Case Law

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.

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. 

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.

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.

Two of the leading trade associations in the credit union industry announced they would work together to fight a community banking association’s lawsuit against the credit union regulator.

The National Association of Federal Credit Unions and the Credit Union National Association recently announced they would join forces to challenge a lawsuit filed by the Independent Community Bankers of America against the National Credit Union Administration over its recently adopted member business lending rule.

Read on for the details.

In its 110-page ruling the court deemed the bureau to be unconstitutionally structured, and moved to remedy the situation rather than halt its operations. In addition, the court sided with PHH Corp. on other aspects of its appeal.

Read on for details of the decision, along with reaction from the CFPB and the industry.

A California court awarded the Consumer Financial Protection Bureau partial summary judgment in its three-year battle against CashCall Inc., a subprime lender accused of using its association with a company located on tribal land as a “shield” against state laws the bureau feels should have applied to the high-interest loans it made to borrowers in several states.

The court also denied CashCall’s motion for summary judgment and held the company’s founder and CEO personally responsible under the Consumer Financial Protection Act.

Read on for the court’s stern analysis of the company’s “tribal lending” model.

The bureau’s $32.25 million order against First National Bank of Omaha isn’t raising eyebrows for its high price tag or the fact that it coordinated its investigation with the Office of the Comptroller of the Currency. The big takeaway in the CFPB’s latest crackdown on credit card add-on products is that it went all the way back to transactions from 1997 — 14 years before the CFPB opened its doors, and well beyond the three-year statute of limitations that applies to the CFPB’s pursuit of alleged violations of the Consumer Financial Protection Act. How is the CFPB avoiding the statute of limitations in this case and others? Read on to find out.

In a case involving the Consumer Financial Protection Bureau’s authority to enforce against unfair, deceptive and abusive acts and practices (UDAAP), the bureau might have changed what it considers its authority over payment processors, according to one law group. Read on for details of the case, the new claim that one law group says could be a game-changer, and what the processor under fire has to say about the case.

A recent Consumer Financial Protection Bureau (CFPB) decision to deny a company’s appeal on a civil investigative demand (CID) has surprised many with its strong statements about the CFPB’s ability to issue a CID to “any person” with information “relevant to a violation,” but compliance experts agree that the bureau’s firm stance on the scope of its authority is on the right side of the law. Here’s why.