- 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.
2025-05-22T15:46:00Z By Adrianne Appel
The Securities and Exchange Commission has charged cryptocurrency company Unicoin, three top executives, and its general counsel with defrauding investors of $110 million by selling them bogus “rights certificates” in a future cryptocurrency coin.
2025-05-21T14:11:00Z By Aaron Nicodemus
Securities and Exchange Commission Chair Paul Atkins indicated he favors changing the agency’s requirement that only the wealthy can invest in so-called “closed-end” private equity funds and hedge funds.
2025-05-19T14:33:00Z By Adrianne Appel
The Department of Justice (DOJ) has shuttered a special Federal Bureau of Investigation (FBI) unit that focused on public corruption and whose legwork led to the special counsel investigation of President Donald Trump for trying to overturn the 2020 election results.
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