Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A Deep Dive with Special Guest Isaac Boltansky, BTIG
Earlier this month, the United States Court of Appeals for the D.C. Circuit ruled President Trump’s removal of Democrat commissioners from the Federal Trade Commission (FTC) was unlawful. In a 2-1 decision, the panel held...more
Chief Justice John Roberts has issued a temporary stay allowing President Trump to fire recently reinstated FTC Commissioner Rebecca Slaughter, even though she was fired without cause....more
A divided federal appeals court has ruled that President Trump illegally fired Democratic FTC member Rebecca Slaughter and has ordered that she be reinstated to her position....more
Following two months of legal chaos, the U.S. Consumer Product Safety Commission (CPSC) appears to be charting a new course for consumer protection policy. On August 20, 2025, Acting Chairman Peter A. Feldman of CPSC issued a...more
A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has upheld three orders that bar the National Labor Relations Board from pursuing unfair labor practice cases against SpaceX and two other employers. ...more
In a significant decision with broad implications for the structure and independence of federal regulatory agencies, the U.S. Supreme Court on July 23, 2025, granted President Trump’s request to remove three Democratic...more
A federal judge has ruled that the President Trump violated federal law when he fired Rebecca Slaughter, a Democrat, as a member of the FTC....more
On Friday, Judge Matthew J. Maddox of the U.S. District Court for the District of Maryland ruled that the removal of Democratic Commissioners from the Consumer Product Safety Commission (“CPSC”) without cause was unlawful....more
The Supreme Court last week granted the stay requested by the Government enjoining the enforcement of the U.S. District Court for the District of Columbia’s orders involving President Trump’s firing of members of the National...more
The two Democratic NCUA board members ousted by President Trump have filed suit, arguing that their firings violated federal law....more
The two Democratic FTC members who were fired by President Trump have filed suit in federal court challenging their dismissal....more
On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more
On September 6, 2023, Democratic member Gwynne Wilcox was appointed to the NLRB by former President Joe Biden. Her five-year term was scheduled to end in 2028. ...more
President Donald Trump’s efforts to alter the make up of the Board membership of the NLRB faces a new, but anticipated, legal challenge. Recently fired former Board Member Gwynne Wilcox has challenged her January 27th removal...more
There are widespread expectations that the Supreme Court, following an oral argument last week, may rule that part of the law that created the CFPB is unconstitutional. As a result, many business executives, in particular,...more
On Tuesday, March 3, 2020, the Supreme Court of the United States heard argument in the case of Seila Law, LLC (Seila) v. Consumer Financial Protection Bureau (CFPB); a case many believed would have not only a lasting impact...more
The U.S. Supreme Court has already agreed to consider in the matter of Seila Law v. CFPB whether the for-cause requirement for the President’s dismissal of the Consumer Financial Protection Bureau’s (“CFPB”) director is...more
Thursday afternoon, by a vote of 50-49, the Senate confirmed Kathy Kraninger as CFPB Director. Pursuant to the Dodd-Frank Act, the CFPB Director has a five-year term. ...more
As we discuss below, President Trump’s nomination of D.C. Circuit Judge Brett Kavanaugh to serve as a Justice of the U.S. Supreme Court could have significant implications for all federal agencies should Judge Kavanaugh be...more
Clients are always asking me and others in our Consumer Financial Services Group about how long Richard Cordray will remain as CFPB Director. The short answer is nobody knows, perhaps not even Richard Cordray. ...more
The U.S. Court of Appeals for the District of Columbia Circuit Court issued its decision in PHH Corporation v. Consumer Financial Protection Bureau in October, 2016, holding that the Consumer Financial Protection Bureau...more
For those who have been wondering—as I did in a previous post—what the new presidential administration would mean for the Consumer Financial Protection Bureau (CFPB), an agency that has been in Republicans’ crosshairs...more
President Trump Issues Executive Order Instructing Review of Financial Regulations - President Donald Trump on February 3rd issued an Executive Order (EO) detailing his Administration’s core principles for financial...more
Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio. The interview was more noteworthy for what it failed to cover than for what it covered. He was not asked the...more
After the D.C. Circuit panel issued a per curiam order on February 2 denying the three motions to intervene that were filed in the PHH case, we expected the next development in the case to be a decision by the D.C. Circuit on...more