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
Continue Reading Fifth Circuit Holds That FHFA is Unconstitutionally Structured

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
Continue Reading D.C. Circuit Decides PHH v. CFPB–Is the Supreme Court Next?

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
Continue Reading Thoughts on Suit to Vacate CFPB Arbitration Rule

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,[1] offered recommendations to “repair the CFPB’s structural defects” by, among other things,
Continue Reading CFPB Reform: The Latest Developments

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
Continue Reading Financial Trade Groups Recommend Changes to CFPB

Those who are not closely following PHH v. CFPB may not be aware that the panel decision is not final and effective. PHH is the D.C. Circuit decision holding that the current structure of the CFPB, an agency headed by a single director removable only for cause, is unconstitutional.  The 
Continue Reading CFPB Reform: The Battle in the Courts