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Posted Date: Thursday, July 2, 2020
In a long-awaited decision, the Supreme Court struck down the for-cause protection provided to the director of the Consumer Financial Protection Bureau in the Dodd-Frank Act, saying it is “incompatible with the structure of the Constitution.”
In a 5-4 decision authored by Chief Justice John Roberts, the court declined to strike down the entire Dodd-Frank Act, as Seila Law, LLC, had asked it to do if the court found the structure unconstitutional.
Read on for details and reaction on the long-awaited decision. Read on »
Posted Date: Friday, June 19, 2020
The American Securities Association touted a victory for market exchanges in a recent court case involving the Securities and Exchange Commission (SEC).
The District of Columbia Circuit Court of Appeals ruled that the SEC did not have authority to implement its Access Fee Pilot, which was created to gather data so the SEC might be able to determine in the future whether regulatory action was necessary.
Read on for more details from the case, and reaction from the association. Read on »
Posted Date: Tuesday, February 25, 2020
The Consumer Financial Protection Bureau, the South Carolina Department of Consumer Affairs and Arkansas Attorney General Leslie Rutledge have filed a lawsuit accusing several companies of helping to broker contracts that offered high-interest credit to disabled veterans and other consumers.
The case built on several previous bureau actions and charged the defendants with four counts of deceptive acts and one count of unfair acts.
Read on for more details about the latest enforcement action. Read on »
Posted Date: Friday, February 7, 2020
The last enforcement action filed in court by the Consumer Financial Protection Bureau under the leadership of Richard Cordray has been resolved.
The bureau announced a settlement in its case against bankrupt debt collector Think Finance in which the companies who reportedly operated a $133 million online loan scheme will be forced to pay $7 in civil money penalties.
The CFPB announcement was made in conjunction with a bankruptcy settlement which is expected to create a fund of as much as $39 million in consumer redress. Read on for more details. Read on »
Posted Date: Wednesday, November 27, 2019
Accusing the agencies of neglecting to protect student loan borrowers from bad actors, a nonprofit group filed suit against the Consumer Financial Protection Bureau (CFPB) and the Department of Education (DOE).
The lawsuit claims the group is overwhelmed with requests from harmed student loan borrowers as a result of the agencies’ failure to act according to applicable statutes.
Learn more details about the lawsuit. Read on »
Posted Date: Wednesday, November 27, 2019
The Supreme Court has scheduled oral arguments in a case challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB) for March 3.
The nation’s high court is tasked with reviewing a ruling by the Ninth Circuit Court in the case of Seila Law, LLC v. CFPB at the encouragement of the Department of Justice and CFPB Director Kathy Kraninger.
Find out more details about the scheduled hearing. Read on »
Posted Date: Wednesday, November 30, 2016
Millions of Americans who expected in December to receive either raises or access to overtime pay previously not available to them find Dec. 1 to look strikingly similar to Nov. 30, after a Texas district court ruling last week that stayed the Department of Labor’s final rule changing overtime mandates for workers.
The preliminary injunction, issued nationwide, keeps the status quo from a rule which was finalized May 27 and scheduled to take effect at the start of December. However, the Labor Department has appealed the injunction to the
Read on for details about what the next steps might be. Read on »
Posted Date: Monday, November 7, 2016
The National Credit Union Administration (NCUA) recently filed a memorandum requesting dismissal of the lawsuit filed by the Independent Community Bankers of America (ICBA) challenging NCUA’s final rule in March 2016 that changed the standards for how credit unions make commercial loans.
The Credit Union National Association and the National Association of Federal Credit Unions support NCAU’s move for the case’s dismissal.
Read on to learn more about NCUA’s arguments against ICBA’s lawsuit.
Read on »
Posted Date: Tuesday, October 11, 2016
News of the D.C. Circuit Court of Appeals’ decision that the Consumer Financial Protection Bureau (CFPB) was unconstitutionally structured was received well by the community banking industry.
Joe Gormley, Independent Community Bankers of America assistant vice president and regulatory counsel, told Dodd Frank Update that the court’s ruling fit with the association’s position.
Read on for details of what ICBA had to say. Read on »
Posted Date: Tuesday, October 11, 2016
Congressional leaders from both sides of the aisle responded to the news that the D.C. Circuit Court of Appeals had ruled the Consumer Financial Protection Bureau was unconstitutionally structured.
Rep. Jeb Hensarling (R-Texas) called it a good day for democracy and the Constitution, while Sen. Sherrod Brown (D-Ohio) said evidence of the bureau’s structure working could be seen in its recent Wells Fargo enforcement action.
Read on for more details. Read on »
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Host State Loan-to-Deposit Ratios 2016The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library. Fed, FDIC, OCC, Riegle-Neal |
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