United States has declined to hear a challenge to a visa program that allows foreign students who graduate from U.S. colleges and universities to work in the United States for up to three years. The...more

Orrick, Herrington & Sutcliffe LLP

Senator Warren delivers remarks in support of the CFPB

On September 28, Senator Elizabeth Warren delivered a keynote speech at the Center for American Progress, in which she chronicled the history of the CFPB and defended the agency against political attacks. Further, ahead of...more

Hinshaw & Culbertson - Consumer Crossroads

How Much Is Too Much? Oral Arguments in Much Anticipated CFPB Funding Case Leave Justices Wondering

Early in October, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd (CFPB v. CFSA). The appeal stems from a 2021 Western District of...more

Venable LLP

C[FPB] You Later? Agency’s Future Hangs in the Balance After Oral Argument

Venable LLP on

On October 3, the Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, where the Court is reviewing the Fifth Circuit’s opinion that struck...more

Hudson Cook, LLP

U.S. Supreme Court Hears Oral Argument on Whether CFPB's Funding Mechanism Is Constitutional

Hudson Cook, LLP on

On October 3, 2023, the U.S. Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America. At issue is the constitutionality of the CFPB's funding structure,...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2023

A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more

Orrick, Herrington & Sutcliffe LLP

CFPB files reply brief supporting its constitutional structure

On August 3, the CFPB filed a Reply Brief in support of its request to overturn the Fifth Circuit’s decision in Community Financial Services Association of America v. Consumer Financial Protection Bureau, in which the 5th...more

Orrick, Herrington & Sutcliffe LLP

States urge Supreme Court to find CFPB funding unconstitutional

On July 10, the West Virginia attorney general, along with 26 other states, filed an amicus brief in support of respondents in Consumer Financial Protection Bureau v. Community Financial Services Association of America,...more

Orrick, Herrington & Sutcliffe LLP

CFSA says CFPB funding violates Constitution

On July 3, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed their brief with the U.S. Supreme Court, urging the high court that the CFPB’s independent funding...more

Ballard Spahr LLP

CFSA files brief urging SCOTUS to affirm Fifth Circuit ruling that CFPB’s funding is unconstitutional

Ballard Spahr LLP on

Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB. In that decision, the panel...more

70 Results
 / 
View per page
Page: of 3

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide