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NY federal judge declares CFPB unconstitutional

Joe Mont | June 21, 2018

The latest volley in ongoing debates over the constitutionality of the Consumer Financial Protection Bureau is a federal judge in New York's ruling that the Bureau’s current configuration and structure is unconstitutional.

The case, in the U.S. District Court for the Southern District of New York, involved legal actions pursued by the CFPB and the Attorney General for the State of New York against defendants RD Legal Funding and its affiliated entities.

The RD entities are companies that offer cash advances to consumers waiting on payouts from settlement agreements or judgments entered in their favor. The CFPB and NYAG allege that they misled consumers into entering cash advance agreements that were represented as valid and enforceable sales but, in reality, functioned as usurious loans that were void under state...

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