News & Analysis as of

Regulatory Authority Constitutional Challenges Financial Institutions

Orrick, Herrington & Sutcliffe LLP

NCUA board members challenge unprecedented removal by President Trump

On April 28, a complaint was filed in the U.S. District Court for the District of Columbia, challenging the removal of two Senate-confirmed members of the NCUA Board by President Trump. The plaintiffs allege that their...more

Allen Matkins

Ninth Circuit Upholds DFPI's Commercial Financing Disclosure Rules

Allen Matkins on

On September 30, 2018, California enacted SB 1235, codified at California Financial Codes sections 22800–22805. SB 1235 requires that an offer of commercial financing for $500,000 or less be accompanied by disclosures of: (1)...more

Bradley Arant Boult Cummings LLP

Kansas Bank's Suit Could Upend FDIC Enforcement Authority

On Nov. 19, 2024, the Federal Deposit Insurance Corp. issued a notice of assessment finding that between December 2018 and August 2020, CBW Bank — a single-branch bank in Weir, Kansas — failed to maintain an adequate...more

Troutman Pepper Locke

Court Rules Against Banco San Juan Internacional, Inc. in Master Account Dispute

Troutman Pepper Locke on

On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

Ballard Spahr LLP on

We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

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

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