- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-10-25T12:30:00
The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act with provisions to shield its director and funding mechanism against political headwinds, has found those safeguards to be ineffective against unsympathetic courts.
Under Dodd-Frank, the CFPB was structured to be funded through the Federal Reserve, not Congress. Agency executive directors were appointed to five-year terms, in part to prevent them from being targeted for dismissal when the presidency changed hands.
On Oct. 19, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit in New Orleans found the CFPB’s funding mechanism to be unconstitutional. That decision favored a payday lender, but it could affect all lawsuits filed against the CFPB in the Fifth Circuit, legal experts said.
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2022-12-20T18:44:00Z By Aaron Nicodemus
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
2022-12-13T14:59:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
2022-10-28T20:25:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau initiated rulemaking that would require banks and other financial institutions to make a consumer’s personal financial data available to them upon request.
2025-04-21T12:00:00Z By Neil Hodge
The United Kingdom’s latest effort to encourage regulators to pare down rules to attract companies and investment as a way to stimulate the economy has received mixed reviews from lawyers.
2025-04-18T14:01:00Z By Aaron Nicodemus
A federal judge has ruled that Google “willfully engaged in a series of anticompetitive acts” in the advertising technology industry, the latest antitrust setback in what could become a string of losses for tech companies.
2025-04-16T12:00:00Z By Ruth Prickett
The U.K. has pressed pause on artificial intelligence regulation as its government comes under twin pressures from those who fear the growing power of unregulated AI and the overriding need to generate growth. The postponement of long-expected legislation means that the U.K. is left sitting on the fence between federal ...
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