Case Law

The U.S. Securities and Exchange Commission is petitioning the Supreme Court for writ of certiorari to review a case questioning the constitutionality of internally adjudicated administrative enforcement proceedings and the for-cause removal restrictions of administrative law judges in agencies whose heads also have for-cause removal protections. Read on for more details. Read on »

The U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a California district court to abstain from enjoining a state action brought by the Riverside County, Calif., district attorney (DA) against national bank Credit One. Credit One claimed the DA unlawfully exercised the National Bank Act and its associated regulations’ “visitorial powers.” The courts disagreed. Read on for more details. Read on »

The Consumer Financial Protection Bureau and the Department of Justice filed a joint statement of interest in a lawsuit alleging an appraiser and a lender violated federal law by lowering the valuation of a home because the owners were Black and by denying a mortgage refinancing application based on that low appraisal. Read on for more details. Read on »

Celebrity Home Loans is facing a potential class action suit from its ex-employees who were laid off “abruptly” in February and who are claiming Celebrity still owes them back pay. Read on for more details. Read on »

The Commodity Futures Trading Commission filed the first civil enforcement action in federal court for a scheme to unlawfully obtain millions of dollars in digital assets. The type of scheme is sometimes called “oracle manipulation,” which involves the hacking and manipulation of a smart contract to cause a system failure, theft, or other damages. Read on for more details. Read on »

A Cincinnati man filed a complaint with the U.S. Department of Housing and Urban Development over what he claims is racial discrimination in property appraisal. At the center of his complaint are a series of alleged errors that lowered the value of his property and which the appraiser reportedly refused to correct. Read on for more details. Read on »

The U.S. Supreme Court granted the Consumer Financial Protection Bureau’s petition for writ of certiorari for review of the Fifth Circuit case which held the bureau’s funding structure to be unconstitutional. The bureau seeks to have the high court reverse the decision of the federal appellate court as early as April. Dodd Frank Update spoke with expert attorneys to understand what the court’s decision could mean for the industry and what to watch out for. Read on for more details. Read on »

In September 2022, the Commodity Futures Trading Commission (CFTC) filed a complaint in federal district court in San Francisco against Ooki DAO, a decentralized autonomous organization, alleging violations of the Commodity Exchange Act and CFTC Regulations. Supporters of Ooki DAO asserted in an amicus brief the CFTC could not bring a complaint against Ooki DAO because it is not an entity. The court disagreed. Read on for more details. Read on »

A man was sentenced in federal court for a mortgage fraud scheme involving at least two dozen fraudulent loan transactions and over $4 million in losses to lenders. Read on for more details. Read on »

The Consumer Financial Protection Bureau (CFPB) filed its response to Consumer Financial Services Association of America’s (CFSA) oppositional brief to the petition requesting review of the Fifth Circuit’s decision finding CFPB’s funding structure was an unconstitutional violation of the appropriations clause. The CFPB refuted CFSA’s argument that the court should not consider the appropriations clause issue. Read on for more details. Read on »