The decision by the United States Court of Appeals for the Fifth Circuit earlier this week in Collins v. Mnuchin holding that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional is an important development not only for the FHFA but also for the constitutionality of … Read More
The question we are being asked most often is whether PHH v. CFPB is headed to the Supreme Court. The D.C. Circuit’s en banc decision that the current structure of the CFPB—an agency headed by a single director, removable by the President only for “inefficiency, neglect of duty or malfeasance … Read More
Many have commented on the suit filed last week challenging the CFPB’s arbitration rule, but few have considered what impact, if any, the suit could have on the fast-approaching compliance date of March 19, 2018.
As a reminder, the Chamber of Commerce and other trade associations filed a long-anticipated suit … Read More
The House Financial Services Committee’s Subcommittee on Oversight and Investigations on Tuesday held a hearing to explore the constitutional design of the CFPB. At the hearing, three of the four witnesses, including Ted Olson who is representing PHH, offered recommendations to “repair the CFPB’s structural defects” by, among other things, … Read More
Earlier today, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America and the National Association of Federal Credit Unions sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader-elect Chuck Schumer recommending changes related to the CFPB. In the letter, the … Read More